A Federal High Court sitting in Lagos has approved an application by Lotus Bank Limited to take over the assets and bank accounts of Unpacked Limited, a company owned by ENDSARS activist Oluwafeyikemi Abudu and her associate Oluwafemi Badewole, over an alleged ₦532.6 million debt.
The order was issued by Justice Deinde Isaac Dipeolu after the court heard an ex parte motion filed by the bank’s lawyer, A. Adedoyin-Adetunji. The decision allows the bank to assume control of both movable and immovable properties belonging to the company and to recover funds held in several financial institutions.
According to court filings marked FHC/L/CS/2097/2025, the debt arose from a lease-to-own facility (Ijara Muntaluya Bittamleek) obtained by the firm from Lotus Bank.
The bank asked the court to stop more than 25 commercial and fintech institutions—including GTBank, Access Bank, First Bank, UBA, Zenith Bank, Fidelity Bank, Opay, Palmpay, Paystack, Piggyvest, and Momo Agent—from allowing any transactions or withdrawals from accounts linked to Abudu, Badewole, or Unpacked Limited.
Lotus Bank also requested approval for its appointed receiver and manager, Patrick Mgbeoma, to take full control of the company’s assets. These include all properties and equipment listed under a Deed of All Assets Debenture dated May 25, 2025, and a Deed of Appointment of Receiver dated October 6, 2025.
The bank further sought police assistance to secure Unpacked Limited’s office at VPD Academy Building 4, Thorburn Avenue, Yaba, Lagos, and to enable court bailiffs to enter the premises where required.
After reviewing the affidavit and attached exhibits, Justice Dipeolu granted all the reliefs requested by Lotus Bank and ruled in its favour. The case was adjourned to October 31, 2025, for the continuation of the hearing on the main suit.