In a significant legal development, Justice Deinde Isaac Dipeolu of the Federal High Court in Lagos has granted an interim order that empowers Lotus Bank Limited to take possession of all assets owned by Unpacked Limited, currently in receivership. This notable ruling comes amid claims of an outstanding debt amounting to ₦532,691,920.86, linked to an Ijara Muntaluya Bittamleek lease-to-own agreement established by the company.
The order was the result of an ex parte motion initiated by the bank’s legal representative, A. Adedoyin-Adetunji. Highlighting the urgency of the matter, the court not only allowed the bank to recover the overdue funds but also authorized the takeover of the company’s movable and immovable assets and funds held in various banks across the country.
Broad Authority Granted for Asset Takeover
In a motion that was officially recorded as FHC/L/CS/2097/2025, Lotus Bank explicitly requested permission to take control of a range of assets owned by Unpacked Limited. This included a wide array of movable assets, real estate, and financial resources held in multiple banking institutions. Notably, the court issued a restraining order that affects over 25 banks and financial institutions such as GTBank, Access Bank, First Bank, UBA, Zenith Bank, and Fidelity Bank, preventing them from tampering with any funds linked to the defendants’ bank accounts or their Bank Verification Numbers (BVNs).
This restraining order also extends to digital finance platforms like Opay, Palmpay, Paystack, Piggyvest, and Momo Agent, ensuring that no financial alterations can be made while the court deliberates on the main case.
Receiver Authorized Amid Security Oversight
The court further authorized Patrick Mgbeoma, the appointed receiver/manager by Lotus Bank, to take full possession of and manage all assets related to Unpacked Limited. Among these assets are both fixed and floating properties, equipment, and any business undertakings covered by the Deed of All Assets Debenture dated May 25, 2025, along with the Deed of Appointment of Receiver dated October 6, 2025.
Additionally, Justice Dipeolu mandated police assistance, directing the Inspector-General of Police and key senior officers to ensure security support for the court bailiffs and the receiver throughout the asset takeover process. This step signifies the court’s commitment to a smooth and orderly enforcement of its orders, emphasizing the importance of law and order in such proceedings.
Unpacked Limited operates from the VPD Academy Building 4 located on Thorburn Avenue in Yaba, Lagos, where some assets involved in the loan agreement were reportedly situated. With this order in place, court bailiffs and enforcement officers are empowered to access the premises, guaranteeing protection while securing all relevant assets necessary for the bank’s recovery efforts.
Ultimately, after reviewing the situation and materials presented in support of the bank’s motion, Justice Dipeolu ruled favorably for Lotus Bank, approving all requests made by the applicant. As anticipation builds, the case has been adjourned to October 31, 2025, marking another important date in this unfolding legal saga.
Stay tuned for updates on this situation as it continues to evolve.
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