A Lagos Federal High Court has rejected Access Bank Plc’s application to freeze MTN Nigeria Communications Plc’s bank accounts over a disputed N180.95 billion debt related to an expired infrastructure-sharing agreement.
Justice Akintayo Aluko ruled that MTN must be given a chance to respond before any drastic action is taken. The court set a hearing date for June 23, 2025, for further proceedings.
The dispute stems from a decade-old fiber-sharing deal between MTN and the now-defunct Multi-Links Telecommunications. The agreement, which expired in 2024, allowed both companies to use each other’s fiber infrastructure. However, Multi-Links underutilized MTN’s network while MTN heavily used Multi-Links’ assets.
Multi-Links later went into receivership under Diamond Bank, which Access Bank acquired in 2019. A company called Hoop Telecoms claimed to have acquired Multi-Links’ fiber assets but denied responsibility for past liabilities. Hoop Telecoms billed MTN nearly N170 billion retroactively, which MTN rejected, estimating its actual debt at just over N1 billion.
Access Bank aligned with Hoop Telecoms’ claim and sought a Mareva injunction to freeze MTN’s funds to secure the disputed amount. The court, however, emphasized the need to hear MTN’s side first due to the case’s complexity.
MTN has faced several legal challenges recently, including suing banks to recover unpaid fees and regulatory scrutiny over compliance issues.
The court’s decision offers MTN temporary relief, but the legal battle over the legacy telecom agreement and receivership claims continues.
MTN declined to comment, citing the ongoing case, while Access Bank has yet to respond to inquiries.
