FEDERAL HIGH COURT FREEZES ASSETS WORTH UP TO $100 MILLION AS CHAPPAL ENERGIES SHAREHOLDING DISPUTE DEEPENS
By Michael Obinna Ochili, Esq. | Legal Diary News The Federal High Court sitting in Lagos has granted a interim Mareva injunction restricting dealings with financial assets valued at up to $100 million in connection with an ongoing corporate ownership dispute involving Chappal Energies. The order was granted by Justice Lewis Allagoa following an application brought by Ufoma Joseph Immanuel, Chappal Energies Offshore Limited and Project Odinmin Investment Limited. The dispute concerns competing claims relating to shareholding, management and control of the energy company. The court restrained relevant financial institutions from releasing or transferring specified funds and assets connected with R28 Limited, Adebisi Adebutu and Michael Humphries, pending the determination of the applicants' motion for an interlocutory injunction. The court also restrained interference with the operational premises, management and physical assets of the applicant compani...