The court adjourned till July 13, for hearing of the motion on notice.
by SaharaReporters, New York
Jul 08, 2021
A Federal High Court sitting in Lagos has restrained Integrated Energy Distribution and Marketing Company Ltd and Polaris Bank from tampering, howsoever, with funds standing to their credit up to $6,759,000 (about N2.8 billion) or its equivalent in any currency in 25 banks, the Debt Management Office and Federal Ministry of Finance.
Justice Daniel Osiaigor, who made the interim order of Mareva Injunction, held that it subsists pending the hearing and determination of a motion on notice filed against the duo by the United Bank for Africa (UBA).
United Bank For Africa Sues Energy Firm, Polaris Bank Over N2 8 Trillion
saharareporters.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from saharareporters.com Daily Mail and Mail on Sunday newspapers.
$223m NNPC Deposit: Fresh Facts about Polaris Bank s Role
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Leke Baiyewu and Okechukwu Nnodim
Published 25 June 2021
Published 25 June 2021
The House of Representatives’ Ad Hoc Committee on Assessment and Status of All Recovered Loots Movable and Immovable Assets from 2002 to 2020 by Agencies of the Federal Government of Nigeria for Effective Efficient Management and Utilisation, on Thursday, grilled the Acting Managing Director, Polaris Bank Limited, Innocent Ike, over an account belonging to the Nigerian National Petroleum Corporation.
Over $200m was said to have been allegedly hidden in the account, which was opened in 2012.
Polaris Bank, formerly Skye Bank, said it forwarded the balance to the Central Bank of Nigeria in compliance with the Treasury Single Account policy of the Federal Government.
Money
Festus Akanbi’s review of Polaris Bank’s second year performance scorecard shows its improved profitability was driven by the combination of the significant reduction in interest expense due to the bank’s pursuit of low interest-bearing deposits as well as lowering impairment charges on loans and other financial assets
It is a fact that Nigerians and other members of the international community are still settling down to the ‘new normal’, a term used to describe the drastic change in the hitherto conventional ways of doing things.
In Nigeria, both public and private business endeavours are compelled to tune their operations to reflect the realities, which the COVID-19 pandemic and the attendant worsening economic situation have unleashed on the Nigerian people.