Wale Igbintade
The Federal High Court in Lagos has issued three interim orders restraining R28 Limited and its Founder, Adebisi Adebutu, from taking over the operational assets of two companies, dealing with financial assets worth up to $100 million and effecting changes to their corporate records.
Justice Ambrose Lewis-Allagoa, in an order issued on October 22, 2026, restrained the two respondents from seizing or interfering with the operational premises, management, physical assets, and commercial equipment of Chappal Energies Offshore Limited and Project Odinmin Investments Limited.
The Judge also granted a Mareva order restricting dealings with financial assets up to $100 million or its equivalent in other currencies, while directing the Corporate Affairs Commission (CAC) to preserve the companies’ corporate records and reject specified changes to their directorship, shareholding and signatory authority.
The orders were made pending the hearing and determination of the applicants’ motion on notice for interlocutory injunction.
The suit, marked FHC/LAG/FR/500/2026, was filed on October 14, 2026, by Ufoma Joseph Immanuel, Chappal Energies Offshore Limited and Project Odinmin Investments Limited.
The respondents are R28 Limited, Adebutu, Michael Humphries, the CAC, Zenith Bank Plc, Fidelity Bank Plc, Access Bank Plc, and Rand Merchant Bank.
Under the Mareva order, R28 Limited and Adebutu, whether acting personally or through their agents, privies, representatives, nominees or other persons acting on their instructions, are restrained from transferring, withdrawing, removing, dissipating, assigning, encumbering or otherwise dealing with funds and other financial assets covered by the order.
The restriction applies to monies, deposits and financial assets standing to the credit of accounts maintained in their personal or corporate names, including accounts operated through proxies or shell entities with Zenith Bank, Fidelity Bank, Access Bank or any other commercial bank, financial institution or electronic platform in Nigeria.
The financial restraint is capped at $100 million or its equivalent in other currencies.
The order does not, however, establish that the sum has been recovered, confiscated or identified in any particular account. It is an interim restriction intended to preserve assets pending further proceedings.
On the companies’ operations, Justice Lewis-Allagoa restrained the first and second respondents from entering upon, seizing, taking over or interfering with the operational premises, management, physical assets and commercial equipment of Chappal Energies Offshore Limited and Project Odinmin Investments Limited in Nigeria.
The judge also directed the CAC, the fourth respondent, to maintain the status quo in the corporate registers of the two companies and refuse to register changes to their directorship, shareholding or signatory authority submitted by R28 Limited or Adebutu, particularly changes relating to Michael Humphries, the third respondent.
The order followed an ex parte application supported by an affidavit sworn to by Immanuel.
The court made the orders after considering the application and hearing submissions from the applicants’ counsel, comprising K. Braithwaite, Wogu Christian, Olaoluwakitan Braithwaite and Hilda Nwankwo.
In their application, the claimants sought to prevent interference with the companies’ operations and assets, preserve the financial assets covered by the Mareva order and forestall changes to their corporate records pending the determination of their motion for interlocutory injunction.
The latest order is one of a series of legal disputes reportedly involving Immanuel, the founder and managing director of Chappal Energies, and Adebutu over a commercial disagreement centred on control and the allotment of shares in the company, which Immanuel founded in 2022.
Justice Lewis-Allagoa adjourned the matter till December 4, 2026, for further proceedings.