THE STREET JOURNAL
The Federal High Court sitting in Lagos State has granted Union Bank Plc.an interim order of Mareva Injunction restraining Swift Networks Limited, an internet service provider, from accessing its monies up to the tune of N7,037,410,548.23 in 25 banks pending the determination of an alleged debt recovery suit.
The presiding Judge in the matter, Daniel Osiagor made the order on July 19, 2023 after hearing counsel for the Plaintiff/Applicant (Union Bank) Temilolu Adamolekun move the application to protect the res in suit FHC/L/CS/1366/2023.
Swift Networks is the Defendant while the banks are the 2nd to 25th Respondents.
Besides the Union Bank, the other banks are Access Bank Plc, Citibank Nigeeria 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, 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, United Bank of Nigeria, Unity Bank Plc, Wema Bank Plc and Zenith Bank Plc., all named plaintiffs.
Specifically, Justice Osiagor, after reading the Affidavit in Support, the Exhibits attached and the Written Address, 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.”
Similarly, the federal high court 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.
The court further directed the 2nd 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 the Honourable Court.
Justice Osiagor adjourned the case till September 27, 2023 for hearing of the Motion on Notice.
The plaintiffs who gave the grounds for their application said that, “In the course of the bank/customer relationship, the Plaintiff agreed to grant various credit facilities to the Defendant for several purposes.
