TheCable

Polaris Bank says it is yet to receive a garnishee order directing the Central Bank of Nigeria (CBN) to take action on its account over a judgment debt of N2.16 billion.

The financial institution made this known in a statement on Saturday.

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

A high court sitting in Akure, the Ondo state capital, had granted the garnishee order. 

The order was issued by Adegboyega Adebusoye, the presiding judge, following an application filed by Charles Titiloye, Ondo attorney-general and commissioner for justice.

Titiloye had filed the application over alleged failure and neglect of the bank to meet the condition of the stay of execution of an earlier judgment.

However, Polaris Bank clarified that the effect of the order is not to freeze its account with CBN but to set aside the disputed judgment amount until the case has been heard. 

The bank said a motion for stay of execution of the judgment is pending before the court of appeal. 

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

“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 erroneously published by a section of the media but to set aside the contentious judgment sum until conclusion of hearing in the case.”