Justice Adegboyega Adebusoye of the Federal High Court, Akure, on Friday ordered the Central Bank of Nigeria (CBN) to freeze the account of Polaris Bank over a N2.16 billion judgment debt.
The judge granted the garnishee order while ruling on an application filed by the Ondo State’s Attorney-General and Commissioner for Justice, Charles Titiloye.
A garnishee order is one of the options open to a judgment creditor to enforce a judgment that has been made in its favor.
Titiloye filed the application over the bank’s failure to meet the condition of the stay of execution of an earlier judgment.
In the judgment delivered in suit No AK/75/2017, Polaris Bank was held liable for mismanaging the account of the Ondo State’s ministry of local government and chieftaincy affairs.
The trial court held that the bank made unlawful deductions from the government account and ordered a refund and payment of damages.
The court also granted a stay of execution pending appeal on the condition that the bank made payment of the judgment debt to an account held by the registrar.
After Polaris Bank failed to meet the condition of the stay of execution of the judgment, the court granted leave to the state government to garnish the bank’s account with the CBN for the payment of the judgment sum.
Justice Adebusoye adjourned the matter till January 16 for further hearing.
Join the conversation
Support Ripples Nigeria, hold up solutions journalism
Balanced, fearless journalism driven by data comes at huge financial costs.
As a media platform, we hold leadership accountable and will not trade the right to press freedom and free speech for a piece of cake.
If you like what we do, and are ready to uphold solutions journalism, kindly donate to the Ripples Nigeria cause.
Your support would help to ensure that citizens and institutions continue to have free access to credible and reliable information for societal development.
INVESTIGATION: 4 yrs after completion, Kwara PHC facility inactive, rural dwellers in pains
In the middle of the night sometime in September 2019, Fatimah Ballah struggled with severe pains as she tries to...
INVESTIGATION: How Oyo State, contractors spent N1.1bn on water projects, but communities don’t have a drop
Multimillion naira water projects largely initiated by the late Abiola Ajimobi-led state government in Oyo State to benefit over 40...
INVESTIGATION: In Cross River, civil servants retire into poverty as govt looks away, squanders funds on frivolities
Thousands of civil servants in Cross River State struggle to stay alive as they are denied their gratuities and monthly...
Students suffer as contractors abandon Kano school projects after receiving over N70m
In 2019, to improve the condition of public schools in Kano State, the Federal Government disbursed millions of naira to...
SPECIAL REPORT: World Bank road projects go bad in Enugu, as state govt fails to fulfill promise
Counterpart funded road projects between the world Bank and Enugu State government have started to fail, as the state government...