Court Orders Advertisment Of Winding Up Petition Filed Against Swift Network Company

Court Orders Advertisment Of Winding Up Petition Filed Against Swift Network Company

OpenLife Nigeria reports that a federal high court in Lagos, has granted an order mandating a limited liability company,OPTICS AND WIRELESS LIMITED to advertise a winding up petition filed against a general Telecommunication services provider company,SWIFT NETWORK PLC .

The order of the court was sequel to an application filed and argued before the court by a Lagos Lawyer Barrister Bimbo Adebayo -Ogunlaja(Mrs) on behalf of the Optic and Wireless limited urging the court to grant an order to advertise the winding up petition filed against Swift Network Plc,for its inability to pay its debt.

The petitioner alleged that Swift
Network Plc is indebted to it in the sum of N115,482.302.88 (One Hundred and Fifteen Million Four Hundred and Eighty-Two Thousand Three Hundred and Two Naira Eighty-Eight Kobo) being the outstanding debt owed the Petitioner since the first supply or sale devices April 2024.and payment of the sum of N70,630,062 (Seventy Million Five Hundred and Thirty Thousand Sixty Two Naira as accruing interest from the time of the transaction fallout till Present on the loan facility granted to the Petitioner to perfect the agreed transaction then between parties and as general damages for breach of contract.

Sometimes within the span of April 2024 to February 2025, the Respondent through its Procurement officer had the petitioner manufactured and supply different network devices based on purchase order to its organization.

Payment was to either be made immediately or at Most 30 days after each set of items ordered are delivered or supplied.

But this was not never the situation with the Respondent as the respondent did not on only fail to keep to his end of the bargain but neglected the petitioner despite the knowledge that a loan facility was obtained by the Petitioner to carry out the transaction.

However, it was not until the last order for SERVERS In April 2025 around February that it became clear to the petitioner the unwillingness and/or inability of the respondent to clear up all it’s accumulated debt till date.

The Petitioner wrote several e-mails, text messages and letters to the Company for payment of its debt, but the Company neglected and refused to liquidate its outstanding sum of and coming up with different inconsiderable excuses.

That despite repeated demand and letter referred to above, the company still failed, neglected and refused to liquidate the outstanding debt thus culminating in the Petitioner authorizing its solicitors, messrs ZIONLA legal practitioner & solicitors to write a statutory notice of demand dated the 11th day of December 2025 demanding the sum of N115,482.302.88 (One Hundred and Fifteen Million Four Hundred and Eighty-Two Thousand Three
Hundred and Two Naira Eighty-Eight Kobo) being outstanding balance Payable to Optics & Wireless Limited for The Devices Supplied,and N70,530,062,Seventy Million Five Hundred and Thirty Thousand been accruing interest from the time of the transaction on the loan facility granted to the Petitioner to perfect the agreed transaction.

The Petitioner have made several efforts but all to no avail to recover the outstanding debt owe by the Respondent.

While the Petitioner is facing serious threat in his business and possibly Civil suits from the bank that originally gave and/or borrowed the Petitioner the
money to facilitate the business deals the Company Respondent have deliberately refused to liquidate its debt despite several letters of demands.

The Company is (insolvent) and unable to pay its debts.

In the circumstances it is just and equitable that the Company should be wound up in accordance with the Winding up rules and Companies and Allied Matters Act, 2004.

The Petitioner therefore noprays as follows:
That SWIFT NETWORK PLC may be wound up by the court under the provisions of Companies and Allied Matters Act, 2004.

That the voluntary winding up of the Company may be Continued but subject to the supervision of the court.

The presiding Judge,Lewis Allagoa has adjourned the case till 10th of July for further hearing