Alleged N181bn Debt: Access Bank Seeks Asset Freeze As Court Orders MTN To Appear

A Federal High Court in Lagos has ordered MTN Nigeria Communications Plc to appear before it and show cause why the reliefs sought by Access Bank Plc and three other firms over an alleged N180.95 billion debt should not be granted.

Justice Akintayo Aluko issued the directive while ruling on an ex-parte application in Suit No: FHC/L/CS/1004/2025, filed by Access Bank and three companies in receivership: Multi-links Telecommunications Limited, Capcom Telecoms Limited, and Cyancom Limited.

The applicants, represented by Mr. Kunle Ogunba (SAN), sought an interim injunction restraining MTN from withdrawing, tampering with, or dissipating funds across all its accounts in Nigeria up to the sum of N180,946,560,000.00, allegedly owed to Multi-links.

They also requested an order restraining MTN from dealing with or disposing of its assets, including shares, funds, and property, pending the hearing and determination of a motion on notice.

Additionally, they sought a directive compelling all financial institutions in Nigeria to disclose, under oath, the balances in MTN’s accounts within seven days of receiving the court order.

While acknowledging the strength of the plaintiffs’ case, Justice Aluko declined to grant the requested orders outright.

Instead, 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 held.

He further abridged the time for MTN to file its counter-affidavit from seven days to five, in the interest of expedited proceedings.

Justice Aluko added: “Upon critical examination of the materials placed before the Court—including affidavits and exhibits—it is clear the plaintiffs have made a compelling case which cannot be ignored.

However, due to the peculiar nature of the case and the potential implications of the orders sought, especially in light of MTN’s correspondence marked ‘MTN 17,’ the defendant must be heard before any orders are granted.”

The court adjourned the matter to June 23, 2025, for MTN to show cause.