Court freezes Thomas Etuh’s accounts over ₦24 billion debt

DDM News

A Federal Capital Territory High Court has issued an interim order freezing the bank accounts of billionaire businessman Thomas Akoh Etuh and two of his companies, TAK Logistics Limited and TAK Agro Plc, over an alleged debt nearing ₦25 billion.

Diaspora Digital Media (DDM) gathered that the order was granted on Monday following an ex parte application filed by Senior Advocate of Nigeria, Mofesomo Tayo‑Oyetibo, representing Keystone Bank Limited.

The total debt alleged against the defendants amounts to ₦24,934,741,718.91.

The court also issued a Mareva injunction restraining the defendants, including Etuh, from accessing, withdrawing, or transferring any funds or financial instruments up to that amount in any of their accounts held with Nigerian financial institutions.

The court’s ruling specifically restricts the defendants, their directors, agents, and representatives from tampering with the said amount or any part of it, whether in the form of cash, shares, dividends, or other instruments.

The interim order also mandates all banks and financial institutions in Nigeria holding accounts belonging to the defendants to immediately freeze and preserve those accounts.

Furthermore, the institutions have been directed to submit sworn affidavits within seven days, disclosing the balances in those accounts and attaching relevant bank statements for verification.

The court stated that upon service of the order, all banks must act immediately to ensure the sum of ₦24.9 billion remains untouched pending the outcome of further court proceedings.

The order reads: “Any bank or financial institution shall give immediate effect to the Order by preserving all funds and financial instruments up to the value of ₦24,934,741,718.91 standing to the credit of the 1st, 2nd, and 3rd Defendants, including the BVN 22273745073.”

In addition to freezing accounts, the court also restricted the defendants from disposing of any assets, movable or immovable, that could contribute toward covering the debt in question.

This measure is meant to prevent the sale or transfer of valuable properties pending a conclusive judgment in the ongoing legal suit.

The judge further granted leave for substituted service on Thomas Etuh, citing challenges with direct service. Legal documents may now be sent via courier or pasted at his last known address.

The interim order will remain in force for seven days following service on all relevant financial institutions.

The case has been adjourned until July 22, 2025, when the court will begin hearing substantive arguments on the matter.

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