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Court Orders Takeover Of EndSARS Activist FK Abudu’s Company Over ₦532m Debt

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(DDM) – The Federal High Court sitting in Lagos has issued an interim order empowering Lotus Bank Limited to seize assets and bank accounts belonging to Unpacked Limited, a company linked to EndSARS activist Oluwafeyikemi “FK” Abudu, over an alleged unpaid debt of ₦532,691,920.86.

Diaspora Digital Media (DDM) gathered that the order, granted by Justice Deinde Isaac Dipeolu, followed an ex parte application filed by the bank through its counsel, A. Adedoyin-Adetunji.

The motion sought the court’s leave to recover the outstanding balance from a lease-to-own facility (Ijara Muntaluya Bittamleek) extended to the firm.

In the suit marked FHC/L/CS/2097/2025, Lotus Bank prayed the court to authorise the takeover of all movable and immovable assets of Unpacked Limited (in receivership).

The financial institution also requested a restraining order against more than 25 banks and fintech companies, including GTBank, Access Bank, First Bank, UBA, Zenith Bank, Fidelity Bank, Piggyvest, Paystack, Palmpay, and Opay, preventing them from releasing or tampering with funds tied to the company’s accounts or its directors’ BVNs.

The restraining order, according to court documents obtained by DDM, remains effective pending the hearing and determination of the substantive suit.

Justice Dipeolu also authorised Patrick Mgbeoma, the receiver/manager appointed by Lotus Bank, to take full possession of Unpacked Limited’s fixed and floating assets, including its equipment and undertakings.

These assets are 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 judge directed the Inspector-General of Police, senior police officers, and the Commissioner of Police, Lagos State, to provide security assistance to court bailiffs and the receiver during the enforcement of the order.

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DDM learned that the affected company, Unpacked Limited, operates from VPD Academy Building 4, Thorburn Avenue, Yaba, Lagos, where some of the assets financed by the loan are allegedly situated.

The order empowers enforcement officers to enter the premises and secure all relevant items tied to the loan facility.

After reviewing the affidavit and exhibits filed by the bank, Justice Dipeolu held that the applicant had sufficiently established a prima facie case to warrant the interim reliefs sought.

The judge consequently granted all the prayers in favour of Lotus Bank.

The court subsequently adjourned the matter to October 31, 2025, for further hearing.

This development marks a major financial blow to FK Abudu, a prominent EndSARS activist and entrepreneur, who rose to national prominence during the 2020 protests against police brutality.

The ruling has since triggered mixed reactions online, with some Nigerians expressing sympathy while others questioned her business dealings.

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Analysis

Inside Akwa Ibom, BOI’s 4bn Naira Intervention for Local Businesses

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*By Ofonime Honesty

For years, the story of small businesses has been one of resilient hustle hampered by a familiar adversary: access to capital. A struggling tailor with a waiting list of clients cannot afford an industrial machine. A rural farmer watches his business struggle due to his inability to expand and invest in modern tools. Even the tech startup with a brilliant idea operates on little, or zero budget.

This narrative is what the Akwa Ibom State Government and the Bank of Industry (BOI) are aiming to rewrite with a landmark N4 billion intervention fund, one of the most significant private sector injections the state has seen in recent years.

Announced recently, the comprehensive loan scheme for Micro, Small, and Medium Enterprises (MSMEs) is designed to be more than just a cash disbursement. Its objectives are multi-faceted: create over 5,000 new jobs, stimulate economic growth, boost agricultural productivity, and ultimately enhance household welfare across the state’s communities.

The program represents a deliberate and structured intervention to build the economy from the ground up. Rather than simply giving out loans, the initiative focuses on investing in the businesses that form the backbone of the local economy and equipping them for sustainable growth.

The programme framework outlines clear eligibility criteria aimed at ensuring transparency and impact. To qualify, businesses must be formally registered with the Corporate Affairs Commission (CAC) and have their operational headquarters within Akwa Ibom State.
Applicants must also provide valid means of identification during the application process.

The application process is a four-stage journey designed to vet and prepare applicants. It begins with online submission of business details through the official portal at https://aksgboiloan.akwaibominvest.ng, followed by a rigorous document verification stage where applicants must upload all required supporting documents.

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Crucially, successful applicants will not receive funds immediately but will undergo mandatory capacity-building training with the Ibom Leadership and Entrepreneurship Development (Ibom-LED) agency before final approval and disbursement.

