FLASH: MTN Barred From Accessing Funds In Nigerian Banks

FLASH: MTN Barred From Accessing Funds In Nigerian Banks

On Tuesday, the Federal High Court in Lagos barred MTN Nigeria Communications Limited from moving any funds abroad it may have in Nigerian banks until the hearing of its suit challenging the N1.4 trillion fine imposed on it by the Nigerian Communications Commission (NCC).

The Federal Government brought a motion to restrain the 21 commercial banks, in which MTN has funds, from releasing money to the telecommunications giant.

"The FG seeks an order of Mareva injunction [a court order which requests assets be frozen] restraining the aforementioned banks from releasing, making a sale, transferring, or paying any of the monies maintained by the plaintiff MTN," the motion read in part.
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