Court freezes Billionaire Businessman Thomas Etuh, TAK Group’s Bank Accounts over N24 Billion Debt
A Federal Capital Territory High Court on Monday granted an interim order freezing the bank accounts of TAK Logistics Limited, TAK Agro Plc and their director, Mr. Thomas Akoh Etuh, over alleged indebtedness totalling ₦24,934,741,718.91. The order, obtained ex parte by Senior Advocate of Nigeria Mofesomo Tayo‑Oyetibo on behalf of Keystone Bank Limited, includes a Mareva injunction barring the defendants from accessing or dissipating any funds or financial instruments held in their accounts.
In its ruling, the court expressly restrained “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 ₦24,934,741,718.91 … 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.”
All banks and financial institutions holding accounts in the names of the defendants have been ordered to preserve such funds and to file affidavits within seven days detailing current balances and submitting relevant bank statements. The court directed:
“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 ₦24,934,741,718.91 standing for the credit of the 1st Defendant, 2nd Defendant, and 3rd Defendant whose Bank Verification Number is 22273745073.”
Furthermore, the defendants are barred from disposing of any movable or immovable property valued up to ₦24.9 billion, pending the conclusory hearing. The exact wording of the injunction reads:
“Restraining the Defendants from transferring, selling, or otherwise dealing with any movable or immovable property up to the value of ₦24,934,741,718.91 … pending further hearing in this suit.”
Given difficulties in effecting personal service on the third defendant, Thomas Etuh, the court also granted leave for substituted service by courier or by pasting court documents at his last known address.
The interim order will remain in force for seven days following service on the relevant banks, after which it will abate unless further extended upon application. The suit has been adjourned to July 22, 2025, for a substantive hearing.
