The Federal High Court, Lagos Division, has restrained all commercial banks, financial institutions, and electronic platforms operating in Nigeria from releasing money or financial assets up to $100 million, or its currency equivalent, to R28, 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.

Justice Lewis Allagoa presided over the court and issued the order following an ex parte application filed by Ufoma Immanuel (founder/managing director of Chappal Energies), Chappal Energies Offshore, and Project Odinmin Investment.

The respondents in the suit include R28, Adebisi Adebutu, Michael Humphries, the Corporate Affairs Commission, Fidelity Bank, Access Bank, and Rand Merchant Bank.

The court also restrained R28 and Mr Adebutu, their agents, privies, representatives or anyone acting on their instructions from taking over or interfering with the physical assets and commercial equipment of Chappal Energies Offshore and Project Odinmin Investment pending the hearing and determination of the applicants’ motion on notice.

Mr 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, Mr Adebutu or Mr 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 October 14, 2026, through their counsel, K. Braithwaite and three others.

The applicants also prayed the court for an order directing the CAC to maintain the status quo on the corporate register of Chappal Energies Offshore and Project Odinmin Investment and refuse registration of any changes to directorship, shareholding, or signatory authority submitted by R28 and Mr Adebutu, pending the hearing and determination of the motion on notice.

Mr Allagoa said the court made the order after careful consideration of the ex parte application and the applicants’ counsel’s submissions.

He adjourned the matter until December 4.

The court order is one in a series of litigation involving Mr Immanuel and his business partner, Mr Adebutu, over a dispute centred on control and allotment of shares in Chappal Energies, a company founded in 2022.

(NAN)