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A High Court in Nigeria’s Federal Capital Territory has ordered a freeze on bank accounts belonging to billionaire businessman Thomas Akoh Etuh and two companies linked to him—TAK Logistics Ltd. and TAK Agro Plc—over an alleged debt of nearly ₦24.9 billion ($16.1 million).
The interim Mareva injunction, granted Monday on an ex parte motion filed by Keystone Bank Ltd., blocks the defendants from accessing or transferring any funds or financial instruments in their accounts. The order also restrains them from selling or disposing of assets up to the contested sum.
“The defendants, whether by themselves or through their directors, agents, or any other representatives, are hereby restrained from withdrawing, transferring, or otherwise dealing with funds, shares, dividends, or other financial instruments up to ₦24,934,741,718.91 ($16.1 million) standing to their credit in any bank or financial institution,” the court ruled.
The court directed all Nigerian banks and financial institutions to comply immediately upon service of the order, preserve any relevant funds or instruments, and submit affidavits within seven days showing current account balances and providing supporting statements.
In addition, Justice Ahmed Musa permitted Keystone Bank to serve court documents on Etuh by substituted means—including courier delivery or pasting them at his last known address—citing difficulties in effecting personal service.
The freeze will remain in place for seven days after service on the banks, unless extended by further court order.
A substantive hearing in the case is scheduled for July 22, 2025.
