Swift Networks denies allegations of debt, says court freeze order baseless

Swift Networks says it will file an appeal against the court order that froze its bank accounts.

While reacting to the court order, the company said it was not given a chance to present its side of the story before the decision was made, noting that the allegations were baseless.

Swift Networks is a telecommunications company that provides internet and mobile phone services in Nigeria.

The company is accused of owing Union Bank up to N7 billion, and the financial institution obtained a court order on Wednesday to freeze 25 accounts belonging to Swift Networks to prevent the firm from dissipating its assets.

In a recent statement, the company said it was not informed by the bank nor did the court hear its side of the story before issuing an injunction.

“The board of directors and shareholders of Swift Networks Limited have just been made aware of a federal high court ex parte injunction granted to Union Bank,” the statement reads.

“We wish to state that the allegations that formed the basis of this ex parte injunction are false and baseless, and as such, we shall be rigorously opposing the ex parte order in court while also trying to reach an amicable resolution with Union Bank.

“We were not informed by Union Bank, nor did the court hear our own side before this injunction was granted.”

Daniel Osiagor, the presiding judge, had adjourned the case till September 27 for a hearing of the motion on notice which involves Union Bank and 25 other financial institutions.

Despite the court order, the company said it is still in operation, urging customers to reach out to them.

“Be that as it may, we wish to reassure our esteemed customers and stakeholders that our services continue to run 24/7 and we can still be reached through any of our channels listed on our website,” the company said.