• Home
  • News
    • Headlines
    • Africa
    • Crime
  • Politics
  • Business
  • Sports
  • Entertainment
  • Health
  • Features
Sign in
Welcome!Log into your account
Forgot your password?
Password recovery
Recover your password
Search
Monday, June 5, 2023
Sign in
Welcome! Log into your account
Forgot your password? Get help
Password recovery
Recover your password
A password will be e-mailed to you.
Infotrust News
  • Home
  • News
    • Headlines
    • Africa
    • Crime
  • Politics
  • Business
  • Sports
  • Entertainment
  • Health
  • Features
Home Business N2.16bn Debt: Polaris Bank Reacts As Court Issues Garnishee Order
  • Business
  • Finance and Banking
  • Headlines
  • News

N2.16bn Debt: Polaris Bank Reacts As Court Issues Garnishee Order

By
Infotrust
-
January 15, 2023
Fidelity Bank

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.

Access Bank Ad

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.

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

“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.”

online guest post service

Previous articlePeter Obi’s Campaign Lied About Dissolution Of Next UK
Next articleNMA Confirms 196 Ghost Doctors Receiving Salaries In Zamfara
Infotrust

RELATED ARTICLESMORE FROM AUTHOR

Headlines

Just In: Gunmen Attacks Kogi Governor, Yahaya Bello

Headlines

Just In: Tinubu Appoints SGF, CoS, DCoS

Business

Stanbic IBTC Bank Nigeria PMI: Recovery From Cash Crisis Continues In May

Crime

EFCC Grills Fayemi Over N100b Fraud Allegations

Crime

Just In: Adedoyin Finds Culpable Of Adegoke’s Death By Court

Headlines

Economic Footprint Achievable In First 100days- Expert

Business

NNPC Supports Tinubu On Fuel Subsidy Removal, Says No Need For Panic Buying

Headlines

First Inaugural Address By President Bola Ahmed Tinubu On May 29, 2023

Headlines

AIT Chairman Raymond Dokpesi dies In Abuja

Headlines

Diezani Sues EFCC, AGF, Demands N100bn

Headlines

Revealing: Peter Obi, His Hidden Offshore Establishments and Breaking the Nigeria Laws

Education

Chrisland: Whitney’s Father Gives Shocking Details Of Her Death

Latest News

  • Just In: Gunmen Attacks Kogi Governor, Yahaya Bello
  • Just In: Tinubu Appoints SGF, CoS, DCoS
  • Stanbic IBTC Bank Nigeria PMI: Recovery From Cash Crisis Continues In May
  • EFCC Grills Fayemi Over N100b Fraud Allegations
  • Just In: Adedoyin Finds Culpable Of Adegoke’s Death By Court
  • Economic Footprint Achievable In First 100days- Expert
  • NNPC Supports Tinubu On Fuel Subsidy Removal, Says No Need For Panic Buying
  • First Inaugural Address By President Bola Ahmed Tinubu On May 29, 2023
  • AIT Chairman Raymond Dokpesi dies In Abuja
  • Diezani Sues EFCC, AGF, Demands N100bn
  • Revealing: Peter Obi, His Hidden Offshore Establishments and Breaking the Nigeria Laws
  • Chrisland: Whitney’s Father Gives Shocking Details Of Her Death
  • Winners Emerge For 2023 NIHOTOUR Culinary Schools Cooking Competition
  • Tina Turner Passed On At 83
  • CBCIU Celebrates Nike Art Gallery At 72

EDITOR PICKS

Just In: Gunmen Attacks Kogi Governor, Yahaya Bello

June 3, 2023

Just In: Tinubu Appoints SGF, CoS, DCoS

June 2, 2023

Stanbic IBTC Bank Nigeria PMI: Recovery From Cash Crisis Continues In...

June 2, 2023

POPULAR POSTS

Prof Salako replaces embattled Ujah, as workers jubilate over sack of...

July 31, 2016

UK Minister for Africa Harriett Baldwin visits Zimbabwe

February 1, 2018

Egypt’s non-oil business sector activity stabilises in Jan – PMI

February 5, 2018

POPULAR CATEGORY

  • News33801
  • Headlines22014
  • Sports10530
  • Politics4589
  • Entertainment3364
  • Crime2732
  • Business2646
  • Africa2563
  • Health1122
ABOUT US
Infotrust Multimedia Concepts International Ltd.
Contact us: [email protected]
FOLLOW US
  • Home
  • News
    • Headlines
    • Africa
    • Crime
  • Politics
  • Business
  • Sports
  • Entertainment
  • Health
  • Features
© 2023 Infotrust News. All Rights Reserved.