Court freezes Swift Networks,’ chief executive’s accounts over alleged debt

A federal High Court sitting in Lagos has granted Union Bank interim injunction restraining Swift Networks Limited and its agents from accessing funds and assets in banks pending determination of a Motion on Notice in an alleged debt recovery suit.

The parties have been locked in the alleged debt dispute for a while and it is Union Bank’s case that parties entered into agreement, which was put in writing and signed by parties to amicably resolve the matter.On July 19, 2023, the court granted Union Bank Mareva orders restraining Swift Networks from accessing funds up to N7 billion in 25 banks to protect the res.

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 them from their services to process funds payment.

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