A Federal High Court in Lagos has restrained Swift Networks Limited from accessing its funds up to N7,037,410,548.23 in 25 banks pending the determination of an alleged debt recovery suit.
Justice Daniel Osiagor made the interim order of Mareva Injunction on July 19, 2023 after hearing counsel for the plaintiff/applicant (Union Bank) Temilolu Adamolekun move the application, reports The Nation on Saturday.
Swift Networks is the sole defendant in the suit.
Besides the plaintiff Union Bank, the other banks include Citibank Nigeria Limited, First City Monument Bank Plc, Globus Bank Limited, Jaiz Bank Limited, Lotus Bank Limited, Parallex, Polaris Bank Limited, Providus Bank Limited, Stanbic Ibtc Bank Nigeria Limited, Standard Chartered Bank Limited, Suntrust Bank Nigeria Limited, Titan Trust Bank and Unity Bank Plc, among other old and new generation banks.
Justice Osiagor ordered as follows: “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 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.”
The court also granted an interim injunction restraining Swift Networks by itself or through anyone from tampering with or dealing in any manner with any of its assets/properties in whatsoever form within the jurisdiction of the court, “particularly but not limited to all the assets/properties within the premises of the Defendants at 31 Saka Tinubu Street, Victoria Island, Lagos State.”
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The court further directed the second to 25th respondents to “disclose on oath whatever sum of money that may be in their custody belonging to the Defendant for further direction of this Honourable Court.”
Justice Osiagor adjourned till September 27 for hearing of the motion on notice.
