Court Rejects Access Bank’s Bid to Freeze MTN Nigeria Accounts
In a recent ruling, the Federal High Court in Lagos denied Access Bank’s request to freeze the accounts of MTN Nigeria Communications Plc. This decision thwarts the bank’s effort to recover N180.95 billion linked to a long-expired infrastructure-sharing agreement with the defunct Multi-Links Telecommunications. Justice Akintayo Aluko’s ruling highlights the complexities surrounding this decade-old financial dispute.
Details of the Legal Battle
The dispute originates from a fibre-sharing agreement between MTN Nigeria and Multi-Links, granting both entities “irrefutable rights of use” of each other’s fibre infrastructure for ten years, which concluded in 2024. Court documents reveal that Multi-Links underutilized MTN’s infrastructure due to financial difficulties, while MTN heavily relied on Multi-Links’ network. As Multi-Links faced financial collapse, Diamond Bank took control through receivership. Negotiations to sell Multi-Links’ fibre assets to MTN fell through due to pricing disagreements, leaving outstanding financial obligations unresolved. Access Bank, representing Hoop Telecoms (who claim to have acquired Multi-Links’ fibre infrastructure), sought a Mareva injunction to freeze MTN’s accounts across Nigerian banks, demanding all financial institutions disclose MTN’s account balances within seven days, pending the case’s resolution.
The court’s decision emphasizes that MTN must be given the opportunity to present its case before such measures are taken. This ruling provides a significant reprieve for MTN Nigeria, allowing them to continue operations without the immediate threat of asset freezing while the legal proceedings continue.
Keywords
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