₦181bn Debt Claim: Access Bank Moves To Freeze MTN’s Assets

₦181bn Debt Claim: Access Bank Moves To Freeze MTN’s Assets

The Federal High Court in Lagos has directed MTN Nigeria Communications Plc to appear before it and explain why its assets should not be frozen over an alleged debt of ₦180.95 billion.

The order followed an ex-parte application in Suit No: FHC/L/CS/1004/2025, filed by Access Bank Plc alongside three companies currently under receivership: Multi-links Telecommunications Limited, Capcom Telecoms Limited, and Cyancom Limited.

The plaintiffs, represented by Senior Advocate of Nigeria (SAN), Mr. Kunle Ogunba, are seeking an interim injunction to: Restrain MTN from withdrawing, tampering with, or dissipating funds in all its bank accounts in Nigeria up to ₦180.95 billion, which is allegedly owed to Multi-links;

Stop MTN from disposing of or dealing with its assets—including shares, funds, and property—pending determination of a motion on notice; and Compel all Nigerian financial institutions to disclose, under oath, the balances in MTN’s accounts within seven days of receiving the court order.

Justice Akintayo Aluko, who presided over the matter, acknowledged that the plaintiffs had presented a strong preliminary case supported by documentary evidence. However, rather than immediately granting the requested reliefs, he ruled that MTN must first be given an opportunity to respond.

“Following the strong case already made by the plaintiffs as revealed in their affidavit and documentary exhibits before the Court, it is hereby ordered that the defendant/respondent shall appear in Court at the next date to show cause why the orders sought should not be granted,” the judge stated.

In a further procedural move to expedite the matter, the judge reduced MTN’s response time to five days, instead of the standard seven, to file its counter-affidavit.

Justice Aluko also cited the potential impact of the requested orders, especially in light of a key communication labeled ‘MTN 17’, as a reason why the court must hear from the telecom giant before making any determination.

The matter was adjourned to June 23, 2025, for MTN to show cause why the plaintiffs’ requests for asset disclosure and interim restraint should not be granted.