After WAW’s Story, FCT High Court Freezes ₦24.9 Billion in Accounts Linked to Thomas Etuh, TAK Group

In a significant development following WAW’s exposé, the High Court of the Federal Capital Territory (FCT) has issued an interim order freezing multiple bank accounts linked to Thomas Akoh Etuh, the embattled founder of TAK Group and former Chairman of Unity Bank, over funds totalling ₦24.9 billion.

The order was granted upon an ex parte application filed by Senior Advocate of Nigeria, Mofesomo Tayo-Oyetibo, on behalf of Keystone Bank Limited. The interim Mareva injunction restrains TAK Logistics Limited, TAK Agro PLC, and Etuh himself from accessing or dealing with the funds in question.

In addition to freezing the accounts, the court directed all Nigerian banks and financial institutions to preserve any funds, shares, dividends, or monetary instruments linked to the defendants. These institutions must also file affidavits within seven days disclosing account balances and statements.

The court further restrained the defendants from transferring, selling, or otherwise dealing in any movable or immovable assets with a value of up to ₦24.9 billion, pending further proceedings.

Restraining 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 (Twenty-Four Billion, Nine Hundred and Thirty-Four Million, Seven Hundred and Forty-One Thousand, Seven Hundred and Eighteen Naira and Ninety-One Kobo) 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, the court order reads.

A specific directive was also issued for substituted service of court documents on Thomas Etuh, allowing process servers to deliver court notices via courier or by posting them at his known address.

Recall that there are reports that Etuh masterminded a complex financial scheme that nearly bankrupted Unity Bank between 2015 and 2017. Under his watch, the bank’s Non-Performing Loans ballooned, with at least ₦29 billion linked to Etuh’s own companies.

To conceal these bad loans, Unity Bank sold off its toxic portfolio, then worth over ₦436 billion, to Frontier Capital, an entity insiders claim is also linked to Etuh, for ₦6.4 billion. This move triggered widespread concerns about regulatory failures at the Central Bank of Nigeria and ongoing insider manipulation within the financial system. A controversial merger with Providus Bank was reportedly being orchestrated to mask the losses.

The interim order granted by Justice A.Y. Ibrahim is set to abate seven days after service unless extended by further court proceedings. The matter has been adjourned to July 22, 2025, for hearing.

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Oluwasegun Sanusi

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