Court Grants $100m Mareva Order in Chappal Energies Dispute, Bars Asset Takeover

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. Nigeria Doesn’t Need Tourist President, Adeyeye Tells Atiku Adedayo Akinwale and Hassan Amina in Abuja The Chairman, Board of Directors of the Nigerian Ports Authority (NPA), Senator Dayo Adeyeye, has declared that Nigeria does not need a tourist president who runs to Dubai whenever there is a crisis. Adeyeye stated this while addressing a press conference yesterday in Abuja, describing the Presidential candidate of the African Democratic Congress (ADC), Atiku Abubakar as a “jumper” who had defected to six political parties in 19 years. He said Atiku could not fix the Peoples Democratic Party (PDP) that made him vice president for eight years, asking how would he fix Nigeria of 230 million people? Adeyeye stated: “My brothers, a man who cannot build a political party cannot build Nigeria of 230 million. PDP to AC to PDP to APC to PDP to ADC. Six parties in 19 years. Small crisis, he runs to Dubai. If he cannot stay to fix PDP that made him vice president, how will he stay to fix Nigeria? “When Obasanjo wanted to crush him, where did he run to? Bourdillon —to Tinubu. Tinubu gave him AC (Action Congress). Gave him a platform. A man who ran to Tinubu for refuge now wants to challenge Tinubu? Asiwaju is his master in politics and nation building.” Adeyeye noted that Atiku lives in Dubai, and only comes when election season comes, contests, loses, and runs back, adding that that is not residence, that is tourism and Nigeria does not need a tourist President. He emphasised that Atiku’s only economic plan is to sell, stressing that as Chairman of the National Council on Privatisation, he sold NITEL, NICON, Ajaokuta steel rolling. Adeyeye added: “He lives in Dubai, comes only when election comes, loses, runs back. His only plan is to sell. As privatization chairman, he sold NITEL, NICON, Ajaokuta – all died. Now he wants to sell NNPC and our new ports. “Tinubu built AD (Alliance for Democracy), built ACN (Action Congress of Nigeria), built APC (All Progressives Congress). Built Lagos from N600 million to N51 billion Internally Generated Revenue (IGR). Built a party, built a city, now building a nation. “Atiku only jumps. Defect, contest, lose, run away. Nigerians must choose: Builder or Jumper? Stayer or Tourist? A President who pays you while alive, or one who lets you die waiting? “Tinubu has done the painful surgery. Let us allow him to complete the healing.” Adeyeye revealed that President Bola Tinubu approved the sum of N758 billion to clear pension liabilities dating back to 2007, with 957,045 pensioners paid. He added that the president reintroduced 100 per cent gratuity under the Exit Benefit Scheme for federal workers in January, ending a 20-year period when retirees went home without gratuity. He added that the administration also cleared the $3.4 billion International Monetary Fund (IMF) loan inherited on assumption of office, with the IMF confirming zero principal as of April 30, 2025. The chairman noted that the administration has commenced repayment of the N22.7 trillion Ways and Means securitised to 40 years, with N613 billion paid as of June this year. He stated: “President Tinubu approved N758 billion to clear pension liabilities dating back to 2007, with 957,045 pensioners paid. “No president has ever done what Tinubu did. In one decision, he approved N758 billion to clear pension debts from 2007.” On debt management, Adeyeye said the administration cleared the $3.4 billion IMF loan inherited on assumption of office, with the IMF confirming zero principal as of April 30, 2025, and had commenced repayment of the N22.7 trillion Ways and Means securitised to 40 years, with N613 billion paid as of June this year. He said removal of fuel subsidy and foreign exchange reforms led to a surge in Federation Account Allocation Committee (FAAC) disbursements from N14.11 trillion in 2024 to N26.5 trillion in 2025, and N33.27 trillion between January and November 2025 alone. Adeyeye cited World Bank data showing GDP growth rising from 3.5 percent in first half of 2024 to 4.2 percent in first half of 2026, inflation declining from 27.6 percent in January 2025 to 15.2 percent in December 2025, and foreign reserves growing from $33 billion in 2023 to $53.8 billion. On governance reforms, he said Tinubu approached the Supreme Court to secure financial autonomy for 774 local governments in a judgment delivered July 11, 2024, and initiated the State Police constitutional amendment, which he said has been approved by 24 of 36 states.