MTN Nigeria has initiated legal proceedings against over 20 banks to recover ₦6 billion from SleekChip Technologies following a 2024 Federal High Court judgment in its favor.
- MTN secured a judgment for $1.97 million (₦6bn) after SleekChip defaulted on interconnect payments from 2022.
- The telco launched garnishee proceedings to retrieve funds from banks linked to SleekChip accounts.
- Over 10 banks were discharged after showing SleekChip had no account ties with them, says Nairametrics.
The case highlights growing pressure on telecom firms to recover interconnect debts through the courts. Will regulators enforce stricter penalties, or will more defaulters test the system’s limits?
