Access Bank and Three Telecom Firms Move to Freeze MTN’s Accounts Over Alleged ₦180bn Debt
A Federal High Court sitting in Lagos has directed MTN Nigeria Communications Plc to appear and explain why its bank accounts should not be frozen over an alleged debt totaling ₦180.95 billion.
The order was issued by Justice Akintayo Aluko while ruling on an ex-parte motion brought by Access Bank Plc and three other companies under receivership: Multi-links Telecommunications Limited, Capcom Telecoms Limited, and Cyancom Limited.
Represented by Senior Advocate of Nigeria, Kunle Ogunba, the plaintiffs sought several interim reliefs. Chief among them was a court order to restrict MTN from withdrawing or tampering with its Nigerian bank accounts up to the disputed amount. They also asked the court to prevent the telecom company from disposing of assets, including shares and properties, until the case is fully heard.
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Additionally, the applicants urged the court to compel all financial institutions in Nigeria to disclose MTN’s account balances under oath within seven days of receiving the order.
Although Justice Aluko acknowledged that the plaintiffs had presented a compelling case—supported by detailed affidavits and exhibits—he declined to grant an immediate freeze of MTN’s accounts. Instead, the judge ruled that MTN must be given the opportunity to “show cause” before any decision is made.
“Given the strength of the plaintiffs’ submissions and documentary evidence, including the referenced ‘MTN 17’ correspondence, the defendant/respondent shall appear on the next court date to justify why the orders should not be granted,” the judge stated.
To speed up proceedings, Justice Aluko shortened MTN’s response time from seven to five days, highlighting the urgency and gravity of the matter.
The case has been adjourned to June 23, 2025, for MTN to formally respond to the court.
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