The court also lifted the Mareva injunctions that had been granted against several banks and regulatory bodies, including the Central Bank of Nigeria (CBN) and the Nigerian Upstream Petroleum Regulatory Commission (NUPRC).
Justice Ambrose Lewis-Allagoa ruled that the Mareva orders should be lifted.
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The decision followed arguments from lawyers representing all parties, particularly the respondents’ legal team led by Bode Olanipekun (SAN) and A.A. Malik (SAN).
The respondents argued that the court did not have the authority to grant the earlier orders because arbitration proceedings on the matter were already ongoing and a related case had been filed before the present suit.
They also told the court that some important facts were not disclosed when the interim orders were first obtained.
The lawyers further informed the court that the respondents and some affected shareholders had filed applications asking the court to cancel the earlier orders, as well as a preliminary objection challenging the court’s authority to hear the case.
Justice Lewis-Allagoa directed all parties to return to the position they were in before the interim orders were granted, pending the hearing and decision on the applications before the court.
The case was adjourned to April 22, 2026, for the hearing of the pending applications.
