A Federal High Court in Lagos has rejected Access Bank’s urgent request to freeze the accounts of MTN Nigeria over an alleged ₦180.95 billion debt linked to defunct telecoms firm Multi-Links.
Access Bank, which filed the application in April, argued that freezing MTN’s accounts was necessary to prevent the telecom giant from moving its funds before a final judgment could be reached. The bank also asked the court to compel other banks to disclose MTN’s balances under oath.
But the court was not convinced. In its ruling, the judge held that Access Bank failed to show any immediate risk that MTN might dissipate its funds or obstruct justice if the accounts weren’t frozen.
Instead of granting the freeze, the court ordered MTN to appear and respond to the allegations. The telecom company has been given five days—shortened from the usual seven—to file its counter-affidavit, signaling the court’s intent to treat the matter with urgency.
MTN’s legal team acknowledged the order and is expected to meet the deadline. While the contents of MTN’s defence remain sealed, its decision to fully contest the claims suggests a firm pushback against the bank’s allegations.
The case is set to resume on June 23, 2025. On that day, the court will hear MTN’s side and determine whether the request to freeze its accounts has any merit. If MTN presents a convincing defence, the court may dismiss the bank’s application. However, if Access Bank can shore up its claims, restrictions on MTN’s funds could still be on the table—after the company has had its say.
This high-stakes court battle shines a spotlight on the growing number of financial disputes between banks and telecom companies in Nigeria. It also highlights the judiciary’s caution in granting orders that could severely affect business operations without firm proof of wrongdoing or urgent risk.
Industry insiders are watching closely, as the court’s eventual ruling could influence how similar corporate disputes are handled going forward—especially when it comes to balancing the rights of creditors with the need to keep large businesses running smoothly.
