Nigeria’s largest telecom firm, MTN Nigeria and MTN’s leading subsidiary in terms of sheer number of subscribers, has taken 18 banks in Nigeria to court over an alleged series of unauthorised transfers to the tune of $53.7-million.
According to several Nigerian publications covering the story, MTN Nigeria alleges that the 18 banks, which are partners of the telecom, have wrongly transferred billions of Naira to 8000 accounts maintained by customers of the banks.MTN through MoMo is currently seeking a court declaration that states that the fund deposits belong to MoMo and not the customers of the banks. Currently it seems that the funds have been withdrawn from the 8000 customer accounts.
“The transfers were due to the fact that the plaintiff suffered system exploitation which led to the said debits. There is no transaction between the plaintiff [MoMo PSB] and the recipient account holders that warranted the transfer of the funds to those accounts,” said Anthony Usoro Usoro, CEO of MoMo PSB, in the supporting affidavit to the suit.
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