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.
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.”All rights reserved. This material, and other digital content on this website, may not be reproduced, published, broadcast, rewritten or redistributed in whole or in part without prior express written permission from PUNCH.
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