Court Freezes N24.9bn In Billionaire Thomas Etuh, TAK Group’s Bank Accounts, Bars Disposal of Assets

BY MICHAEL AKINOLA

A High Court of the Federal Capital Territory (FCT) has issued an interim order freezing bank accounts belonging to TAK Logistics Limited, TAK Agro Plc, and their director, Thomas Akoh Etuh, over funds totaling N24.9 billion.

The order, granted upon an ex parte application filed by Senior Advocate of Nigeria, Mofesomo Tayo-Oyetibo, on behalf of Keystone Bank Limited, includes a Mareva injunction restraining the defendants from withdrawing, transferring, or dissipating any funds, shares, dividends, or financial instruments in their possession.

The court also directed all banks and financial institutions holding the defendants’ accounts to preserve the funds and file affidavits within seven days, disclosing account balances and bank statements.

In addition, the defendants are barred from disposing of any movable or immovable property up to the value of N24.9 billion, pending further court proceedings.

The court further granted an order for substituted service on the third defendant, Thomas Etuh, permitting service of court documents via courier or by posting at his known address.

The court ordered as follows: “Restraining the Defendants, whether by themselves, their respective directors, servants, agents, privies, assigns and representatives or otherwise howsoever called, from withdrawing, transferring, dissipating or otherwise howsoever dealing with or accessing funds, shares, dividends or other financial instruments, up to the sum of N24,934,741,718.91 (Twenty-Four Billion, Nine Hundred and Thirty-Four Million, Seven Hundred and Forty-One Thousand, Seven Hundred and Eighteen Naira and Ninety-One Kobo) or any part thereof out of the funds, shares, dividends or other financial instruments standing to their credit in any account maintained with any bank or financial institution.”

The order further directed all banks and financial institutions where the defendants maintain accounts to immediately comply by preserving such funds, stating: “That upon the service of this Order on any bank or financial institution, such bank or financial institution shall give immediate effect to the Order by preserving any and all funds, or other financial instruments up to the sum of N24,934,741,718.91 standing for the credit of the 1st Defendant, 2nd Defendant, and 3rd Defendant whose Bank Verification Number is 22273745073.”

The court also compelled these banks to file an affidavit within seven days, disclosing account balances and relevant statements.

“That within 7 (Seven) days of the service of this Order on any bank or financial institution, such bank or financial institution shall file an affidavit in this suit stating the amount(s) standing to the credit of the defendants in any and all account(s) held… including the relevant statements relating to the accounts.”

Besides, the court barred the defendants from transferring, selling, or otherwise dealing with any movable or immovable property up to the same amount:

Additionally, the court granted leave for substituted service of processes on the third defendant by courier or by pasting them at his known address. The interim order, however, is set to abate after seven days of service, pending further court proceedings.

The case was adjourned to July 22, 2025, for further hearing.