A Federal High Court in Lagos has restrained all commercial banks, financial institutions and electronic platform operating in Nigeria from releasing money or financial assets up to the tune of $100 million or its currency equivalent to R28 Ltd., Adebisi Adebutu and Michael Humphries.
Granting an order of Mareva injunction, the court also restrained the organisations from releasing such funds to bank accounts maintained in the corporate names of R28 Ltd., Adebisi Adebutu or Michael Humphries or through their proxies or shell entities.
The court presided over by Justice Lewis Allagoa made the order sequel to an ex-parte application filed by Mr Ufoma Immanuel (Founder/Managing Director of Chappal Energies); Chappal Energies Offshore Ltd. and Project Odinmin Investment Ltd.
The respondents in the suit include R28 Ltd., Mr Adebisi Adebutu, Michael Humphries, Corporate Affairs Commission (CAC), Fidelity Bank Plc., Access Bank Plc., and Rand Merchant Bank.
The court also restrained R28 Ltd. and 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 Ltd. and Project Odinmin Investment Ltd. pending the hearing and determination of the applicants’ motion on notice.
Allagoa also ordered the CAC not to alter the corporate register of the applicants’ firms and to refuse registration of
any changes to directorship, shareholding, or signatory authority submitted by R28 Ltd., Adebutu or Michael Humphries pending the hearing and determination of the motion on notice.
The applicants/claimants had prayed the court for the interim Mareva order and
an order of interim injunction in the suit marked FHC/LAG/FR/500/2026 and filed on Oct. 14, 2026 through their counsel, Mr K. Braithwaite and three others.
The applicants also prayed the court for an order directing the CAC to maintain status quo on the corporate register of Chappal Energies Offshore Ltd. and Project Odinmin Investment Ltd. and refuse registration of any changes to directorship, shareholding, or signatory authority submitted by R28 and Adebutu, pending the hearing and determination of the motion on notice.
Allagoa held that the court made the order after careful consideration of the ex-parte application and submissions of the applicants’ counsel.
He adjourned the matter until December 4.
The court order is one out of series of litigation involving Immanuel and his business partner, Adebutu, over a dispute which centred on control and allotment of shares of Chappal Energies, a company founded in 2022.
