Court Freezes $100 Million in Chappal Energies Accounts Amidst Escalating Shareholding Dispute
A significant legal battle has erupted over the control and shareholding of Chappal Energies, culminating in a Federal High Court order freezing assets valued at up to $100 million. The Mareva injunction, granted by Justice Lewis Allagoa in Lagos, prohibits commercial banks, financial institutions, and electronic platforms from releasing any funds or financial assets to R28 Limited, Adebisi Adebutu, and Michael Humphries, or any entities acting on their behalf.
The court’s decision stems from a suit filed by Ufoma Joseph Immanuel, the founder and managing director of Chappal Energies, alongside Chappal Energies Offshore Limited and Project Odinmin Investment Limited. The respondents in the case include R28 Limited, Adebisi Adebutu, Michael Humphries, the Corporate Affairs Commission (CAC), Zenith Bank Plc, Fidelity Bank Plc, Access Bank Plc, and Rand Merchant Bank.
According to the court order, R28 Limited and its founder, Adebutu, along with their agents, are also restrained from taking over or interfering with the physical assets and commercial equipment belonging to Chappal Energies Offshore Limited and Project Odinmin Investment Limited. This prohibition remains in effect pending the determination of the applicants’ motion for an interlocutory injunction.
Furthermore, Justice Allagoa has directed the Corporate Affairs Commission to maintain the status quo on the corporate registers of the applicant firms. The CAC is specifically ordered to refuse the registration of any changes to directorship, shareholding, or signatory authority submitted by the first or second respondents, particularly concerning the third respondent, until the interlocutory injunction is resolved.
The legal action, filed on October 14, 2026, under suit number FHC/LAG/FR/500/2026, seeks to prevent the respondents from seizing or intermeddling with the operational premises, management, physical assets, and commercial equipment of the applicant companies in Nigeria. The applicants also sought the Mareva order to prevent the dissipation of financial assets up to $100 million from bank accounts held by the respondents or through proxies.
This latest court intervention highlights the deepening commercial dispute between Immanuel and his business partner, Adebutu, concerning the control and allotment of shares in Chappal Energies, a company established by Immanuel in 2022. The matter has been adjourned to December 4, 2026, for further hearing. This development underscores the critical need for robust corporate governance and clear shareholding agreements to mitigate such disputes, particularly for investors and executives navigating Nigeria’s dynamic business landscape.
