N2bn debt case still in court – Polaris Bank

Polaris Bank Plc on Saturday reacted to the judgement of an Ondo State High Court, ordering the Central Bank of Nigeria to set aside a contentious sum of N2bn.

In a statement, the lender said it had yet to be served a copy of the judgment.

The Ondo State High Court, sitting in Akure, the state capital, had granted a garnishee order, directing the CBN to set aside the sum of N2bn in Polaris Bank bank account with the apex bank pending the conclusion of the matter.

The bank allegedly owes the state government a sum of N2,162,561,509.84

The court gave the order following an application moved by the state Attorney General and Commissioner for Justice, Charles Titiloye.

However, the Head of the Corporate Communication of the bank, Mr Rasheed Bolarinwa, in the statement said the debt case was still pending in the court, adding that the bank was yet to be served the garnishee order as required by law.

Bolarinwa said the judgment had been appealed, adding that a stay of execution applied for was still pending in the court of appeal.

The statement read in part, “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 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.”