(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.
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.