MTN Sues 20 Banks Over SleekChip’s ₦6 Billion Debt In Landmark Court Battle

MTN Nigeria has dragged over 20 Nigerian banks to court in a bid to recover ₦6 billion allegedly owed by SleekChip Technologies Limited.

SleekChip, a licensed telecom service provider, reportedly failed to pay interconnect charges to MTN despite repeated demand notices. The debt arose from a 2019 agreement that allowed both firms to exchange calls and messages across their networks.

A Federal High Court in Abuja ruled in November 2024 that SleekChip must pay €1.74 million, converted to naira at the official exchange rate.

Justice Peter Lifu also approved 2% interest above the Nigerian Interbank Offer Rate, backdated to January 2022, until full repayment.

MTN estimates the debt has risen to over ₦5 billion, based on the exchange rate of ₦1,665.84 to the dollar as of November 2024.

Armed with the judgment, MTN approached the court again, seeking garnishee orders to freeze SleekChip’s bank accounts.

The telecom company demanded disclosure of all accounts linked to SleekChip, using its Bank Verification Number (BVN) as reference.

On May 16, 2025, MTN and several banks appeared before the court to present their positions on the garnishee motion.

Some banks confirmed SleekChip had no accounts with them and were discharged from the case by the court.

However, other banks challenged MTN’s request to trace funds using BVN, claiming no court order permitted such action.

Justice Lifu adjourned the matter to June 26, 2025, for continuation of proceedings and potential enforcement.

This legal fight signals a stricter approach by MTN toward unpaid telecom debts in Nigeria’s competitive telecom sector.

In 2023, the NCC approved MTN’s disconnection of SleekChip and other operators over similar unpaid interconnect fees.

MTN’s pursuit of SleekChip through garnishee orders marks a shift from regulatory to judicial enforcement.

As MTN continues its expansion, debt recovery through court orders may become a more frequent strategy.