April 20, 2024 5:52 am
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Massive Court Victory: Swift Networks Limited Barred from Reaping N7bn Fortune in 25 Banks

The Federal High Court sitting in Lagos has granted Union Bank Plc. an interim order of Mareva Injunction restraining Swift Networks Limited and its agents from dealing or accessing with monies up to the tune of N7bn in 25 banks pending the determination of an alleged debt recovery suit.

The court order, issued on July 19, 2023, by Justice Daniel Osiagor, came after Union Bank’s counsel, Mr. Temilolu Adamolekun, presented a motion exparte to protect the res in the suit. The motion was made under the Federal High Court Act, Order 26 Rule 1, 2 (1), 3, Order 26 Rules 8 (1), 9 And 10, Order 28 Rules 1 (2) AND 2(1), Order 40 Rules 1(3) & (4) Of The Federal High Court (Civil Procedure) Rules 2019, and the inherent jurisdiction of the court.

The Defendant named in the case was Swift Networks, while the 25 banks were listed as the Respondents. The list includes prominent banks such as Access Bank, First Bank, Guaranty Trust Bank, and Zenith Bank.

“That an interim order of Mareva Injunction is granted restraining the Defendant (Swift Networks), its agents, privies and/or assigns or otherwise howsoever from dealing with any of the monies standing to its credit in all of its accounts, records or howsoever held with the 2nd to 25th Respondents and also its monies standing to its credit in the custody of the Plaintiff up to the tune of N7,037,410,548.23 (billion) or its equivalent in any foreign currency.

“That an Interim order of Mareva Injunction is granted restraining the 2nd to 25th Respondents and their agents or anyone whatsoever from releasing to the Defendant or any of its Affiliate, any monies, funds, or any other instrument belonging to the Defendant, to the tune of N7,037,410,548.23 or its equivalent in any foreign currency that may be or found in the custody or possession of the 2nd to 25th Respondents.”

In addition to the monetary restrictions, the court also issued an interim injunction preventing Swift Networks from tampering with or dealing in any manner with its assets or properties within the jurisdiction of the court, specifically those located at 31 Saka Tinubu Street, Victoria Island, Lagos State.

The court directed the 2nd to 25th Respondents (the banks) to disclose on oath any sum of money they may have in their custody belonging to Swift Networks.

The case has been adjourned until September 27 for the hearing of the Motion on Notice.

The debt recovery suit stems from Union Bank’s allegations that Swift Networks failed to meet its repayment obligations for various credit facilities provided by the bank. Despite granting a restructuring of the debt, Swift Networks still failed to meet its repayment obligations, leading to the legal action. Union Bank is seeking to protect the funds and ensure that its judgment, if in their favor, is not fruitless.

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