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.
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.
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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