The Supreme Court of Mauritius has restrained the directors of Chappal Energies Mauritius Ltd from proceeding with the company’s planned rights issue, pending the determination of an application for urgent relief by an Emergency Arbitrator at the London Court of International Arbitration (LCIA).
The interim order followed an application filed by Intermediate Investment Holdings Limited (IIHL) through its counsel, Ms. Attorney J. Radhakissoon.
The ruling temporarily halts what IIHL alleges was an attempt by minority shareholder R28 Limited, a company founded by businessman Adebisi Adebutu, to acquire up to an 85 per cent controlling stake in Chappal Energies through the proposed capital raise.
Delivering the ruling, Justice Carol Green Jokhoo held that the injunction was necessary after considering the urgency of the matter.
The judge stated that, having “taken cognizance of the motion paper and affidavit, both dated 16 June 2026, and being satisfied that the matter is so urgent as to require the immediate intervention of a Designated Judge before notice of the application is served on the respondents and co-respondent,” the court was justified in granting interim relief.
The order restrained the respondents, in their capacity as directors of Chappal Energies Mauritius Ltd, from proceeding with the rights issue pending the determination of the urgent relief application either by the Emergency Arbitrator in LCIA Arbitration No. 267070 or, if declined, by the arbitral tribunal constituted under the shareholders’ agreement.
Named as respondents are the directors of Chappal Energies Mauritius—Victor Ohioze Imevbore, Oyinlola Hezekiah Adesola Akande, Dada Solomon Thomas, Mike Cook, Vanesh Thakurdas and Arunagirinatha Runghien.
Also joined as co-respondents are the Financial Services Commission, Chappal Energies Mauritius Ltd and Trustmoore (Mauritius) Limited.
IIHL, which owns 34.5 per cent of the issued share capital of Chappal Energies Mauritius, approached the Mauritian court after alleging that the company sought to embark on a US$100 million rights issue without its consent or the participation of its sole director, Ufoma Immanuel, who is also the founder and Chief Executive Officer of Chappal Energies.
According to IIHL, the proposed transaction violated the shareholders’ agreement, which provides that disputes be resolved through arbitration.
Documents filed before the LCIA, and made available to journalists, show that the dispute arises from the Amended and Restated Shareholders’ Agreement among IIHL, Palisade Energies Limited, Frontier Energy Outcomes Limited, African Infrastructure Partners LLC, Kofmon Capital Investment Limited and Chappal Energies Mauritius Ltd, originally executed on July 21, 2023, and amended on April 24, 2025.
According to the documents, shareholders of Chappal Energies resolved at a special meeting held on June 20, 2026, to approve a US$100 million equity raise through a rights issue. IIHL alleges it was excluded from the meeting at which the resolution was passed.
The move reportedly followed the absence of Immanuel from the day-to-day management of the company after criminal proceedings were initiated against him in Nigeria by the Economic and Financial Crimes Commission (EFCC).
The capital raise was said to be aimed at strengthening the company’s financial position and supporting ongoing operations.
R28 Limited, an investment vehicle linked to businessman Adebisi Adebutu, had earlier petitioned the EFCC over a dispute concerning the ownership and control of shares in entities connected with Chappal Energies.
On March 11, 2026, the EFCC arraigned Immanuel and IIHL before Justice Mojisola Dada of the Special Offences Court in Ikeja, Lagos, on a two-count criminal charge, despite ongoing litigation over the dispute.
Earlier, on September 11, 2025, Justice Josephine Obanor of the High Court of the Federal Capital Territory restrained the EFCC from taking further action, holding that the issues before it appeared predominantly civil in nature.
In a separate decision delivered in February 2026, Justice Dehinde Dipeolu of the Federal High Court, Lagos, ruled that the EFCC’s declaration of Immanuel as “wanted” contravened the Administration of Criminal Justice Act (ACJA) and violated a subsisting court order issued by the FCT High Court.
The court held that the commission lacked the statutory authority to restrict Immanuel’s constitutional rights through the publication and ordered the EFCC to withdraw the “wanted” notice, publish a retraction and pay N5 million in damages for violating his rights to personal liberty, freedom of movement and dignity.
Despite the court orders, the EFCC subsequently obtained a bench warrant from a court in Abuja and, working with the Department of State Services (DSS), arrested and detained Immanuel before arraigning him alongside IIHL on March 11, 2026.
Sources familiar with the dispute said that during the shareholders’ meeting convened in Immanuel’s absence, R28 Limited proposed funding the company in exchange for a controlling stake of about 85 per cent.
The proposal also reportedly included reimbursement claims for business development expenses and other conditions that some shareholders considered unfavourable.
The Mauritian court’s interim order has effectively suspended implementation of the rights issue pending arbitration, temporarily preventing any significant alteration to the company’s ownership structure.
On July 1, 2026, the Supreme Court of Mauritius directed the parties to proceed before the LCIA to determine their respective rights under the shareholders’ agreement.
The LCIA has since appointed Zoe O’Sullivan KC as the sole arbitrator to hear the dispute.
Chappal Energies has become the centre of a complex cross-border legal battle involving its founder, minority shareholder R28 Limited, and multiple regulatory and judicial proceedings spanning Nigeria, Mauritius and the United Kingdom.
With interests in major offshore oil and gas assets, the company occupies a strategic position in Nigeria’s energy sector. The outcome of the arbitration and related litigation is expected to have significant implications for the company’s ownership structure, corporate governance and investor confidence in Nigeria’s oil and gas industry.
