Ex-Parte Injunction To Union Bank Baseless, Says Swift Networks

Nigerian-based telecommunications company, Swift Networks, has described as “false and baseless,” the allegations upon which a court order issued to freeze its bank accounts was based.

The Federal High Court sitting in Lagos on Wednesday, 19 July 2023, granted Union Bank Plc. an interim order of Mareva Injunction restraining Swift Networks Limited and its agents from dealing or accessing monies up to the tune of N7 billion in 25 banks pending the determination of an alleged debt recovery suit.

Swift Networks which offers telecommunication services in Nigeria, was accused of owing Union Bank up to N7 billion. The financial institution, through its counsel, Mr. Temilolu Adamolekun, filed an application for interim order restraining Swift network from accessing monies standing in its credit in 25 banks and also properties belong to the company until the suit is determined.

Reacting to the court order, the company said it was not informed by Union Bank about the court  action and was not given a chance for the court to hear its side before the injunction was given.

The company said it would appeal the court order while also exploring the option of amicable resolution with Union Bank.

The statement reads: “The Board of Directors and shareholders of Swift Networks Limited have just been made aware of a Federal High Court Ex parte injunction granted to Union Bank.

“We wish to state that the allegations that formed the basis of this Ex parte injunction are false and baseless, and as such, we shall be rigorously opposing the Ex parte order in court while also trying to reach an amicable resolution with Union Bank.

“We were not informed by Union Bank, nor did the Court hear our own side before this injunction was granted.

“Be that as it may, we wish to reassure Our esteemed customers and stakeholders that our services continue to run 24/7.”

While ruling on the ex-parte application, the presiding judge, Justice Daniel Osiagor, directed the 25 banks listed as Respondents to “disclose on oath whatever sum of money that may be in their custody belonging to the Defendant 9Swift Networks) for further direction of this Honourable Court.”

Justice Osiagor adjourned the case till September 27 for hearing of the Motion on Notice.