A Federal High Court in Lagos has declined Access Bank Plc’s request to freeze the bank accounts of MTN Nigeria Communications Plc. This dealt a blow to the bank’s attempt to secure an N180.95 billion debt claim tied to a long-expired infrastructure-sharing agreement with the now-defunct Multi-Links Telecommunications.
The ruling, delivered by Justice Akintayo Aluko, underscores the complexity of a decade-old financial dispute that continues to ripple through Nigeria’s corporate landscape.
The legal battle stems from a fibre-sharing agreement between MTN Nigeria and Multi-Links, dating back over ten years. The deal, which granted both parties “irrefutable rights of use” of each other’s fibre infrastructure for a decade, expired in 2024.
According to court documents, Multi-Links underutilised MTN’s infrastructure due to financial and operational challenges, while MTN made significant use of Multi-Links’ network. As Multi-Links spiralled into financial distress, it entered receivership under Diamond Bank’s control. Negotiations to sell Multi-Links’ fibre assets to MTN collapsed over pricing disagreements, leaving unresolved financial obligations.
Access Bank, represented by Senior Advocate of Nigeria (SAN) Kunle Ogunba, sought a Mareva injunction to freeze MTN’s accounts across Nigerian banks up to the disputed N180.95 billion. The bank argued that the amount represents a long-standing debt owed by MTN to Multi-Links, now purportedly under the ownership of Hoop Telecoms, which claims to have acquired Multi-Links’ fibre infrastructure.
The injunction also requested that all financial institutions in Nigeria disclose MTN’s account balances under oath within seven days. The suit, marked FHC/L/CS/1004/2025, aimed to lock down MTN’s funds pending the resolution of the main case.
Court hands MTN Nigeria a lifeline
Justice Aluko, however, ruled that MTN must be given an opportunity to respond before such drastic measures could be implemented.
“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 judge stated. The court ordered MTN to appear and show cause within five days, adjourning the case to June 23, 2025, for further proceedings.
This dispute adds to MTN Nigeria’s ongoing legal and regulatory challenges. In May 2025, MTN sued over 20 Nigerian banks to recover about ₦6 billion in unpaid interconnect fees from SleekChip Technologies, following a favourable Federal High Court judgement.
Additionally, the Nigerian Communications Commission (NCC) approved the disconnection of USSD codes for several banks, including First City Monument Bank and Zenith Bank, over unpaid debts to telecom operators, with MTN recovering N32 billion of a N74 billion outstanding USSD debt as of February 2025.
MTN Nigeria, a subsidiary of MTN Group, has faced significant financial strain in recent years. The company reported an N400.4 billion loss after tax in 2024, largely due to naira devaluation and foreign exchange losses totalling N925.36 billion. Despite these challenges, MTN posted a profit after tax of N133.7 billion in Q1 2025, signalling a potential recovery driven by revenue growth and reduced forex losses. The company’s robust ₦1 trillion revenue in the first quarter of 2025 marked a historic high, bolstered by a tariff hike approved by regulators in January 2025.
Access Bank, one of Nigeria’s leading financial institutions, has also been navigating its own challenges. In 2024, the bank doubled its IT spending to N518.5 billion as part of efforts to modernise operations, reflecting its aggressive push for digital transformation. The bank’s pursuit of the Mareva injunction against MTN underscores its assertive approach to recovering disputed funds, though the court’s ruling suggests a need for greater clarity in the complex Multi-Links saga.
As the June 23 hearing approaches, all eyes will be on MTN’s response and whether both parties can reach a settlement outside the courtroom. The outcome of this case could have far-reaching implications for Nigeria’s telecom and banking sectors, particularly in how legacy agreements and financial disputes are resolved in an increasingly complex regulatory environment.
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