Connect with us

General News

Court Declines Access Bank’s Request to Freeze MTNN Account over N180Bn Claims

Published

on

Kindly share this post

Federal High Court in Lagos has declined 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 now-defunct Multi-Links Telecommunications.

Court Declines Access Bank’s Request to Freeze MTNN Account over N180Bn Claims

Justice Akintayo Aluko, 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, refused to issue an interim order freezing MTN’s funds.

The judge held that MTN must first be given an opportunity to be heard before any such drastic action is taken.

Access Bank, through its counsel Mr. Kunle Ogunba (SAN), had requested an interim injunction restraining MTN from withdrawing or tampering with funds across all its accounts in Nigeria up to the amount of N180.95 billion.

The bank claimed this figure represents a long-standing debt owed by MTN to Multi-Links.

As part of the orders sought, the applicants also requested that all financial institutions in Nigeria be directed to 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 the determination of the main suit.

However, Justice Aluko ruled that, while the plaintiffs presented a seemingly compelling case, MTN must be allowed to respond.

“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 said, according to ThisDay Newspaper.

The court ordered MTN to appear and show cause within five days, with the case adjourned to June 23, 2025, for further proceedings.

According to Nairametric, at the heart of the dispute is a fibre-sharing agreement between MTN and Multi-Links dating back over a decade, sources say.

The deal gave both parties “irrefutable rights of use” of 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 spiralled into financial distress, the company went into receivership under the control of Diamond Bank. Before it folded, Multi-Links attempted to sell its fibre assets to MTN, but negotiations collapsed over pricing disagreements.

Years later, a company named Hoop Telecoms emerged, claiming to have acquired Multi-Links’ fibre infrastructure. However, Hoop reportedly disclaimed any responsibility for Multi-Links’ past liabilities. Despite this, the company billed MTN nearly N170 billion, retroactively charging for years prior to its supposed acquisition of the assets.

MTN flatly rejected the demand, estimating its actual obligation under the original agreement at just over N1 billion.

The telecoms firm also took the matter to the Nigerian Communications Commission (NCC), which reportedly found that Hoop Telecoms lacked a valid telecom licence and thus had no legal standing to make such claims.

The situation grew more complex after Access Bank acquired Diamond Bank in 2019, thereby assuming control of Multi-Links’ receivership. According to sources familiar with the case, Access Bank aligned itself with Hoop Telecoms’ claims and pushed for a legal settlement, which MTN resisted.

One insider told Nairametrics that several vested interests, including political actors, saw the claim as an opportunity to pressure MTN into a payout.

“There was talk that pushing MTN to pay could benefit everyone involved,” the source said. “But MTN stood its ground and sought legal protection.”

Caught in this web of legal and commercial ambiguity, MTN sought a court’s protection.

But to the company’s surprise, Access Bank approached a court seeking a Mareva injunction, a legal order to freeze MTN’s accounts across Nigerian banks to the tune of N180.95 billion. Such orders are typically issued when a plaintiff fears the defendant may dissipate assets to frustrate judgment enforcement.

Insiders suggest that Access Bank may not have been fully briefed on the intricate history and legal background of the Multi-Links-MTN arrangement and might now be reconsidering its position.

According to one source, MTN and Access Bank have since opened lines of communication to explore an amicable resolution of the matter.

The judge’s refusal to grant the Mareva injunction offers MTN some short-term relief, but the legal battle is far from over.

The company now has until June 23 to respond formally and argue why the court should not freeze its accounts.

MTN declined to comment when contacted, stating that the case is subjudice. Access Bank has yet to respond to Nairametrics’ enquiry as of press time.

While the final outcome remains to be seen, the case raises deeper questions about the enforcement of legacy telecom agreements, the legal risks around receivership claims, and the influence of non-commercial interests in high-stakes disputes.

 

 

 

 


Kindly share this post

Ebere Melum-Nwogbo is a trained and practicing journalist. She is passionate about ICT and business journalism. She has over a decade experience spanning money and capital market as well as information technology

General News

NCDC Warns against Using Bitter Kola, Salt Water as Ebola Remedies

Published

on

Kindly share this post

Nigeria Centre for Disease Control and Prevention (NCDC) has warned Nigerians against relying on bitter kola, salt water, herbs, seasoning cubes, and other unverified substances as remedies for Ebola virus disease (EVD).

NCDC Warns against Using Bitter Kola, Salt Water as Ebola Remedies

NCDC, in a public health advisory, cautioned that the spread of false claims and homemade remedies could worsen panic and undermine public health response efforts amid renewed concerns over Ebola outbreaks in parts of sub-Saharan Africa.

The advisory, titled ‘Ebola Virus Disease (EVD): Myths vs Facts’, was issued to counter growing misinformation circulating online following recent cases recorded in countries including the Democratic Republic of Congo (DRC) and Uganda.

Although Nigeria has not recorded any confirmed Ebola case, the agency said the country remains on alert because of increased cross-border movement and international travel linked to affected regions.

Responding to claims on social media suggesting that substances such as salt water, bitter kola, herbs and seasoning cubes can prevent or cure Ebola, the NCDC noted that such remedies have no scientific basis.

