Court suspends administration order against firm

Justice Ambrose Lewis-Allagoa of the Federal High Court, Lagos has halted the ex parte/interim orders earlier made on February 13, 2026 appointing an Interim Administrator over Green Energy International Ltd and Lekoil Oil and Gas Investments Limited.

The suspension extends to the Mareva injunctions previously granted against several banks and regulatory institutions, including the Central Bank of Nigeria (CBN) and the Nigerian Upstream Petroleum Regulatory Commission (NUPRC).

The decision followed arguments by counsel to all parties, particularly the respondents’ legal team led by Bode Olanipekun (SAN), and Mr A.A. Malik (SAN).

The respondents contended that the court lacked jurisdiction to grant the ex parte orders in light of ongoing arbitral proceedings and the existence of a prior suit filed before the present action.

They further argued that material facts were not disclosed to the court at the time the interim reliefs were obtained.

Counsel informed the court that the respondents and certain affected shareholders had filed an application to set aside/vacate the ex parte orders, along with a Notice of Preliminary Objection challenging the Court’s jurisdiction.

Justice Lewis-Allagoa directed all parties to maintain the status quo ante bellum, being the position of the respondents before the grant of the interim orders, pending the hearing and determination of the pending applications.

The matter was subsequently adjourned to April 22, 2026 for hearing of the pending applications.