Court Freezes Swift Network’s Bank Accounts Over N7bn Debt

Justice Daniel Osiagor of the Federal High Court in Lagos has placed a No Debit Order on the accounts of a broadband and data services provider, Swift Networks Limited in 25 banks over an alleged indebtedness of N7,037,410,548.23 billion to Union Bank Plc.

Justice Osiagor also restrained the banks from releasing to Swift Network or any of its affiliate, agents, privies, assignees and anyone whatsoever, any monies, funds or any other instrument belonging to the company, to the tune of N7,037,410,548.23 billion, or its equivalence in any foreign currency that may be or found in their custody or possession, till the determination of the suit.

The judge further granted an Interim order of Injunction restraining the company, its directors, staff, management, employers, agents, officers, privies or any other person or group of persons whatsoever under the company’s’ authority or any other authority (however derived or sourced) from tempering with, selling, leasing, removing from the court’s jurisdiction, or dealing in whatsoever manner with the any of the company’s assets/properties in whatsoever form within the court’s jurisdiction, particularly but not limited to all the assets/properties within the premises of the company, at 31, Saka Tinubu Street, Victoria island, Lagos State, pending the hearing and determination of the Motion on Notice.

The court also granted an order directing all the 25 banks to disclose on oath whatever sum of money that may be in their custody belonging to the firm, for further direction of the Court.

Justice Daniel Osiagor granted the orders, after entertaining an Ex Parte motion for an Interim Order Of Mareva Injunction, filed and moved by Union Bank Plc.

He further held that the orders will subsist till the hearing and determination of the motion on notice in the suit marked FHC/L/CS/1366/2023.