• Thursday, June 13, 2024
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Swift Network says Ex-Parte injunction to Union Bank baseless

Swift Network says Ex-Parte injunction to Union Bank baseless

Swift Network Limited, a broadband and data service provider, has described the allegations which led the Federal High Court to grant an Ex Parte injunction to Union Bank as ‘false and baseless’.

Ex parte injunction is a court order that tells someone or a party to either do or stop doing something. It’s called “ex parte” because it’s issued without hearing from the other side.

The Federal High Court sitting in Lagos on 19 July, led by Justice Daniel Osiagor, placed a No Debit Order on the accounts of the broadband and data services provider. The court granted Union Bank Plc. an interim order of Mareva Injunction restraining Swift Networks Limited from accessing up to the tune of N7, 037,410,548.23 of its money in 25 banks pending the determination of an alleged debt recovery suit which was filed by Union Bank.

However, the board of directors and shareholders of Swift, in an official statement released on 21, July 2023, said they are opposing the injunction order in court as they were not informed by Union bank, nor did the court hear from them.

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The statement reads that, “The board of directors and stakeholders of Swift Network Limited have just been made aware of a Federal High Court ex parte injunction granted to union bank. We wish to state that the allegations that formed the basis of the Ex Parte injunction are false and baseless, as such, we are rigorously opposing the Ex Parte order in court while also trying to reach an amicable resolution with Union bank. We are not informed by union bank, nor did the court hear our own side before the injunction was granted.

“Be that as it may, we wish to reassure our esteemed customers and stakeholders tha to our services continue to run 24/7 and we can still be reached through any of our channels listed on our website www.shifting.com, our head office at 31, saka Tinubu street, Victoria island Lagos.”

They assured customers and stakeholders of 24 hours operations despite the ongoing challenges promising to resolve the issues amicably with Union bank.