A Lagos Federal High Court, has frozen the accounts of Swift Networks Limited, domiciled in 25 banks in Nigeria, over alleged indebtedness to the tune of N7, 037, 410,548.23 billion to Union Bank Plc.
Justice Daniel Osiagor who presided over court, also restrained the 25 banks from releasing to the alleged debtor firm or any of its affiliate, agents, privies, assignees and anyone whatsoever, any monies, funds or any other instrument belonging to the company, to the tune of N7,037,410,548.23 billion, or its equivalence in any foreign currency that may be or found in their custody or possession, till the determination of the suit.
The judge also made an Interim order of Injunction restraining the company, its directors, staff, management, employers, agents, officers, privies or any other person or group of persons whatsoever under the company’s’ authority or any other authority (however derived or sourced) from tempering with, selling, leasing, removing from the court’s jurisdiction, or dealing in whatsoever manner with the any of the company’s assets/properties in whatsoever form within the court’s jurisdiction, particularly but not limited to all the assets/properties within the premises of the company, at 31, Saka Tinubu Street, Victoria island, Lagos State, pending the hearing and determination of the Motion on Notice.
Furthermore, Justice Osiagor made an order directing all the 25 banks, to disclose on oath whatever sum of money that may be in their custody belonging to the company, for further direction of the Court.
Justice Daniel Osiagor, made the above orders, while granting an Exparte motion for an Interim Order Of Mareva Injunction, filed and moved by Barrister Temilolu Adamolekun, on Thursday.
Justice Osiagor held that the order will subsist till the hearing and determination of motion on notice in the suit marked FHC/L/CS/1366/2023.
The banks affected by the court orders are: Access Bank Plc; Citibank Nigeria Limited; Ecobank Nigeria Limited; Fidelity Bank Plc; First Bank Of Nigeria Plc; First City Monument Bank Plc; Guaranty Trust Bank Plc; Globus Bank Limited; Heritage Bank Plc; Jaiz Bank Limited.
Others include; keystone Bank Limited; Lotus Bank Limited; Parallex; Polaris Bank Limited; Providus Bank Limited; Stanbic-Ibtc Bank Nigeria Limited; Standard Chartered Bank Limited; Sterling Bank Plc; Suntrust Bank Nigeria Limited; Titan Trust Bank Limited; United Bank Of Africa Plc; Unity Bank Plc; Wema Bank Plc and Zenith Bank Plc.
In urging the court for the orders, Adamolekun had approached the court for the above granted orders as contained in the motion exparte supported with 11 paragraphs affidavit, deposed to by Segun Omoshola.
According to the plaintiff/applicants, the grounds of the application are as follows: “In the course of the bank/customer relationship, the Plaintiff agreed to grant various credit facilities to the Defendant for several purposes.
“The defendant failed to meet its repayment obligations to the plaintiff, however, by its letter November 9, 2017, it requested that its debt be restructured by the applicant.
“The plaintiff granted the Defendant’s Application for a restructure and further availed it with other credit facilities. Hence the offer letter of December 29, 2017.
“Furthermore, the defendant failed to perform its repayment obligation arising from the offer letter of December 29, 2017.”
The plaintiff/applicant averred that owing to the defendant’s failure in meeting up with its repayment obligation, the plaintiff further restructured the Defendant’s indebtedness to it by its offer letter of September 28, 2020.
It added that “Under the offer letter of 28 September, 2020, the Plaintiff availed the Defendant with a term loan facility to the tune of N7, 674,292 billion.
“It is also the clear agreement of parties that the source of repayment shall be from the cash flow from the Defendant’s business operation and other cash flow sources available to the Defendant.
“To the plaintiff’s bewilderment, the facilities matured without the expected receivables as the Defendant failed to meet its repayment obligation to the Plaintiff under the offer letter of 28th September, 2020 which was duly accepted by the defendant.
“It is also the clear agreement of parties that any breach of the terms of the offer letter shall constitute a default and that the entire indebtedness of the Defendant shall immediately become due and payable upon such default.”
Meanwhile, upon the granting of the orders by the court, it was gathered that the majority shareholders of the company become apprehensive about it future.