Court Restrains Swift Networks From Accessing Funds As Legal Battle With Union Bank Intensifies

A Federal High Court in Lagos has granted Union Bank Plc a significant victory in its ongoing debt recovery suit against Swift Networks Limited and its Managing Director, Charles Anudu.

Naija News reports that the court issued an interim order freezing all accounts of the defendants in all banks in Nigeria, pending the determination of the suit.

The order, which was granted on June 19, 2024, followed an application filed by Union Bank Plc on June 11, 2024. The bank is seeking to recover an alleged debt of N7 billion from Swift Networks Limited.

The court also restrained the defendants, their directors, staff, management, and agents from tampering with, operating, withdrawing from, and/or dealing with the defendants’ funds in any bank and/or financial institution within Nigeria.

Furthermore, the order directed all banks and financial institutions harboring the defendants’ accounts to depose on oath and furnish Union Bank Plc or its solicitors with details of the credit outstanding in the defendants’ accounts within seven days of receipt of the order.

The court also barred electronic payment platforms and digital banks from processing payments authorized by the defendants.

This development is the latest in an ongoing legal battle between Union Bank Plc and Swift Networks Limited over the alleged debt.

The bank had previously obtained a Mareva order freezing the defendants’ accounts in 25 banks to protect the res.

The defendants’ refusal to honor an agreement to settle the debt led to the institution of the fresh suit.