Alleged Debt: Court freezes All Accounts of Swift Networks, Its CEO In All Banks

Posted on June 23, 2024


The Federal High Court sitting in Lagos has granted Union Bank Plc. an interim order of Injunction 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 suit.

According to a certified true copy of the order, it was issued by the court on June 19, 2024 based on the application filed on June 11, 2024 and after hearing Gbenga Akinde Counsel for the Plaintiff/Applicant, Union Bank, move a motion ex-parte.

Union Bank listed Swift Networks and its Managing Director Charles Anudu as the Defendants/Respondents in the suit marked FHC/L/CS/1010/2024.

The issues around the alleged debt have been going on between the parties for a while and it is now Union Bank’s case that parties entered into fresh agreement which was put in writing and duly signed by the parties in a bid to amicably resolve the matter, but that Swift has deliberately refused to honour the Agreement and the recent development according to Union Bank, has led to it instituting a fresh action to enforce the new Agreement between the parties. Therefore, on July 19, 2023, the court granted Union Bank Mareva orders restraining Swift Networks from accessing monies up to the tune of N7billion in 25 banks to protect the res.

Following Union Bank’s latest application, Justice Bogoro restrained the Defendants, their Directors, Staff, Management and Agents from tampering with, operating, withdrawing from, and/or dealing with the Defendants’ funds (whether held directly or by proxy) in any bank and/or financial institution within Nigeria pending the hearing and determination of the Motion on Notice.

The judge also directed all Banks/Financial Institutions harbouring the defendants’ accounts to depose on oath and furnish the plaintiff or its firm of solicitors, the details of the credit outstanding in the defendants’ account within 7 (seven) days of receipt of the order.

Furthermore, the order restrained any electronic payment platforms, or digital and payment service banks including Interswitch Limited, Interswitch Financial Inclusion Services, Hope Payment Service Bank, 9PSB, Hope PSB, Money Master PSB, MOMO PSB, Smartcash PSB etc.) from processing payments authorised by the defendants, while also barring the defendants from their services to process funds payment.

The order also barred the defendants from tampering with, removing from jurisdiction, or dissipating, their fixed and moveable assets, investments, bonds, shares, pecuniary and other beneficial interests (whether held directly or by proxy) in the custody of the Defendants or in the custody of any bank, financial institution and/o companies in Nigeria.

The banks were also mandated to disclose such assets and funds standing to the credit of the defendants in their custody within seven days.

“This suit is hereby adjourned to the 10th day of July 2024 for Motion on Notice. Defendants/Respondents shall be put on notice.

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