“There is currently no approved home remedy for Ebola virus disease. Early reporting, supportive medical care, and strict infection prevention and control measures are critical. Avoid self-medication and seek care promptly if symptoms develop,” the agency said.

The NCDC also warned Nigerians against spreading unverified health claims, noting that misinformation could trigger confusion and weaken public trust during disease outbreaks.

“Sharing unverified information can create panic and confusion. Members of the public are advised to rely only on updates from official public health authorities and credible sources,” the advisory added.

The agency urged Nigerians to remain calm but vigilant, insisting that preventive awareness and responsible public behaviour remain essential despite the absence of any confirmed Ebola case in the country.

“Although no case has been confirmed in Nigeria, outbreaks in the region require vigilance, preparedness, and responsible public health behaviour to reduce the risk of importation and transmission,” the agency said.

The warning comes days after the NCDC raised concerns over the possibility of Ebola importation into Nigeria due to the continuing outbreak in parts of Central and East Africa.

Jide Idris, director-general of the NCDC, said the agency’s latest assessment showed that Nigeria faces a high risk of exposure because of population movement and the difficulty of detecting Ebola symptoms in the early stages.

“This assessment estimated the risk of Ebola importation into Nigeria as high due to the ongoing transmission in the DRC and Uganda, international travel and population movement, uncertainty regarding the full magnitude of the outbreak, and the potential for delayed recognition because symptoms may overlap with endemic diseases such as malaria and Lassa fever,” Idris said.


Kindly share this post
Continue Reading

General News

Otti Unveils NKATA, N306m Tech Grant for Qualified Abia Businesses

Published

on

Kindly share this post

Alex Otti, governor, Abia State, has said that the N306 million grant, called NKATA, is to support technology driven businesses across the 17 local governments of the state.

Otti Unveils NKATA, N306m Tech Grant for Qualified Abia Businesses

Alex Otti, governor, Abia State at the launch of NKATA

The governor unveiled the programme while receiving the management team of Abia State Technology Skills Acquisition Centre (ATSAC) in Umuahia.

Governor Otti noted that the programme, a carefully targeted macroeconomic intervention, is capable of raising business productivity, strengthening local enterprises, widening the tax base, creating employment and accelerating the emergence of a technology-enabled economy across the 17 local government areas of the state, with a strong emphasis on youths, small businesses, entrepreneurship, innovation and digital transformation, adding that, “the grant could turn Abia’s small businesses into a new engine of growth.”

He explained that the N306 million intervention fund had already been earmarked for qualified beneficiaries who meet the programme’s requirements, expressing optimism that the initiative would produce a measurable impact.

He said: “I want to congratulate everyone. The N306 million is available, but beneficiaries must meet all necessary conditions. In a few months’ time, I want to hear that this intervention has yielded results, not just in monetary terms, but also in job creation, poverty reduction and empowerment of our people.”

The Abia governor said the programme aligns with his administration’s vision of building a productive, self reliant and innovation-driven economy.

The most significant aspect of NKATA, the governor stressed, is not even the amount involved, but its deeper economic meaning, which lies in the structure of the intervention, adding that: “The programme is not designed as an indiscriminate cash-distribution exercise in which beneficiaries simply receive money that may immediately disappear into pressing household consumption.

“Rather, ATSAC has explained that support will be channelled through technology service providers, software companies, hardware suppliers, internet service providers and business mentors, who will help to select businesses, acquire practical tools capable of improving operations, efficiency, competitiveness and growth.”


Kindly share this post
Continue Reading

General News

PalmPay Young Stars Apply Financial Literacy on Shopping Spree

Published

on

Kindly share this post

The PalmPay Young Stars initiative continues to create memorable experiences for children across public schools, and in celebration of Children’s Day, this year’s experience was made extra special for the young beneficiaries.

Recently, selected pupils were taken on a shopping experience, where they redeemed vouchers worth N50,000 on essential items of their choice.

Since its launch, the initiative has recognised and rewarded outstanding pupils in public schools with scholarships, school kits, and shopping vouchers, supporting their educational journey while encouraging academic excellence.

For many children, N50,000 worth of shopping can feel like a dream come true, a chance to grab everything in sight, fill carts with snacks, toys, and excitement.

But for the beneficiaries of the PalmPay Young Stars initiative, it became something more meaningful: a real-life lesson in financial responsibility.

After participating in a financial literacy workshop organized by PalmPay at the presentation ceremonies held at the various schools, the students were given their N50,000 shopping vouchers as part of their rewards under the PalmPay Young Stars program. The experience was designed not just to celebrate academic excellence, but also to teach the children how to make thoughtful financial decisions from an early age.

And when it was time to redeem their vouchers, the children put their knowledge to the test.

Rather than spending impulsively, many of the students carefully selected practical items that would support their education, personal needs, and families. School supplies, food items, household essentials, and useful daily necessities filled their carts, a reflection of the values discussed during the workshop. The financial literacy session introduced the students to basic money management.

It was a powerful reminder that financial literacy is not just for adults. When children are exposed to the right knowledge early, they begin to develop habits that can shape their future positively.

Through PalmPay Young Stars, PalmPay continues to go beyond rewards and scholarships by creating experiences that equip children with life skills, confidence, and opportunities to dream bigger.


Kindly share this post
Continue Reading

Trending