Abuja Court Freezes TAK Firms’ Accounts Over ₦24.9bn Debt, Grants Mareva Injunction Against Director Thomas Etuh Following Keystone Bank Application
A Federal Capital Territory High Court in Abuja has frozen the bank accounts of TAK Logistics Limited, TAK Agro Plc., and their director, Thomas Akoh Etuh, over alleged indebtedness totalling N24,934,741,718.91.
Justice A.I. Akobi granted the temporary order on Monday, following an ex-parte application filed by Mofesomo Tayo-Oyetibo (SAN), on behalf of Keystone Bank Limited, including a Mareva injunction restraining the defendants from withdrawing, transferring, or dissipating any funds, shares, dividends, or financial instruments in their possession.
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 N24,934,741,718.91 … 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.”
It directed that “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.
“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.”
Justice Akobi further barred the defendants from disposing of any movable or immovable property valued up to N24.9 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 N24,934,741,718.91 … 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, however, is set to abate after seven days of service, pending further court proceedings.
Meanwhile, the case was adjourned to July 22, 2025, for further hearing.
