Court Moves to Wind Up Swift Network Over N115m Unpaid Debt
A Federal High Court in Lagos has ordered the advertisement of a winding-up petition against telecommunications provider Swift Network Plc. The petition was filed by Optics and Wireless Limited over an alleged N115.48 million debt for network devices supplied since April 2024. Optics and Wireless is also seeking N70.53 million in accrued interest and general damages for breach of contract. Counsel for the petitioner told the court that despite repeated delivery of products, Swift Network failed to pay within the agreed 30-day terms. The petitioner said letters, emails, text messages and a statutory demand dated December 2025 went unanswered, exposing it to financial strain and potential bank action on a related loan facility. Optics and Wireless argues Swift Network is insolvent under the Companies and Allied Matters Act and should be wound up under court supervision. Justice Lewis Allagoa adjourned the case to July 10 for further hearing.
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