Court orders CBN to freeze Polaris bank account

• Published date: 13 January 2023
• Publication title: Nigeria - The Nation

An Ondo High Court has granted a ganishee order directing the Central Bank of Nigeria(CBN) to freeze the account of Polaris Bank over a judgment debt of N2,162,561,509.84k .

The order was made by Justice Adebusoye in an application filed by Ondo Attorney General and Commissioner for Justice, Sir Charles Titiloye, for Ganishee order nisi attaching all the sums of indebtedness of Polaris Bank to Ondo state Government in a Judgement delivered in suit No AK/75/2017.

Titiloye had filed the application over alleged failure and neglect of the bank to meet the condition of the stay of execution of the judgment.

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In the judgment, the Bank was held liable for mismanaging the account of Ondo Ministry for Local Government and Chieftaincy affairs.

The trial Court, in its judgment...