Entry {Bank} has requested court docket to freeze MTN Belongings over alleged N181bn debt.
PoliticalNews Nigeria stories that the Federal Excessive Courtroom in Lagos State has directed MTN Nigeria Communications Plc to seem earlier than it and clarify why the corporate shouldn’t be subjected to asset-freezing orders over an alleged debt of ₦180.95 billion.
The order was issued by Justice Akintayo Aluko in response to an ex-parte software in Go well with No: FHC/L/CS/1004/2025, filed by Entry {Bank} Plc and three companies presently underneath receivership: Multi-Hyperlinks Telecommunications Restricted, Capcom Telecoms Restricted, and Cyancom Restricted.
The plaintiffs, represented by Senior Advocate of Nigeria, Mr. Kunle Ogunba (SAN), are in search of an interim injunction to restrain MTN from accessing or transferring funds in any of its Nigerian {bank} accounts, as much as the alleged debt quantity pending the decision of the swimsuit. Nearly all of the claimed sum is alleged to be owed to Multi-Hyperlinks.
Moreover, the candidates requested the court docket to bar MTN from disposing of or dealing in any of its belongings, together with money balances, properties, and shareholdings, till their substantive movement is heard and decided.
In addition they sought a court docket order compelling all Nigerian {financial} establishments to reveal, underneath oath, the present balances of MTN’s accounts inside seven days of receiving the directive.
Whereas acknowledging the power of the plaintiffs’ case, Justice Aluko declined to grant the reliefs on an ex-parte foundation with out giving MTN a possibility to reply.
“Following the robust case already made by the plaintiffs as revealed of their affidavit and documentary reveals earlier than the Courtroom, it’s hereby ordered that the defendant/respondent shall seem in Courtroom on the subsequent date to indicate trigger why the orders sought shouldn’t be granted,” the decide dominated.
In an effort to expedite proceedings, the decide abridged the same old seven-day response interval to 5 days, compelling MTN to file its counter-affidavit extra rapidly.
Justice Aluko emphasised that whereas the plaintiffs had introduced a compelling and well-documented argument, the character of the reliefs sought and the potential industrial penalties required that the defendant be heard earlier than any interim orders may very well be made.
The case has been adjourned to June 23, 2025, when MTN is predicted to seem and defend itself in opposition to the asset-freezing request.
The end result of this authorized battle may carry important {financial} and reputational ramifications for MTN, considered one of Nigeria’s largest telecom operators, particularly if the court docket guidelines in favour of the plaintiffs.