The Federal High Court in Lagos has issued an interim order restraining Swift Networks Limited and its agents from accessing funds and assets in all banks, pending the determination of a Motion on Notice in an alleged debt recovery case brought by Union Bank Plc.
Justice Yellim Bogoro granted the order after hearing a motion ex parte filed by Union Bank’s counsel, Gbenga Akinde, on June 11, 2024. The Defendants/Respondents listed in the application are Swift Networks and its Managing Director, Charles Anudu.
Court documents reveal that in 2017, Union Bank granted various credit facilities to Swift Networks, which were accepted via Board Resolutions.
Despite assurances from Swift Networks, the company failed to meet its repayment obligations from the 2017 and September 2020 loan agreements. As of June 30, 2023, Swift Networks’ debt to Union Bank stood at ₦7,037,410,548.23, with interest continuing to accrue.
An initial attempt to settle the matter out of court resulted in a Terms of Settlement agreement dated August 23, 2023. However, Swift Networks allegedly failed to honor this new agreement, prompting Union Bank to seek court enforcement.
On June 19, 2024, the court granted Union Bank’s Mareva orders, restricting Swift Networks from accessing funds up to ₦7 billion across 25 banks. Justice Bogoro’s order prevents Swift Networks’ directors, staff, and agents from tampering with the company’s funds or assets in any Nigerian bank or financial institution.
The judge also instructed all banks and financial institutions holding Swift Networks’ accounts to provide details of the credit balances within seven days.
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Additionally, electronic payment platforms and digital banks are barred from processing transactions authorized by Swift Networks.
The order further restrains Swift Networks from disposing of or moving their fixed and movable assets, investments, bonds, shares, and other beneficial interests, whether directly or by proxy.
The case is adjourned to July 10, 2024, for the hearing of the Motion on Notice, with the Defendants/Respondents to be notified accordingly.
