The Central Bank of Nigeria (CBN) has been ordered by an Ondo High Court to freeze Polaris Bank’s account due to a judgment debt of N2,162,561,509.84k.
The decision was reached by Justice Adebusoye in response to an application made by Sir Charles Titiloye, Ondo’s attorney general and commissioner for justice, for a ganishee order nisi attaching all of Polaris Bank’s debts owed to the state of Ondo.
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The application was made in connection with a judgment entered in suit No. AK/75/2017.
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Titiloye had submitted the application due to what she claimed were the bank’s failures and neglects to fulfill the requirements of the stay of execution of the judgment.
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The Bank was found responsible in the judgment for improperly handling the Ondo Ministry for Local Government and Chieftaincy Affairs account.
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