Justice Deinde Isaac Dipeolu of the Federal High Court in Lagos has granted an interim order empowering Lotus Bank Limited to take possession of all assets belonging to Unpacked Limited (in receivership), a company owned by Oluwafeyikemi Abudu and guaranteed by Oluwafemi Badewole, over an alleged debt of ₦532,691,920.86.
The order followed an ex parte motion filed by the bank’s counsel, A. Adedoyin-Adetunji, seeking the court’s approval to recover the outstanding sum arising from an Ijara Muntaluya Bittamleek (lease-to-own) facility extended to the company.
Court Grants Takeover of Assets and Accounts
In the motion, marked FHC/L/CS/2097/2025, Lotus Bank prayed the court for leave to take over the company’s movable and immovable assets, as well as funds domiciled in several financial institutions across the country.
The bank also sought an order restraining over 25 banks and financial institutions—including GTBank, Access Bank, First Bank, UBA, Zenith Bank, and Fidelity Bank—from releasing or tampering with any funds linked to the defendants’ accounts or Bank Verification Numbers (BVNs).
The restraining order also extends to digital finance platforms such as Opay, Palmpay, Paystack, Piggyvest, and Momo Agent, pending the determination of the substantive suit.
Receiver Empowered to Take Possession
The court further authorised Patrick Mgbeoma, the receiver/manager appointed by Lotus Bank, to take possession of and realise all assets belonging to Unpacked Limited, including fixed and floating assets, equipment, and undertakings covered under the Deed of All Assets Debenture dated May 25, 2025, and the Deed of Appointment of Receiver dated October 6, 2025.
Justice Dipeolu also granted the bank’s request for police assistance, directing the Inspector-General of Police, senior officers, and the Commissioner of Police, Lagos State, to provide security support to court bailiffs and the receiver during the takeover process.
According to the motion, the affected company operates from VPD Academy Building 4, Thorburn Avenue, Yaba, Lagos, where the bank alleged some of the assets under the loan agreement were located. The court’s order enables bailiffs and enforcement officers to gain access to the premises and secure all relevant assets.
After reviewing the affidavit and exhibits filed in support of the motion, Justice Dipeolu ruled in favour of Lotus Bank, granting all the reliefs sought by the applicant.
The case was subsequently adjourned to October 31, 2025