Court Rejects Access Bank’s Bid to Freeze MTN’s Accounts Over....

A Federal High Court in Lagos has rejected Access Bank Plc’s request to freeze the bank accounts of MTN Nigeria Communications Plc over a disputed N180.95 billion debt claim linked to a long-expired infrastructure-sharing deal with the defunct Multi-Links Telecommunications.

Ruling on an ex parte application filed by Access Bank and three companies in receivership—Multi-Links Telecommunications Limited, Capcom Telecoms Limited, and Cyancom Limited—Justice Akintayo Aluko refused to issue an interim order freezing MTN’s funds. The judge held that MTN must first be heard before any such drastic order is granted.

Access Bank, represented by Mr. Kunle Ogunba (SAN), had sought an interim injunction restraining MTN from withdrawing or tampering with funds across all its accounts in Nigeria up to N180.95 billion, which the bank claims represents a long-standing debt owed by MTN to Multi-Links. The applicants also requested that financial institutions in Nigeria disclose, under oath, the balances in MTN’s accounts within seven days. The suit, marked FHC/L/CS/1004/2025, essentially sought to lock down MTN’s funds pending determination of the main case.

Justice Aluko ruled that, while the plaintiffs presented a seemingly compelling case, MTN must be allowed to respond. Citing MTN’s correspondence marked ‘MTN 17,’ the judge stressed the need for the defendant to be heard before any orders are granted. The court ordered MTN to appear within five days, adjourning the matter to June 23, 2025.

At the centre of the dispute is a fibre-sharing agreement between MTN and Multi-Links dating back over a decade. The deal granted both parties mutual rights of use over each other’s fibre infrastructure for 10 years, expiring in 2024. However, due to financial and operational setbacks, Multi-Links reportedly underutilised MTN’s infrastructure, while MTN made significant use of Multi-Links’ network. As Multi-Links slipped into financial distress, Diamond Bank took control through receivership.

Before folding, Multi-Links attempted to sell its fibre assets to MTN, but negotiations collapsed over pricing disagreements. Later, Hoop Telecoms claimed to have acquired Multi-Links’ fibre assets but disclaimed responsibility for past liabilities. Despite this, Hoop billed MTN nearly N170 billion, retroactively charging for years before its acquisition. MTN rejected the demand, estimating its obligation at just over N1 billion. It also sought the intervention of the Nigerian Communications Commission (NCC), which found that Hoop lacked a valid telecom licence and had no legal standing to pursue the claim.

The matter grew more complex after Access Bank acquired Diamond Bank in 2019, thereby taking control of Multi-Links’ receivership. Access Bank aligned with Hoop’s claims and pushed for a legal settlement, which MTN resisted.

Sources suggest several vested interests, including political actors, viewed the claim as an opportunity to pressure MTN into a payout. “There was talk that pushing MTN to pay could benefit everyone involved,” one source said. “But MTN stood its ground and sought legal protection.”

Caught in this web of legal and commercial ambiguity, MTN sought court protection, but Access Bank approached the court for a Mareva injunction to freeze MTN’s accounts in Nigerian banks. Such orders are typically issued when plaintiffs fear that defendants may dissipate assets to frustrate judgment enforcement. Insiders suggest Access Bank may not have been fully briefed on the complex history of the Multi-Links-MTN arrangement and may now be reconsidering its position. Sources indicate MTN and Access Bank have since opened dialogue to explore a possible settlement.

The judge’s refusal to grant the Mareva injunction offers MTN temporary relief, but the legal battle continues. MTN now has until June 23 to argue why its accounts should not be frozen. MTN declined to comment, citing the matter as subjudice. Access Bank has also not responded.

The dispute adds to MTN Nigeria’s growing list of legal and regulatory battles. In May 2025, the telecoms giant sued over 20 Nigerian banks to recover about N6 billion in unpaid interconnect fees from SleekChip Technologies, following a favourable judgment. Shortly after, MTN’s CEO and executives were slated for arraignment by the Federal Competition & Consumer Protection Commission (FCCPC) over alleged obstruction of investigations. Earlier in 2023, MTN faced scrutiny from Nigerian tax authorities over alleged underpayment of duties and levies tied to digital and international calls. Some of these matters have since been resolved.