This training component serves as the soul of the scheme, building business acumen alongside providing financial capital. The approach aims to ensure businesses thrive long after the loan has been repaid.

For aspiring entrepreneurs dreaming of expanding their operations, the application portal is a gateway to possibilities.

This intervention is a game-changer since MSMEs represent one of largest employers of labour in any developing economy, and injecting N4 billion directly into this sector will definitely create significant ripple effects.

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Analysis

Ten instances of misinformation in Nnamdi Kanu’s case (Part 2)

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By Emeka Ugwuonye

6. Did the Court of Appeal decide that Kanu should not be tried for treasonable felony?

ANSWER: Not quite. While the Court of Appeal made a ruling regarding Kanu’s trial, that judgment was subsequently appealed to the Supreme Court, which reversed the Court of Appeal’s decision. As a result, the findings of the Court of Appeal have become irrelevant.

Currently, the law is defined by the judgment of the Supreme Court, which takes precedence over any previous appellate rulings. This means that Kanu can indeed be tried for treasonable felony, as the Supreme Court has upheld the charges against him. In legal terms, the most recent and authoritative ruling is what matters, and at this moment, that ruling supports the continuation of Kanu’s trial for the offenses he faces. It’s essential to recognize that legal outcomes are shaped by the highest court’s decisions, not by earlier judgments that have been overturned.

7. Should the judge have explained to him all these things when he asked the judge that question in court?

ANSWER: No, the judge should not have provided that explanation. Doing so would have amounted to the judge offering the kind of assistance that is typically provided by legal counsel. Nnamdi Kanu made the choice to represent himself, which means he cannot expect the judge to clarify or elaborate on legal matters outside the established rules of the court.

Moreover, Kanu’s question was posed in the context of his challenge to the court’s jurisdiction. This issue will be addressed in the court’s forthcoming judgment, and it would be inappropriate for the court to divulge information that pertains to a decision that has yet to be rendered. Judges must maintain impartiality and adhere to proper judicial protocol. Providing guidance or clarity on legal questions during court proceedings could compromise that impartiality and undermine the integrity of the judicial process.

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In summary, it is essential for defendants to seek clarification and understanding from their legal counsel rather than from the judge. The legal system is designed to ensure that each party is responsible for navigating it according to established procedures and rules. By choosing to represent himself, Kanu has placed himself in a position where he must rely on his own understanding of the law, and the court must remain neutral, providing a level playing field for all parties involved.

8. What is the implication of Nnamdi Kanu representing himself?

ANSWER: Representing himself is arguably the gravest mistake Nnamdi Kanu could make. While he has the legal right to defend himself, this is a right that no reasonable person should choose to exercise in a complex legal battle. It’s akin to firing your doctor and attempting to perform an appendectomy on yourself—an act fraught with peril and devoid of sound judgment.

Self-representation in legal proceedings can lead to disastrous consequences, as it places the individual at a significant disadvantage. The law is intricate, filled with procedural rules and nuanced arguments that require expert knowledge and experience to navigate effectively. By opting to represent himself, Kanu risks undermining his defense and jeopardizing his position in court.

Furthermore, there appears to be an inclination for Kanu to enjoy the spotlight and assert his voice, but that desire should not override practical legal considerations. The courtroom is not a forum for personal expression but a formal setting where skilled attorneys utilize their expertise to advocate for their clients’ best interests. By eschewing professional legal representation, Kanu not only diminishes his chances for a favorable outcome but also engages in a self-defeating strategy that could have serious ramifications for his case.

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In summary, while the choice to represent oneself is protected under the law, it is rarely a wise decision—especially in a high-stakes legal environment like the one Kanu finds himself in. Professional legal representation is crucial for ensuring that rights are upheld and justice is pursued effectively. Ignoring this reality is a significant miscalculation that Kanu may come to regret.

9. What is the implication of him refusing to present his defense?

ANSWER: Initially, I considered the possibility that his decision might be a strategic one. However, it has become clear that this refusal to present a defense is a significant miscalculation. By not offering a defense, Nnamdi Kanu leaves himself completely vulnerable, providing no counterarguments against the allegations and evidence brought forth by the prosecution. As a result, the prosecution has a clear path to victory.

