Rivers court orders Polaris Bank to pay N1.4bn in forex dispute
A judgment from Justice Alatuwo Fubara of the Rivers State High Court concerning Polaris Bank has drawn concern from legal observers. The court ordered the bank to pay 1.4 billion naira in a foreign exchange dispute with Paulazanda Nigeria Limited and immediately issued a writ of execution, preventing an appeal.
The case originated from a 2019 transaction where unutilized foreign exchange was returned to the Central Bank, which then reimbursed the company at the current rate per its own policies. Polaris Bank contested the court’s jurisdiction, citing constitutional provisions that place such banking and currency matters under the Federal High Court.
Legal analysts report the proceedings were unusually accelerated, with judgment delivered before the bank could fully present its defense. Enforcement actions began before the official judgment document was available, a sequence experts described as procedurally improper and a violation of standard civil process rules. This situation has raised broader questions about judicial fairness and due process within the state’s legal system.
