A Federal High Court in Lagos has granted Lotus Bank Limited an order to take possession of all movable and immovable assets belonging to Unpacked Limited (now in receivership), a company owned by Oluwafeyikemi Abudu and guaranteed by Oluwafemi Badewole.
Justice Deinde Dipeolu also authorised the bank to take control of the company’s funds held in various financial institutions across Nigeria.
The order followed an ex parte application filed and moved by the bank’s counsel, A. Adedoyin-Adetunji, marked FHC/L/CS/2097/2025.
Adedoyin-Adetunji told the court that the application was brought pursuant to Section 6(6) of the 1999 Constitution, Sections 554 and 556 of the Companies and Allied Matters Act 2020 (as amended), and under the court’s inherent jurisdiction.
In the motion, Lotus Bank sought an interim injunction restraining 27 financial institutions including, Guaranty Trust Bank Limited, Access Bank Pic, Citi Bank Nigeria Limited, Ecobank Nigeria Plc, Fidelity Bank Plc, First Bank Of Nigeria Limited, First City Monument Bank Plc, Globus Bank, Heritage Bank Limited, Jaiz Bank, Keystone Bank Limited, Opay Digital Services Limited, Palmpay Nigeria, Paystack, Piggyvest, Momo Agent, Polaris Bank Limited, Providus Bank, Stanbic-IBTC Bank Nigeria Limited, Standard Chartered Bank, Sterling Bank Plc, Suntrust Bank Limited Union Bank of Nigeria Pic, United Bank For Africa Plc, Unity Bank Plc, Wema Bank Plc And Zenith Bank Plc and all other financial institutions operating in Nigeria, from releasing or dealing in any funds linked to Unpacked Limited and its guarantors.
The bank claimed the defendants owe N532,691,920.86, being the outstanding sum from an Ijara Muntaluya Bittamleek (lease-to-own) facility granted to the company and guaranteed by Badewole.
Lotus Bank also sought the court’s approval for its appointed receiver/manager, Patrick Mgbeoma, to take over Unpacked Limited’s assets in line with the Deed of All Assets Debenture dated May 25, 2025, and the Deed of Appointment of Receiver dated October 6, 2025.
The bank further requested that the Inspector-General of Police, the Lagos State Commissioner of Police, and other senior police officers provide security assistance to the receiver/manager in taking possession of the company’s assets located at VPD Academy Building 4, Thorburn Avenue, Yaba, Lagos.
Additionally, the court granted the bank permission to serve its court processes on the guarantors by pasting them at their last known addresses in Ikoyi and Lekki Phase 1, Lagos.
The ex parte application was supported by an affidavit deposed to by Mgbeoma, who confirmed his appointment as receiver/manager and attached several documentary exhibits.
The bank also undertook to pay damages if the orders were later found to have been wrongly granted.
After hearing the submissions, Justice Dipeolu granted all the reliefs sought by Lotus Bank as prayed.
The judge subsequently adjourned the matter to October 31, 2025, for the hearing of the substantive suit
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