A Federal High Court sitting in Lagos has granted an interim order authorizing Lotus Bank Limited to take over all movable and immovable properties belonging to Unpacked Limited, a company reportedly owned by Mrs. Oluwafeyikemi Abudu and guaranteed by Mr. Oluwafemi Badewole, over an alleged indebtedness of ₦532,691,920.86.
Justice Deinde Isaac Dipeolu issued the order after hearing an ex parte application filed by the bank’s counsel, A. Adedoyin-Adetunji, in suit number FHC/L/CS/2097/2025.
The court granted the bank’s request to take possession of the company’s assets and to freeze all monies linked to the defendants’ accounts in various financial institutions across Nigeria, pending the determination of a substantive motion on notice.
In urging the court to grant the interim orders, Adedoyin-Adetunji informed the court that the application was brought pursuant to Section 6(6) of the 1999 Constitution (as amended) and Sections 554 and 556 of the Companies and Allied Matters Act (CAMA) 2020, invoking the court’s inherent jurisdiction to protect the bank’s interest as a creditor.
According to the application, Lotus Bank sought, among other reliefs, an order of interim injunction restraining several financial institutions—including GTBank, Access Bank, First Bank, Zenith Bank, UBA, Fidelity Bank, Polaris Bank, Providus Bank, Stanbic IBTC, Opay, Palmpay, Paystack, Piggyvest, and others—from releasing or dealing with any funds or assets belonging to the defendants.
The bank’s claim arises from an alleged default on an Ijara Muntaluya bittamleek (lease-to-own) financing facility granted to Unpacked Limited and guaranteed by Mrs. Abudu and Mr. Badewole. The alleged indebtedness stands at ₦532,691,920.86.
The court also granted an interim order empowering Mr. Patrick Mgbeoma, appointed as receiver/manager under a Deed of All Assets Debenture dated 25th May 2025, to assume control of the company’s operations and properties.
Justice Dipeolu directed that the receiver/manager is authorized to take all necessary steps to realize the company’s assets—both fixed and floating—including all undertakings, machinery, and equipment listed in the company’s asset schedule.
Furthermore, the judge ordered the Inspector-General of Police, relevant zonal and state commands, and other law enforcement officers to assist the receiver/manager in securing the company’s assets located at its registered address: VPD Academy Building 4, Thorburn Avenue, Yaba, Lagos State.
The bailiffs of the court were also authorized to force open any gates or doors obstructing access to the premises and to ensure full possession of all fixtures, fittings, and equipment pending the final determination of the matter.
Justice Dipeolu further granted leave for the plaintiffs to serve all court processes—including the order, motion on notice, and originating summons—by substituted service, through pasting at the last known addresses of the second defendant at No. 5B, Onilegbale Road, Ikoyi, Lagos, and the third defendant at No. 1, Charles Ifeanyi Street, Off Adebayo Doherty, Lekki Phase 1, Lagos.
After reviewing the supporting affidavit deposed to by the receiver/manager, written addresses, and documentary exhibits attached to the motion, the court held that the bank had provided sufficient grounds to warrant the interim reliefs sought.
Consequently, Justice Dipeolu granted all the prayers as requested and adjourned the matter to October 31, 2025, for the hearing of the substantive suit.