Without any defense to challenge the prosecution’s case, the court is effectively compelled to convict him. The legal principle at play is that the court has already established that the prosecution has presented a prima facie case—which means they have provided sufficient evidence for the case to proceed. Kanu’s failure to defend himself means that he is allowing the prosecution’s arguments to stand unopposed.

This situation puts Kanu at a serious disadvantage and effectively undermines any chance he had of achieving a favorable outcome. When a defendant does not testify or present evidence in their favor, the court is left with only the prosecution’s narrative, increasing the likelihood of a conviction. It is crucial in any legal proceeding for a defendant to engage actively in their defense, as neglecting to do so can lead to a self-inflicted defeat.

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10. Can Kanu be tried in Nigeria for broadcasts he made outside Nigeria?

ANSWER: Yes, Kanu can indeed be tried in Nigeria for statements made outside the country. The law takes into account the location where the effects of an action occur, rather than where that action was carried out. A person can commit treasonable felonies or incitement from abroad, especially if the incitement has the potential to impact individuals or events in Nigeria.

The crucial factor is where the individuals being incited are located or where the unlawful act is intended to be executed. This principle underlines the legal precedent that holds individuals accountable for their words and actions, regardless of their physical location at the time.

Moreover, the Terrorism Prevention Amendment Act of 2013 was specifically amended to extend its reach beyond Nigeria’s borders, allowing for the prosecution of offenses committed outside the country if they have implications within Nigeria. This means that Kanu’s statements from abroad could fall under the jurisdiction of Nigerian law, especially if they are perceived to incite unlawful activities or threaten national security.

In summary, Kanu’s geographical location does not absolve him from accountability under Nigerian law. He can be prosecuted for his statements made outside Nigeria as long as those statements have consequences within the country. This legal framework emphasizes the importance of holding individuals accountable for their actions, irrespective of where those actions are conducted.

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Analysis

Ten instances of misinformation in Nnamdi Kanu’s case (Part one)

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Nnamdi Kanu
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By Emeka Ugwuonye

 

There has been so many false information flying around about the case of Nnamadi Kanu. Unfortunately, many people are believing such false claims and are actually relying on them. Hence, I will identify 24 such false claims and debunk them.

1. Was the Terrorism Prevention Amendment Act, 2013 ever repealed?

ANSWER: No, the Terrorism Prevention Amendment Act of 2013 has not been repealed. The Act was an amendment to the original Terrorism (Prevention) Act of 2011 and introduced important changes, including provisions for extra-territorial application of the law and enhancements related to terrorist financing offenses.

2. Did the Nigerian Supreme Court rule that Nnamdi Kanu cannot be tried under the Terrorism Act?

ANSWER: The Nigerian Supreme Court did not explicitly rule that Nnamdi Kanu cannot be tried under the Terrorism Act. In October 2022, the Supreme Court of Nigeria dismissed the appeal filed by Kanu challenging the charge of terrorism against him, stating that his initial issue regarding jurisdiction was not substantiated, and the lower courts had the right to adjudicate the case. The court effectively upheld the earlier decisions that allowed for Kanu’s trial to proceed.

3. Is it true that Nnamdi Kanu is not being tried under a written law as the Constitution requires?

ANSWER: All the seven counts proffered against Nnamdi Kanu in the ongoing trial are based on written laws, principal the Criminal Code Act and the Terrorism Prevention Amendment Act, both of which are written laws.

4. Is it true that Kanu does not know the law under which he was charged?

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ANSWER: No, that is not true. Kanu knows the law and sections of the law under which the charges against him were brought. He became aware the moment they handed his charging documents and he read the charges against him. Each count of the charge states what he is alleged to have done wrong, the date and place where he did it and the law which declared his alleged actions to be a crime. Also, during his arraignment, the court official read out the charges to his hearing in open court and he was asked if he understood each charge and he answered Yes before pleading to each charge.

5. What offense exactly did the government of Nigeria accuse Nnamdi Kanu of committing?

ANSWER: The offenses the accused Kanu of committing fall into two groups. The first group is treasonable felony, which basically accuses Kanu of doing certain things with the intention and purpose of intimidating and threatening the officials of government with the purpose of forcing them to change policy – the secession of Biafra. The second group is the defamation of President Buhari. (This is the weakest of all the offences charged).

The third group relates to the terrorism offenses. Here is accused of incitement (the sit-at-home orders). These offenses are well-spelled out in the charging documents.

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