Introduction

The Federal High Court in Lagos has issued interim orders restraining alleged asset takeover attempts in a dispute involving Chappal Energies, freezing financial assets and preserving corporate records pending further legal proceedings.

What Happened

Justice Ambrose Lewis-Allagoa granted three interim orders restraining R28 Limited and Adebisi Adebutu from seizing operational assets of Chappal Energies Offshore Limited and Project Odinmin Investments Limited. A Mareva order restricts dealings with financial assets up to $100 million, while the Corporate Affairs Commission was directed to maintain the status quo in corporate registers and reject changes to directorship, shareholding, and signatory authority. The suit, marked FHC/LAG/FR/500/2026, was filed on October 14, 2026, by Ufoma Joseph Immanuel and the two companies, alleging a commercial disagreement over control and share allotment.

Why This Matters

This ruling underscores the court's authority to prevent asset dissipation in commercial disputes, particularly through Mareva orders that freeze funds across multiple financial institutions. It also highlights the judiciary's role in safeguarding corporate governance by preventing unauthorized changes to company records during pending litigation. Such orders are critical in ensuring that potential judgments are not undermined by rapid asset movement or corporate restructuring.

Key Takeaways

  • Asset freeze: Up to $100 million in financial assets restrained across Zenith Bank, Fidelity Bank, Access Bank, and other platforms.
  • Corporate preservation: CAC directed to maintain status quo and reject changes to directorship, shareholding, and signatory authority.
  • Pending hearing: Matter adjourned to December 4, 2026, for further proceedings on the interlocutory injunction.
  • Dispute origin: Centers on control and share allotment of Chappal Energies, founded by Ufoma Joseph Immanuel in 2022.

Conclusion

This interim ruling illustrates how Nigerian courts can intervene to protect asset integrity during commercial disputes, offering a template for similar cases. The outcome in December will likely shape the next phase of this high-stakes corporate battle.