MTN Sue 18 Commercial Banks Over N22.3bn ‘Error’ Transfer To 8,000 Customers
Fred Omotara, Lagos
MTN Nigeria has dragged 18 commercial banks to court after MTN MOMO bank transfers N22.3 billion to 8,000 customers in error.
MTN’s newly licensed Mobile Money Payment Service Bank Limited (MOMO PSB) has sued 18 Nigerian banks to court to recover N22.3 billion ($53.7 million) that was erroneously sent to 8,000 bank accounts.
The error was caused by a computer glitch, according to a court filing in action No. FHC/L/CS/960/2022 filed by the Mobile Money Bank against 18 banks.
MTN’s MOMO payment Bank is seeking a judicial declaration that the money transmitted in mistake belongs to it, not the banks’ customers, in an initiating summons dated 30 May 2022 and filed before a Federal High Court.

Kadecommunicationng reports that the requests formed part of the reliefs sought in the suit filed by a Senior Advocate of Nigeria, Chief Lotanna Chuka Okoli (SAN) on behalf of Momo Payment Service Bank Limited.

Among other reliefs, the MTN bank is also seeking an order of the court directing the 18 banks to individually account for the sums available in their customer accounts and the sums which have been removed by the customers and are no longer available.
In an affidavit in support of the originating summons, the Chief Executive Officer (CEO), MOMO PSB Ltd, Mr. Anthony Usoro Usoro claimed that MOMO PSB Ltd is the bona fide owner of the aggregate sum of N22.3bn which is maintained in its MOMO settlement account. He averred that on or about the 24th day of May, 2022, it was noticed that funds had been erroneously transferred from its settlement account to various accounts maintained by the 18 banks.
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