Access Bank has asked court to freeze MTN Assets over alleged N181bn debt.
NewsOnline Nigeria reports that the Federal High Court in Lagos State has directed MTN Nigeria Communications Plc to appear before it and explain why the company should not be subjected to asset-freezing orders over an alleged debt of ₦180.95 billion.
The order was issued by Justice Akintayo Aluko in response to an ex-parte application in Suit No: FHC/L/CS/1004/2025, filed by Access Bank Plc and three firms currently under receivership: Multi-Links Telecommunications Limited, Capcom Telecoms Limited, and Cyancom Limited.
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The plaintiffs, represented by Senior Advocate of Nigeria, Mr. Kunle Ogunba (SAN), are seeking an interim injunction to restrain MTN from accessing or transferring funds in any of its Nigerian bank accounts, up to the alleged debt amount pending the resolution of the suit. The majority of the claimed sum is said to be owed to Multi-Links.
Additionally, the applicants asked the court to bar MTN from disposing of or dealing in any of its assets, including cash balances, properties, and shareholdings, until their substantive motion is heard and determined.
They also sought a court order compelling all Nigerian financial institutions to disclose, under oath, the current balances of MTN’s accounts within seven days of receiving the directive.
While acknowledging the strength of the plaintiffs’ case, Justice Aluko declined to grant the reliefs on an ex-parte basis without giving MTN 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 ruled.
In an effort to expedite proceedings, the judge abridged the usual seven-day response period to five days, compelling MTN to file its counter-affidavit more quickly.
Justice Aluko emphasized that while the plaintiffs had presented a compelling and well-documented argument, the nature of the reliefs sought and the potential commercial consequences required that the defendant be heard before any interim orders could be made.
The case has been adjourned to June 23, 2025, when MTN is expected to appear and defend itself against the asset-freezing request.
The outcome of this legal battle could carry significant financial and reputational ramifications for MTN, one of Nigeria’s largest telecom operators, especially if the court rules in favour of the plaintiffs.
