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Business News of Sunday, 15 January 2023


Polaris bank replies as court freeze accounts over N2bn Debt to state government

Strategic Capital Investment Limited paid N1.4trn for Polaris bank Strategic Capital Investment Limited paid N1.4trn for Polaris bank

Polaris Bank Plc has reacted to the judgment of an Ondo State High Court, ordering the Central Bank of Nigeria to freeze its account.

The Punch had reported that Polaris Bank is allegedly owing a sum of N2,162,561,509.84 to the Ondo State government.

According to the Head of the Corporate Communication of the bank, Rasheed Bolarinwa, the debt case was still pending in court.

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.”