Court Freezes Swift Networks Accounts in Debt Recovery Case


In a legal battle between Swift Networks and Union Bank; a Federal High Court in Lagos granted Union Bank Plc. an interim order to freeze the accounts and assets of Swift Networks Limited across all banks in Nigeria. This action comes amidst an alleged debt recovery suit initiated by Union Bank.

The court order, certified and issued on June 19, 2024, followed an application filed on June 11, 2024, and was supported by Union Bank’s counsel, Gbenga Akinde, who moved a motion ex-parte.

The lawsuit, identified as FHC/L/CS/1010/2024, names Swift Networks and its Managing Director, Charles Anudu, as the defendants.

Justice Bogoro, presiding over the case, has prohibited the defendants, including their directors, staff, and agents, from accessing or managing their funds in any Nigerian bank or financial institution. This restriction will remain until the Motion on Notice is fully heard and determined.

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Furthermore, the judge mandated all banks and financial institutions holding the defendants’ accounts to provide Union Bank’s solicitors with a sworn statement detailing the credit balances in these accounts within seven days of receiving the court order.