SleekChip Applied sciences in disaster over N6 billion debt owed MTN

SleekChip Applied sciences Restricted, a licensed supplier of worldwide Direct Entry and Nationwide Transit companies is in disaster over N6 billion debt.

In a major authorized push, MTN Nigeria has filed a lawsuit towards greater than 20 business banks as a part of its effort to get well a ₦6 billion interconnect debt allegedly owed by

This transfer follows a Federal Excessive Courtroom judgment delivered in November 2024 by Justice Peter Lifu, who ordered SleekChip to pay $1,971,409.85 (roughly ₦3.28 billion on the Central Financial institution’s then-official alternate fee of ₦1665.84 to $1), along with curiosity.

MTN and SleekChip had entered right into a community interconnection settlement on July 23, 2019, enabling the alternate of voice and SMS visitors for a price. Regardless of SleekChip’s written acknowledgment of the debt in Could 2023 and a dedication to settle it by July 20, 2023, MTN said that no cost was made. The courtroom additionally famous that SleekChip did not submit a considerable defence.

Justice Lifu’s ruling mandated the debt compensation with curiosity set at 2 p.c above the Nigerian Interbank Supply Price, efficient from January 31, 2022, till full compensation is made.

At a courtroom session held on Could 16, 2025, MTN’s authorized crew confirmed the receipt of affidavits from practically all of the banks concerned. These paperwork indicated whether or not or not the banks held funds related to SleekChip.

Based mostly on the submitted disclosures, MTN requested that greater than 10 banks be discharged from the case, having established that SleekChip didn’t preserve any accounts with them.

Justice Lifu granted the request, formally releasing these banks from the proceedings.

Nonetheless, some banks voiced considerations about MTN’s try to hint SleekChip’s accounts utilizing Financial institution Verification Quantity (BVN) knowledge, noting that the courtroom had not granted permission for such searches.

The choose has adjourned the case to June 26, 2025, for additional proceedings.

Trade specialists view the event as a watershed second within the enforcement of telecom agreements in Nigeria.

“This growth reinforces the message that operators should prioritize contractual obligations,” stated Dr. Abiodun Adebayo, telecom analyst at Digital Frontiers Consultancy. “We’re seeing authorized enforcement take heart stage, and this can probably ship shockwaves by way of the trade.”