Court Orders Takeover Of Family’s Firm Over Alleged ₦532m Debt

Justice Deinde Isaac Dipeolu of the Federal High Court has granted the request of Lotus Bank Limited to take over the properties (both movable and immovable) belonging to Unpacked Limited (now in receivership), a company reportedly linked to Mrs. Oluwafeyikemi Abudu and guaranteed by Mr. Oluwafemi Badewole.

The court also ordered the takeover of the company’s assets and funds in several banks while granting an ex parte application marked FHC/L/CS/2097/2025, filed and moved by the bank’s counsel, A. Adedoyin-Adetunji.

In urging the court to grant the motion, the bank’s counsel informed the court that the application was brought pursuant to Section 6(6) of the Constitution of the Federal Republic of Nigeria, 1999 (as amended); Sections 554 and 556(1–4) of the Companies and Allied Matters Act (CAMA), 2020; and under the court’s inherent jurisdiction.

In the ex parte motion, Adedoyin-Adetunji sought several interim orders, including an injunction restraining a number of financial institutions from releasing or dealing in any way with the funds or assets belonging to the defendants up to the value of ₦532,691,920.86 (Five Hundred and Thirty-Two Million, Six Hundred and Ninety-One Thousand, Nine Hundred and Twenty Naira, Eighty-Six Kobo).

The amount represents the alleged outstanding balance on an Ijara Muntaluya bittamleek (lease-to-own) facility granted to the first defendant and guaranteed by the second and third defendants, pending the hearing and determination of the motion on notice.

The bank also sought an interim order granting leave to its appointed receiver/manager, as provided in the Deed of All Assets Debenture dated May 25, 2025, and the Deed of Appointment of Receiver dated October 6, 2025, to perform his duties pending the determination of the substantive application.

Furthermore, the applicant requested the court to empower the receiver/manager to take necessary steps to realise the assets of Unpacked Limited both fixed and floating including all undertakings, machineries, and properties listed in the schedule of the Debenture Deed.

The motion also sought an order directing the Inspector-General of Police and other relevant senior police officers to provide security assistance to the receiver/manager in taking possession of the company’s assets at its registered address located at VPD Academy Building 4, Thorburn Avenue, Yaba, Lagos State. The court bailiffs were also authorised to gain access where necessary to enable the receiver/manager to take full control of all equipment, fittings, and fixtures under receivership until the receiver/manager is lawfully discharged.

Additionally, the court granted leave to the bank to serve all court processes, including the motion on notice and originating summons, on the second and third defendants by substituted means, specifically by pasting the documents at their last known addresses in Ikoyi and Lekki Phase 1, Lagos, respectively.

The motion was supported by an affidavit deposed to by Patrick Mgbeoma, the receiver/manager of the company, who serves as the second plaintiff in the suit. The application was also accompanied by a written address and documentary exhibits. Counsel for the applicant further undertook to pay damages should the orders later be deemed improperly granted.

After considering the submission of counsel and the accompanying documents, Justice Dipeolu granted the interim orders as requested. The judge subsequently adjourned the matter to October 31, 2025, for the hearing of the substantive suit.