The Federal High Court sitting in Lagos has suspended its order of 13 February, 2026 appointing an Interim Administrator for Green Energy International Ltd and Lekoil Oil and Gas Limited and the Mareva injunction on all banks and the Central Bank of Nigeria, CBN.
The suspension of the earlier interim order of the court was made Thursday by Justice Ambrose Allagoa after listening to all the arguments of all parties particularly the defendant’s counsel led by Bode Olanipekun SAN and Mr. A. A. Malik SAN
Counsel to Otakikpo partners and shareholders of the company respectively had argued that the court lacked jurisdiction to have granted the order without putting the companies on notice and that the Applicants misled the court by refusing to disclose that Arbitration proceedings was already ongoing.
The court said since the issue of jurisdiction has been raised, it has to be considered before any other matter can be addressed. He therefore suspended his earlier order of Mareva and the appointment of interim administrator pending the consideration of the all Applications before the court. Justice Allagoa asked all the parties to make their presentations on the pending preliminary objections and other applications by the parties affected by his interim order and adjourned further proceedings till April 22, 2026.