Court Halts Access to Company Funds Over ₦24.9bn Loan Dispute

A High Court in Abuja has frozen bank accounts belonging to TAK Logistics Limited, TAK Agro PLC, and their director, Thomas Etuh, over an unpaid loan totaling ₦24.9 billion.

Justice A.I. Akobi issued the freeze order after Keystone Bank sought legal intervention through an ex parte application. The judge granted a Mareva injunction, effectively blocking the defendants from accessing or dealing in any funds or financial assets up to the disputed amount.

Banks and financial institutions that hold accounts tied to the defendants were ordered to preserve the funds and submit statements and account balances within a week.

The ruling also prohibits the transfer or sale of any movable or immovable property by the defendants until the matter is resolved.

In addition, the court permitted substituted service of legal documents on Thomas Etuh through courier or by pasting notices at his last known residence.

The directive covers all bank accounts connected to the defendants, including those linked to BVN 22273745073. The freeze order remains valid for seven days after delivery unless extended by the court.

The case is set for further hearing on July 22, 2025.