Court orders takeover of EndSARS Activist, FK Abudu’s Family Firm over N532 million Debt.

Justice Deinde Isaac Dipeolu of the Federal High Court in Lagos has granted an interim order empowering Lotus Bank Limited to take possession of all assets belonging to Unpacked Limited (in receivership), a company owned by Oluwafeyikemi Abudu and guaranteed by Oluwafemi Badewole, over an alleged debt of ₦532,691,920.86.

The order followed an ex parte motion filed by the bank’s counsel, A. Adedoyin-Adetunji, seeking the court’s approval to recover the outstanding sum arising from an Ijara Muntaluya Bittamleek (lease-to-own) facility extended to the company.

Court Grants Takeover of Assets and Accounts
In the motion, marked FHC/L/CS/2097/2025, Lotus Bank prayed the court for leave to take over the company’s movable and immovable assets, as well as funds domiciled in several financial institutions across the country.

The bank also sought an order restraining over 25 banks and financial institutions—including GTBank, Access Bank, First Bank, UBA, Zenith Bank, and Fidelity Bank—from releasing or tampering with any funds linked to the defendants’ accounts or Bank Verification Numbers (BVNs).

The restraining order also extends to digital finance platforms such as Opay, Palmpay, Paystack, Piggyvest, and Momo Agent, pending the determination of the substantive suit.

Receiver Empowered to Take Possession
The court further authorised Patrick Mgbeoma, the receiver/manager appointed by Lotus Bank, to take possession of and realise all assets belonging to Unpacked Limited, including fixed and floating assets, equipment, and undertakings covered under the Deed of All Assets Debenture dated May 25, 2025, and the Deed of Appointment of Receiver dated October 6, 2025.

Justice Dipeolu also granted the bank’s request for police assistance, directing the Inspector-General of Police, senior officers, and the Commissioner of Police, Lagos State, to provide security support to court bailiffs and the receiver during the takeover process.

According to the motion, the affected company operates from VPD Academy Building 4, Thorburn Avenue, Yaba, Lagos, where the bank alleged some of the assets under the loan agreement were located. The court’s order enables bailiffs and enforcement officers to gain access to the premises and secure all relevant assets.

APC Lawmaker Declared Wanted Over Alleged Fraud.

The Federal High Court in Abuja has declared Adamu Aliyu, a member of the Plateau State House of Assembly representing Jos North-North constituency, wanted over allegations of fraud involving N73.6 million.

Aliyu, who serves on the platform of the All Progressives Congress (APC), was declared wanted by Justice Emeka Nwite on Friday after the court granted an application filed by the Independent Corrupt Practices and Other Related Offences Commission (ICPC).

The court authorised the anti-graft agency to publish a “wanted person” notice for the lawmaker in national newspapers, across social media platforms, and through other public channels. The ruling further empowered law enforcement agencies, including the police and even private citizens, to arrest Aliyu and hand him over to the ICPC.

According to court documents, the case originated from a petition filed by businessman Mohammed Jidda, who accused the legislator of using a fake Tertiary Education Trust Fund (TETFund) contract to defraud him. Jidda alleged that Aliyu promised to help him secure an N850 million TETFund contract at the University of Jos. As part of the deal, the two parties signed a Memorandum of Understanding (MoU), under which Jidda agreed to pay N73.6 million once a contract award letter was issued. The MoU also stipulated that an additional N52 million facilitation fee would be paid to Imanal Concept Ltd, a company owned by Saad Abubakar, whom Aliyu presented as the facilitator of the contract.

Investigators said Aliyu later gave Jidda a document purporting to be a contract award letter from the University of Jos for the construction of an indoor sports hall valued at N500 million. Convinced by the document, Jidda transferred N73.6 million into two accounts provided by Aliyu — his personal Guaranty Trust Bank account and Imanal Concept Ltd’s Zenith Bank account. However, when Jidda approached the university to begin contract documentation, he discovered that no such project existed. The University of Jos later confirmed in writing to the ICPC that the purported award letter was forged.

The ICPC told the court that financial records confirmed the flow of funds: N47.8 million went into Aliyu’s personal GTBank account, N22.4 million into Imanal Concept Ltd’s Zenith Bank account, and N3.2 million directly to Aliyu. Despite repeated invitations — delivered through the Clerk of the Plateau Assembly and acknowledged on his WhatsApp line — the lawmaker allegedly failed to appear before investigators. The commission also said it received intelligence suggesting that Aliyu was planning to flee the country to avoid questioning.

Citing his refusal to honour lawful summons, the ICPC applied to the court for permission to declare Aliyu wanted, noting that the agency lacks constitutional authority to do so without judicial backing. The commission further requested an arrest warrant to enable law enforcement agencies, including INTERPOL, to intervene if Aliyu attempted to abscond abroad. Justice Nwite granted the application in full.

When contacted on Friday evening, Aliyu denied the allegations. He claimed he was unaware of the ICPC’s invitations until the Clerk of the Plateau Assembly informed him while he was in Saudi Arabia. He also denied forging the documents, insisting that they were obtained by Saad Abubakar and that his role was limited to delivering them to Jidda.

BREAKING: Several Nigerian banks — including UBA, Wema, GTBank, and others — have resumed international transactions on Naira debit cards, nearly three years after suspending the service. Customers can now make payments on global platforms once again.

Appeal Court nullifies GTBank’s foreclosure of Abiola family mansion.

The Court of Appeal, Lagos Division, has set aside the 2014 judgment of the Federal High Court in Lagos that authorised Guaranty Trust Bank Plc to take possession of a N30 billion, 44-room mansion in Ikoyi, Lagos, owned by Alhaji Agboola Abiola, son of the late Chief M.K.O. Abiola.

In a unanimous judgment delivered on June 18, 2025, and with the Certified True Copy dated June 19, 2025, the appellate court declared the foreclosure invalid, citing irregularities in the legal mortgage that GTBank had used to substantiate its claim to the property.

Justice Paul Bassi, delivering the lead judgment, stated that the Federal High Court had erred by failing to address credible allegations of forgery and document manipulation raised by the appellants.

The appeal marked CA/L/888/2014 was Instituted by RCN Network Limited and Alhaji Si-Nurani Abiola as appellants, with GTBank as the sole respondent.