Business News
Court Grants Application By Lotus Bank To Take Over Abudu Family’s Firm Over Alleged N532m Debt
Justice Deinde Isaac Dipeolu of the Federal High Court in Lagos has granted an application by Lotus Bank Limited to take over the assets both movable and immovable of Unpacked Limited (in receivership), a firm owned by Oluwafeyikemi Abudu and guaranteed by Oluwafemi Badewole.
The order, issued after the court heard an ex parte motion filed by the bank’s counsel, A. Adedoyin-Adetunji, allows Lotus Bank to assume control of the company’s properties and funds held in multiple financial institutions.
The motion, numbered FHC/L/CS/2097/2025, sought interim measures to recover a debt of N532,691,920.86 arising from an Ijara Muntaluya Bittamleek (lease-to-own) facility granted to the company.
In the motion, the bank requested the court to restrain over 25 banks and financial institutions including GTBank, Access Bank, First Bank, UBA, Zenith Bank, Fidelity Bank, and several fintech platforms such as Opay, Palmpay, Paystack, Piggyvest, and Momo Agent from releasing or dealing in any funds linked to the defendants’ bank accounts or Bank Verification Numbers (BVNs) pending the hearing of the substantive suit.
Lotus Bank also sought an order empowering its appointed receiver/manager, Patrick Mgbeoma, to take possession of and realize all assets of Unpacked Limited, including fixed and floating properties, equipment, and other undertakings covered under the Deed of All Assets Debenture dated May 25, 2025, and the Deed of Appointment of Receiver dated October 6, 2025.
Furthermore, the bank requested the assistance of the Inspector-General of Police, relevant senior officers, and the Commissioner of Police, Lagos State, to secure the company’s assets at its registered address VPD Academy Building 4, Thorburn Avenue, Yaba, Lagos and to enable court bailiffs to gain access where necessary.
Justice Dipeolu, after reviewing the supporting affidavit and exhibits attached to the motion, granted all reliefs sought by the applicant, ruling in favour of Lotus Bank.
The court subsequently adjourned the case to October 31, 2025, for the hearing of the substantive matter.
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