Federal High Court Issues $100M Mareva Order Against R28, Adebutu

A Federal High Court in Lagos, Nigeria, on October 22, 2026, issued three interim orders, including a $100 million Mareva injunction, restraining R28 Limited and its founder, Adebisi Adebutu, from seizing or interfering with the operational assets of two companies, dealing with financial assets up to $100 million, and altering their corporate records. This significant judicial intervention by Justice Ambrose Lewis-Allagoa aims to preserve the status quo and prevent the dissipation of assets, indicating a serious commercial dispute requiring immediate protective measures from the court.

This development is highly significant for legal practitioners and businesses operating in Nigeria, as it demonstrates the Nigerian judiciary's willingness to grant robust interim protective orders, specifically Mareva injunctions, to safeguard assets during ongoing litigation. Such orders are crucial for maintaining the integrity of potential future judgments, ensuring that successful litigants are not left with hollow victories due to the prior dissipation of assets. The substantial sum of $100 million involved underscores the high stakes often present in commercial disputes before the Federal High Court.

The legal context for such an order is rooted in the equitable jurisdiction of Nigerian courts, which have adopted the principles of Mareva injunctions from English common law. These freezing orders are typically granted where there is a real risk that a defendant might dissipate assets to frustrate a judgment. The Federal High Court, with its broad jurisdiction over commercial matters, frequently entertains applications for such remedies under its inherent powers and relevant procedural rules. The key parties involved are the Federal High Court in Lagos, Justice Ambrose Lewis-Allagoa, R28 Limited, Adebisi Adebutu, and the two unnamed companies whose assets are subject to the restraint.

For practitioners, this case serves as a critical reminder of the strategic importance of interim injunctions in commercial litigation. Attorneys advising clients in high-value disputes, particularly those involving concerns about asset dissipation, should be well-versed in the procedural requirements and evidentiary thresholds for obtaining Mareva injunctions in Nigeria. Businesses, on the other hand, should understand that their operational and financial assets can be subject to such stringent court orders, necessitating proactive legal counsel and risk management in contentious situations. The specific date of the order, October 22, 2026, as reported, is notable and should be observed as stated.