Court Grants Lotus Bank Authority to Take Over Abudu Family Firm Over Alleged N532m Debt

A Federal High Court in Lagos, presided over by Justice Deinde Isaac Dipeolu, has granted an application by Lotus Bank Limited to take immediate control of the assets of Unpacked Limited (in receivership).

The firm, owned by Oluwafeyikemi Abudu and guaranteed by Oluwafemi Badewole, is allegedly indebted to the bank to the tune of N532,691,920.86.

The court issued the order after hearing an ex parte motion filed by the bank’s counsel, A. Adedoyin-Adetunji. The motion, numbered FHC/L/CS/2097/2025, sought interim measures to recover the debt, which originated from an Ijara Muntaluya Bittamleek (lease-to-own) facility granted to the company.

The court granted Lotus Bank the authority to empower its appointed receiver/manager, Patrick Mgbeoma, to take possession of and realize all of Unpacked Limited’s assets. This includes all movable and immovable properties, funds held in multiple financial institutions, 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 secured an order requesting 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 ensure court bailiffs can gain access where necessary.

Justice Dipeolu granted all reliefs sought by the applicant after reviewing the supporting documents.

The substantive matter has been adjourned to October 31, 2025.