The Federal High Court in Lagos has granted an order of Mareva injunction restraining all commercial banks, financial institutions or electronic platform operating in Nigeria, from releasing any money or financial assets up to the tune of $100 million or its currency equivalent to R28 Limited, Adebisi Adebutu and Michael Humphries, or to bank accounts maintained in their corporate names or through any proxies or shell entities.
The court presided over by Justice Lewis Allagoa, made the order sequel to a suit filed by Ufoma Joseph Immanuel (founder/managing director of Chappal Energies); Chappal Energies Offshore Limited and Project Odinmin Investment Limited (Claimants/Applicants).
Cited as 1st to 8th Respondents are R28 Limited, Adebisi Adebutu, Michael Humphries, Corporate Affairs Commission (CAC), Zenith Bank Plc, Fidelity Bank Plc, Access Bank Plc, and Rand Merchant Bank.
The order sighted by our correspondent, also restrained R28 Ltd and its founder, Adebutu, their agents, privies, representatives or anyone acting on their instructions from taking over or inter meddling with physical assets and commercial equipment of Chappal Energies Offshore Limited and Project Odinmin Investment Limited (2nd and 3rd Applicants), pending the hearing and determination of the Applicants’ motion on Notice for Interlocutory Injunction.
Justice Allagoa also ordered the CAC (4th respondent) not to alter the corporate register of the applicant firms and to refuse registration of any changes to directorship, shareholding, or signatory authority submitted by the 1st or 2st Respondents particularly that of the 3d Respondent pending the hearing and determination of the Motion on Notice.
In the suit marked FHC/LAG/FR/500/2026, filed on October 14, 2026 by counsel for the applicants, K. Braithwaite, Wogu Christian, Olaoluwakitan Braithwaite and Hilda Nwankwo, the Claimants/Applicants prayed the court “for an order of interim injunction, restraining the 1st and 2nd Respondents, whether by themselves, their agents, privies, representatives or anyone acting on heir instructions, from entering upon, seizing, taking over or intermeddling with the operational premises, management, physical assets, and commercial equipment of the 2nd and 3rd Applicants in Nigeria, pending the hearing and determination of the Applicants’ motion on Notice for Interlocutory Injunction.
The Applicants also sought “an interim Mareva order restraining the 1st and 2nd Respondents whether by themselves, their agents, privies, servants, nominees or any person(s) acting through them from removing, withdrawing, transferring, dissipating, assigning, encumbering or dealing with any monies, funds, deposits o r financial assets standing to the credit of any bank accounts whatsoever maintained in their personal names, corporate names or through any proxies or shell entities within the 5th, 6th and 7th Respondents (Banks) or any other commercial bank, financial institution or electronic platform within the Federal Republic o f Nigeria, u p t o the sum of USD $100,000,000.00 (One Hundred Million United States Dollars) or its currency equivalent, pending the hearing and determination o f the Applicants’ Motion on Notice.”
Immanuel and the Applicants firms also prayed the court for “an order directing the 4th Respondent (Corporate Affairs Commission) to maintain the status quo on the corporate register of the 2nd and 3rd Applicants and refuse registration o f any changes to directorship, shareholding, or signatory authority submitted by the 1s or 2^ Respondents particularly that of the 3rd Respondent pending the hearing and determination of the Motion on Notice.”
Justice Allagoa granted the order after reading the affidavit in support of the Motion sworn to by Immanuel and after hearing the submission of the claimants’ lawyers.
In granting the Applicants’ motion, the court held that it made the order after careful consideration of the application and submission of counsel.
It is hereby ordered as follows: “That an Order of Interim Injunction is granted restraining the 1st and 2nd Respondents, whether by themselves, their agents, privies, representatives or anyone acting on their instructions, from entering upon, seizing, taking over or intermeddling with the operational premises, management, physical assets, and commercial equipment of the 2nd and 3rd Applicants in Nigeria, pending the hearing and determination of the Applicants’ motion on Notice for Interlocutory Injunction.
“That an Interim Mareva Order is granted
restraining the 1st and 2nd Respondents
whether by themselves, their agents, privies, servants, nominees or any person(s) acting through them from removing, withdrawing, transferring, dissipating, assigning, encumbering or dealing with any monies, funds, deposits or financial assets standing to the credit of any bank accounts whatsoever maintained in their personal names, corporate names or through any proxies or shell entities within the 5th, 6th and 7th Respondents (Banks) or any other commercial bank, financial institution or electronic platform within the Federal Republic of Nigeria, up to the sum of USD $100,000,000.00 (One Hundred Million United States Dollars) or its currency equivalent, pending the hearing and determination of the Applicants’ Motion on Notice.
“That an Order is granted directing the 4th Respondent (Corporate Affairs Commission) to maintain the status quo on the corporate register of the 2nd and 3rd Applicants and refuse registration of any changes to directorship, shareholding, or signatory authority submitted by the 1st or 2st Respondents particularly that o f the 3d Respondent pending the hearing and determination of the Motion on Notice.”
Justice Allagoa has adjourned the matter December, 4, 2026.
The latest court order is one out of series of litigations involving the Chappal Energies founder, Immanuel and his business partner, Adebutu over a a commercial dispute which centred on control and allotment of shares of Chappal Energies, a company which Immanuel founded in 2022.
Iheanyi Nwachukwu, is a creative content writer with over two decades journalism experience writing on banking, finance, capital markets, and tax. The multiple awards winning journalist is Deputy Editor, BusinessDay. Iheanyi holds BSc Degree in Economics from Imo State University; Master of Science (MSc) Degree in Management from University of Lagos. Iheanyi has attended several work-related trainings including (i) Advanced Writing and Reporting Skills (Pan African University, Lagos); (ii) News Agency Journalism (Indian Institute of Mass Communication {IIMC}, New Delhi, India); and (iii) Capital Markets Development and Regulations (International Law Institute {ILI} of Georgetown University, Washington DC, USA). Other trainings Iheanyi attended include: Economic/Political Risk Analysis (By Thomson Reuters Foundation); International Financial Journalism (IFJ) (By PMA Media Training, UK); Effective Business Writing Skills (By Phillips Consulting); Reporting on Corporate Governance (By International Finance Corporation (IFC) & Thomson Reuters Foundation UK); etc. In addition, he has participated in high-level economy & markets events in Dubai, South Africa, Morocco, and other African countries like Zambia, Ghana and Gambia.
