Court freezes N24.9 Billion accounts of TAK logistics, TAK Agro, Director Thomas Etuh over alleged debt

Justice A.I. Akobi of the High Court of the Federal Capital Territory has granted an interim order freezing bank accounts associated with TAK Logistics Limited, TAK Agro PLC, and their director, Thomas Etuh.

The order, issued on Monday, stems from an ex parte application filed by Mofesomo Tayo-Oyetibo, (SAN), on behalf of Keystone Bank Limited, concerning alleged debts amounting to N24.9 billion.

The court’s ruling includes a Mareva injunction, a powerful legal tool designed to prevent defendants from dissipating assets.

This injunction specifically restrains the defendants from accessing or dealing with any funds, shares, dividends, or other financial instruments up to the disputed sum.

In a directive aimed at ensuring transparency and preservation of assets, Justice Akobi ordered all banks and financial institutions holding accounts operated by the defendants to immediately preserve the funds.

Furthermore, these institutions are mandated to file affidavits within seven days, disclosing the current balances in all accounts and providing relevant bank statements.

The court explicitly stated that the order applies to accounts linked to the defendants, including those associated with Bank Verification Number (BVN) 22273745073.

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Beyond financial assets, the judge also barred the defendants from transferring, selling, or otherwise disposing of any movable or immovable property pending the final resolution of the matter.

To facilitate the legal process, the court granted an application for substituted service on the third defendant, Thomas Etuh, allowing Keystone Bank to serve court documents via courier or by posting them at his last known address.

The court order explicitly states: “The defendants, their directors, agents, privies, or representatives are hereby restrained from withdrawing, transferring, dissipating, or otherwise dealing with funds, shares, dividends, or any other financial instruments up to the sum of N24,934,741,718.91, or any part thereof, in any bank or financial institution.”

It further emphasizes immediate compliance from financial institutions: “Within seven days of being served with this order, each bank or financial institution shall file an affidavit stating the balances in all accounts held by the defendants, along with relevant statements.”

The interim order is set to lapse seven days after it is served unless a court extension is granted. The matter has been adjourned to July 22, 2025, for further hearing.