Garnishee Order: Polaris Bank defends its stance

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Lagos, Jan. 15, 2023 – Polaris Bank said it had applied to set aside a garnishee order nisi which directed the Central Bank of Nigeria (CBN) to freeze its account following a disputed N2.162 billion judgment debt.

An Ondo High Court granted the garnishee order nisi following an application filed by Ondo Attorney General and Commissioner for Justice, Sir Gharles Titiloye, on indebtedness of Polaris Bank to Ondo State Government in a judgment in Suit No.AK/75/2017.

Polaris Bank said that the garnishee order ought not to have been made as the judgment was already being challenged at the Court of Appeal and was also the subject of a motion for a stay of execution.

Rasheed Bolarinwa, the Head of Corporate Communication in Polaris Bank, made this claim in a statement in Lagos at the weekend.

 “We are aware of the matter and our Solicitor has filed necessary processes to set aside the garnishee order.

“The matter is on appeal and an application for a 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.

“The Bank is yet to be served the Garnishee Order as required by law relating to Garnishee proceedings.

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

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