Court Orders Bank To Takes Over Abudu Family’s Firm Over Alleged N532m Debt

Justice Deinde Isaac Dipeolu of a Federal High Court, has granted the request of Lotus Bank Limited, to take over the properties (movable and immovable) belonging to a firm, Unpacked Limited (now in receivership), owned by Oluwafeyikemi Abudu and Guaranteed by one Oluwafemi Badewole

The judge ordered the taking over the company’s properties and monies in several banks, while granted an Exparte motion numbered FHC/L/CS/2097/2025, file and moved by the bank’s lawyer, A. Adedoyin-Adetunji.

In urging the court to grant the Exparte motion, the bank’s lawyer had informed the court that the motion was pursuant to Section 6 (6) of the Constitution of the Federal Republic of Nigeria, 1999; Sections 554, 556 (1)(2)(3) and 4 of the COMPANIES and Allied Matters Act 2020 (as amended) and under the court’s inherent jurisdiction.

In the motion Exparte, Adedoyin-Adetunji had specifically asked the court for the following reliefs: “An Order Of Interim Injunction restraining the following financial institutions, to wit: 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, further releasing or dealing in any manner whatsoever with any and all monies and or whatsoever assets due to the defendants from any account whatsoever maintained by the Defendants, all accounts Linked with thea BVN: 22300683147 {2nd defendant} and BVN:22141834308 {3rd defendant} their agents, privies or the Lke with any of the said financial institutions wherever situate up to the amount of the Plaintiff/Applicants’ monetary claim in the sum of N532, 691, 920. 86 {Five Hundred and Thirty Two Million, Six Hundred and Ninety One Thousand, Nine Hundred and Twenty Naira, Eighty-Six Kobo} being the Detendant’s indebtedness accruing form the Ijara Muntaluya bittamleek (lease to own) facility granted to the 1st Defendant and guaranteed by the 2nd & 3rd Defendants, pending the hearing and determination of the Motion on Notice

“An interim order of the Court granting Leave to the 2nd Plaintiff appointed pursuant to clause 7(b) of the Deed of All Assets Debenture dated 25th May, 2025 and the Deed of Appointment of Receiver dated 6th October 2025 to perform his duties as the receiver/manager of the 1st defendant pending the hearing and determination of the motion on notice.

“An order or direction of the Court pursuant to Sections 554 and 556 of the Companies and Allied Matters Act and Clause 7 (c) (i-ix) of the Deed of All Assets Debenture dates 294 May 2025, directing the 2nd Plaintiff Applicant, being the receiver/manager, to take such steps as may be necessary to realize the assets of the 1st defendant Company, both fixed and floating, all its undertakings and all other properties and assets including the machineries as stated in schedule of the Deed of All Assets Debenture dated 25th May, 2025 pending the hearing and determination of the motion on notice.

“An order of the court directing the Inspector-General of Police, the Deputy Inspector General of Police, Assistant Inspector-General of Police Zone 11 and Zone 2, the Commissioner of Police Lagos State, theix Deputies, Assistants and all other officers under the command, control and supervision to assist the 2nd Plaintiff in securing the assets, properties and undertakings of the 1st defendant company, in receivership, wherever they may be found particularly at its registered address situate at VPD Academy Building 4, Thorburn Avenue, Yaba, Lagos State and for the Bailiffs of this Honourable Court to force open any gate or door where such gate or door is hindering the receiver/manager trom taking exclusive possession of all fixtures, fittings buildings, general equipment and machines etc. thereon which are now under the Receivership of the 1st plaintiff until the discharge of the 1st Plaintiff as the lawfully appointed Receiver/Manager of the 1st defendant Company pending the hearing and determination of the motion on notice.

“An order of the Court granting leave to the plaintiffs/applicants to serve the orders of court herein together with the Motion on Notice, Originating Summons and all other processes filed in the sust by pasting at the last known address of the 2nd Defendant situate at No. 5B, Onilegbale Road, Ikoyi, Lagos State and 3rd Defendants situate at No. 1, Charles Ifeanyi Street, Off Adebayo Doherty, Lekka Phase 1, Lagos.

“And for such further or other order(s) as the court may deem fit and proper to make in the circumstance.”

The lawyer also informed the court that the motion exparte is supported with an affidavit deposed to by Patrick Mgbeoma, the second Plaintiff/applicant in the suit, who is the receiver/manager of the company.

He also informed the court that the motion is supported with a written address and several documentary exhibits. Adding that his client had indicated to pay damages, should in case orders sought for ought not to be granted

In granting the bank’s requests, Justice Aluko after listening to the lawyer’s submission, held that the orders are granted as prayed.

The judge thereafter adjourned the matter to 31st October, 2025 for hearing of the substantive suit.