Nigerian court freezes up to $100m in Chappal dispute
By the AFREEQUE newsroom, based on ThisDay
The Federal High Court in Lagos has frozen financial assets worth up to $100 million and barred the takeover of the operational assets of Chappal Energies Offshore Limited and Project Odinmin Investments Limited. The interim orders, issued on 22 October 2026 in a dispute involving R28 Limited and Adebisi Adebutu, apply pending consideration of the application for an injunction.
The Federal High Court in Lagos has frozen financial assets worth up to $100 million in a dispute involving R28 Limited, its founder Adebisi Adebutu, and two companies linked to Chappal Energies. Judge Ambrose Lewis-Allagoa issued three interim orders on 22 October, the Nigerian daily ThisDay reports.
The orders bar R28 Limited and Adebutu from transferring or dissipating the funds concerned, up to $100 million or the equivalent in other currencies. They apply in particular to accounts held with Nigerian banks, including through nominees. This is a preservative measure pending consideration of the application for an interlocutory injunction, not a recovery or confiscation of the funds.
The judge also barred the two defendants from taking control of the premises, management, physical assets and business equipment of Chappal Energies Offshore Limited and Project Odinmin Investments Limited. The Corporate Affairs Commission of Nigeria (CAC) must preserve the records of the two companies and refuse certain changes to their management, shareholding and authorised signatories.
The companies and Ufoma Joseph Immanuel filed the suit on 14 October 2026. R28 Limited and Adebutu are among the defendants, along with several Nigerian banks and the CAC, according to ThisDay.
