N2.16 billion Debt: Polaris Bank reacts as court issues Garnishee order

0

Polaris Bank on Saturday reacted to media reports that an Ondo state High Court had granted a garnishee order directing the Central Bank of Nigeria (CBN) to freeze its account.

The bank in a press statement said the court order was to “set aside the contentious judgment sum until conclusion of hearing in the case.”

Reports said Friday that an Ondo State High Court, in Akure, the state capital, granted a garnishee order directing the Central Bank of Nigeria to freeze the account of Polaris Bank to the extent of judgment debt of over N2 billion.

The bank was said to have owed the Ondo State government a sum of N2.2 billion.

Punch newspaper reported that the court gave the order following an application moved by the Attorney General and Commissioner for Justice in Ondo State, Charles Titiloye.

The commissioner applied for the ‘garnishee order nisi’ in the suit No AK/75/2017, attaching all the sums of indebtedness of Polaris Bank to Ondo State Government, the report said.

A garnishee order is one of the options open to a judgment creditor to enforce a judgment that has been made in its favor.

Reaction

In its reaction Saturday, Polaris Bank claimed that it is yet to be served the Garnishee Order as required by law relating to Garnishee proceedings.

Atiku-Okowa AD

“We are aware of the matter and our Solicitor has filed necessary processes to set aside the Garnishee order,” the bank said.


READ ALSO: Polaris Bank supports private school owners with Credit Line


“The matter is on appeal and an application for stay of execution is pending at the Court of Appeal.Thus, the garnishee order ought not to have been obtained by the reason of the pending appeal and motion for stay.

“Above all, the effect of the order is not to freeze the Bank’s account with CBN as erroneously published by a section of the media but to set aside the contentious judgment sum until conclusion of hearing in the case.”


Support PREMIUM TIMES’ journalism of integrity and credibility

Good journalism costs a lot of money. Yet only good journalism can ensure the possibility of a good society, an accountable democracy, and a transparent government.

For continued free access to the best investigative journalism in the country we ask you to consider making a modest support to this noble endeavour.

By contributing to PREMIUM TIMES, you are helping to sustain a journalism of relevance and ensuring it remains free and available to all.

Donate


Kogi AD

TEXEM Advert




TEXT AD: Call Willie – +2348098788999






PT Mag Campaign AD

Stay connected with us on social media platform for instant update click here to join our  Twitter, & Facebook

We are now on Telegram. Click here to join our channel (@TechiUpdate) and stay updated with the latest Technology headlines.

For all the latest  Business News Click Here 

Read original article here

Denial of responsibility! Rapidtelecast.com is an automatic aggregator around the global media. All the content are available free on Internet. We have just arranged it in one platform for educational purpose only. In each content, the hyperlink to the primary source is specified. All trademarks belong to their rightful owners, all materials to their authors. If you are the owner of the content and do not want us to publish your materials on our website, please contact us by email – [email protected]. The content will be deleted within 24 hours.
Leave a comment