Heritage Bank said it obtained judgment against the two parties at an Ondo State High Court in the sum of N1billion out of which N600million has been paid, leaving a balance of about N400million.
It said the judgment against Idanre Local Government Universal Basic Education Authority is in the sum of N405.4 million.
It initiated garnishee proceedings against both parties in the two suits and secured an Order Nisi.
A decree nisi is a court order that will come into force at a future date unless a particular condition is met. If the condition is unmet, the ruling becomes a decree absolute, and is binding.
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On December 6, 2019, the court made the order nisi against Wema bank absolute, attaching the principal judgment sum of N134 million.
According to the judgment creditors, Wema Bank deposed to an affidavit that the Ondo State Government has N745 million standing to its credit and same had been attached in compliance with the order of the court.
But Heritage Bank told the court that Wema Bank failed to comply with the order of the court to pay the money despite demands made by Aribisala for Heritage Bank.
Wema Bank explained in a letter that it was yet to comply because of a notice of appeal and motion for stay of execution filed by the Ondo State Government at the Court of Appeal.