Court Blocks R28 Limited's Asset Takeover of Chappal Energies

On October 22, 2026, the Federal High Court in Lagos, presided over by Justice Ambrose Lewis-Allagoa, issued three interim orders restraining R28 Limited and its founder, Adebisi Adebutu, from taking over the operational assets of Chappal Energies Offshore Limited and Project Odinmin Investments Limited. The orders were made pending the hearing of a motion filed on October 14, 2026, by Ufoma Joseph Immanuel, Chappal Energies Offshore Limited, and Project Odinmin Investments Limited.

The Mareva order restricts dealings with financial assets valued at up to $100 million, preventing the respondents from transferring or dissipating these funds. Additionally, the Corporate Affairs Commission was directed to maintain the status quo in the companies' corporate records, rejecting any changes to their directorship, shareholding, or signatory authority proposed by R28 Limited or Adebutu.

The restrictions apply to all financial assets held in personal or corporate accounts, including those operated through proxies or shell entities.