Court Freezes Swift Networks, CEO’s Accounts in All Banks over Alleged Debt

 
 
Alex Enumah in Abuja
 
Justice Y. Bogoro of a  Federal High Court in Lagos has temporarily barred further transactions in the bank accounts belonging to Swift Networks Limited, over alleged debt to Union Bank Limited.
 
The restraining order which was sequel to an exparte application also affected the Chief Executive Officer (CEO) and Managing Director of Swift Networks Limited, Charles Anudu.
 
Union Bank had dragged the respondents to court over alleged debt to the tune of N7 billion.
 
However, Union Bank in a bid to prevent the dissipation of funds belonging to the respondents while litigations are ongoing, the plaintiff/ applicant on June 11, brought an application praying the court to restrain 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 suits.
 
Delivering ruling in the application on June 19, the judge granted the application as prayed and made an order freezing all the accounts belonging to the respondents in all banks.
 
A Certified True Copy (CTC) of the court’s ruling dated June 19 and signed by the Chief Executive Officer of the Federal High Court, Ikoyi, Lagos, M. J. Busari, noted that the court granted the application after considering the affidavit deposed in support of the motion by one Ifeanyi Odo and listening to Gbenga Akinde Counsel for Union Bank.
 
The issues in the suit marked: FHC/L/CS/1010/2024, surround the alleged debt between the parties for a while, wherein the applicant claims that parties entered into fresh agreement in writing and duly signed by the parties in a bid to amicably resolve the matter.
 
However, Swift was said to have deliberately refused to honour the agreement, an action  which led Union Bank to institute  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.
 
Among the reliefs sought and granted by the court include an order restraining 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 July 10, 2024 for Motion on Notice. Defendants/Respondents shall be put on notice.