Swift Networks Vows to Challenge Court’s Order over Alleged N7bn Debt

The Board of Directors and shareholders of Swift Networks  Limited have announced that they  will challenge the order of a Federal High Court freezing 25 bank accounts belonging to the telecommunication company over alleged N7,037,410,548.23 debt.

The company in a statement titled, “Re: Alleged Debt – Ex Parte Injunction Restraining Swift Networks Limited”, said the order would be rigorously opposed in court while also trying to reach an amicable resolution with Union Bank.

The Company in its statement dated July 21, 2023, said it was not informed by Union Bank, nor did the court hear its side of the issue before the injunction was granted.

The statement read: “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 rigourously 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 and we can still be reached through any of our channels listed on our website.”

Swift Networks is a telecommunications company that provides internet and mobile phone services in Nigeria.

Daniel Osiagor had in a ruling ordered the temporary freezing the bank accounts belonging to Swift Networks Limited, pending the hearing and determination of N7,037,410,548.23 debt recovery suit filed by Union Bank Plc.