Federal High Court Restores Management Control To Green Energy, Lekoil, Suspends Interim Administrator

Green Energy International Limited and Lekoil Oil and Gas Investments Limited have confirmed a ruling by the Federal High Court in Lagos ordering all parties to maintain the status quo ante bellum—the position before the appointment of an Interim Administrator—pending determination of outstanding applications.

The court, presided over by Hon. Justice A. Lewis-Allagoa, suspended the Interim Administrator from further activity and lifted all Mareva injunctions freezing the companies’ bank accounts.

A certified true copy of the order, issued by the chief executive officer of the Federal High Court, Ikoyi, Lagos, and signed by Justice A. Lewis-Allagoa, Presiding Judge, Federal High Court of Nigeria, seen by LEADERSHP,  confirmed the directives.

As a result of the order, Green Energy and Lekoil affirmed that management authority remained with the duly constituted leadership of the companies; all prior freezing restrictions have been lifted, while operations continue in the ordinary course without interruption.

The companies will continue to pursue their jurisdictional challenge and arbitration proceedings in accordance with the governing agreements.

Operations at Otakikpo (PML 11) continue uninterrupted and remain in full compliance with applicable regulatory and contractual requirements.

The matter was adjourned to April 22, 2026.

This decision restores management authority to the duly constituted leadership of both companies, lifts prior freezing restrictions on their accounts, and allows operations to continue uninterrupted in the ordinary course.

The companies affirmed that operations at the Otakikpo marginal field (PML 11) remain fully compliant with regulatory and contractual requirements, with no disruptions reported.

Green Energy International and Lekoil stated they will continue pursuing their jurisdictional challenge and arbitration proceedings as per the governing agreements.

The ruling followed submissions from lead counsel, including Uche Val Obi SAN for the plaintiffs/applicants, Tochukwu Onyiuke SAN and Bode Olanipekun SAN for respondents, and representatives for banks such as Access Bank, Zenith Bank, Fidelity Bank, and others affected by the Mareva orders. Counsel for the Central Bank of Nigeria, West African Ventures Limited, and other interested parties also appeared.