N532m Debt: Court Orders Bank To Take Over Firm

Justice Deinde Dipeolu of the Federal High Court has granted leave to Lotus Bank Limited to take control of the properties (both movable and immovable) belonging to Unpacked Limited, a firm now in receivership and owned by Oluwafeyikemi Abudu, guaranteed by Oluwafemi Badewole.

Justice Dipeolu granted the order following an ex parte motion, numbered FHC/L/CS/2097/2025, filed and argued by the bank’s lawyer, Ade Adedoyin-Adetunji.

Adedoyin-Adetunji had informed the judge that the application was filed in accordance with 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.

The lawyer had explicitly asked the court for an Interim Injunction restraining the following financial institutions: Guaranty Trust Bank Limited, Access Bank Plc, 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,

Other banks named in the application are 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 Plc, United Bank for Africa Plc, Unity Bank Plc, Wema Bank Plc, and Zenith Bank Plc, along with all other financial institutions operating in Nigeria.

The injunction prevents these banks from releasing or dealing with any funds or assets due to the defendants from any of their accounts linked with BVN: 22300683147 (2nd defendant) and BVN: 22141834308 (3rd defendant), up to the claimed amount of N532,691,920.86 which is the defendants’ alleged indebtedness arising from the 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 plaintiffs also sought an order granting leave for the second plaintiff, appointed pursuant to clause 7(b) of the Deed of All Assets Debenture dated May 25, 2025. The Deed of Appointment of Receiver dated October 6, 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 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 dated May 29, 2025, directing the 2nd plaintiff to take necessary steps to realize the assets of the 1st defendant company, including all fixed and floating assets, undertakings, and properties as outlined in the Deed of All Assets Debenture, pending the hearing and determination of the motion on notice.

The judge granted the application as prayed and adjourned the matter to October 31 for the hearing of the substantive suit.