AGS NEWS – A Federal High Court in Lagos has rejected a request by Access Bank Plc to freeze the bank accounts of MTN Nigeria Communications Plc, in connection with an alleged ₦180.95 billion debt tied to defunct Multi-Links Telecommunications.

The court delivered its ruling after Access Bank filed an ex parte application in April, seeking an interim injunction to restrict MTN’s access to its funds pending a substantive hearing.

The bank argued that urgent judicial intervention was necessary to prevent MTN from potentially moving or depleting the funds before a judgment could be issued.

In its application, Access Bank claimed it had credible evidence of MTN’s outstanding liabilities and also requested that other financial institutions be compelled to disclose the telecom company’s account balances under oath.

However, the court dismissed the request, stating that Access Bank had failed to provide sufficient proof of imminent risk that MTN’s funds would be dissipated. The judge ruled that such a drastic measure could not be granted without clear and immediate justification.

Instead, the court ordered that MTN Nigeria be served with the application and given an opportunity to respond.

Although the company was originally granted seven days to file its counter-affidavit, the court shortened the deadline to five days, reflecting the urgency with which it intends to handle the matter.

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MTN’s legal team has acknowledged the court’s ruling and confirmed that they will meet the new timeline.

While the details of their defence remain under wraps, the company is expected to challenge both the validity of the debt claim and the need for account restrictions.

The case is scheduled to resume on June 23, 2025, when MTN will formally respond in court. At that hearing, the judge will determine whether Access Bank’s application should be upheld or dismissed.

Legal analysts say the court’s decision to deny the interim freeze underscores the judiciary’s measured approach to financial disputes, particularly where such actions could disrupt business operations.

This high-stakes legal battle between two of Nigeria’s largest corporations comes amid a broader trend of growing tensions between banks and telecom operators.

Industry stakeholders will be watching the outcome closely, as it could set a key precedent for handling corporate debt disputes in Nigeria’s evolving digital economy.