SleekChip Technologies Limited, a licensed provider of international Direct Access and National Transit services is in crisis over N6 billion debt.
In a significant legal push, MTN Nigeria has filed a lawsuit against more than 20 commercial banks as part of its effort to recover a ₦6 billion interconnect debt allegedly owed by
This move follows a Federal High Court judgment delivered in November 2024 by Justice Peter Lifu, who ordered SleekChip to pay $1,971,409.85 (approximately ₦3.28 billion at the Central Bank’s then-official exchange rate of ₦1665.84 to $1), in addition to interest.
MTN and SleekChip had entered into a network interconnection agreement on July 23, 2019, enabling the exchange of voice and SMS traffic for a fee. Despite SleekChip’s written acknowledgment of the debt in May 2023 and a commitment to settle it by July 20, 2023, MTN stated that no payment was made. The court also noted that SleekChip failed to submit a substantial defence.
Justice Lifu’s ruling mandated the debt repayment with interest set at 2 percent above the Nigerian Interbank Offer Rate, effective from January 31, 2022, until full repayment is made.
At a court session held on May 16, 2025, MTN’s legal team confirmed the receipt of affidavits from nearly all the banks involved. These documents indicated whether or not the banks held funds associated with SleekChip.
Based on the submitted disclosures, MTN requested that more than 10 banks be discharged from the case, having established that SleekChip did not maintain any accounts with them.
Justice Lifu granted the request, formally releasing those banks from the proceedings.
However, some banks voiced concerns about MTN’s attempt to trace SleekChip’s accounts using Bank Verification Number (BVN) data, noting that the court had not granted permission for such searches.
The judge has adjourned the case to June 26, 2025, for further proceedings.
Industry experts view the development as a watershed moment in the enforcement of telecom agreements in Nigeria.
“This development reinforces the message that operators must prioritize contractual obligations,” said Dr. Abiodun Adebayo, telecom analyst at Digital Frontiers Consultancy. “We are seeing legal enforcement take center stage, and this will likely send shockwaves through the industry.”
