General Hydrocarbons Limited (GHL), a company owned by media mogul Nduka Obaigbena, has been placed on receivership over an alleged debt obligation.
According to a newspaper advertisement seen by Nairametrics in Leadership and New Telegraph dated November 6, all debtors of the company have been instructed to remit payments directly to the appointed Receiver, Oluseyi Akinwunmi.
Under Black’s Law Dictionary, receivership refers to a legal process in which a third party (the receiver) is appointed by a court to manage, preserve, or liquidate a company’s assets in order to satisfy creditor claims or resolve disputes under judicial supervision.
Details of the Receivership Advertisement
According to the advertisement issued by Akinwunmi, the “Advertisement of Appointment of Receiver” over GHL was made pursuant to Section 48 (1) and (2) of the Asset Management Corporation of Nigeria (AMCON) Act, 2010 (as amended).
- The provision empowers AMCON to act as or appoint a receiver for a debtor company.
The notice reads in part:
“Take notice that I, Oluseyi Akinwunmi, FBR, of No. 3C Bashorun Okusanya Avenue, Off Admiralty Road, Lekki Phase 1, Lagos State, have been appointed Receiver/Manager of General Hydrocarbons Limited (‘the Company’) by a Deed of Appointment dated 18th September 2025 and Notice of Appointment of the same date, duly registered under the provisions of the Companies and Allied Matters Act, 2020.”
The notice further directed all creditors to submit their proof of claims along with a sworn affidavit verifying the debt within 30 days of the publication date.
For banks and other financial institutions, the advert instructed that all deposits, cash, and other assets currently held in respect of GHL should be frozen until further instructions are issued by the Receiver.
“All holders of such deposits and current accounts should contact the Receiver, stating the balances. Where secured facilities are granted, the type of security attached should also be disclosed,” the notice added.
For further inquiries, interested parties were directed to contact Mrs. Funke Onakoya.
GHL Reacts
However, sources within GHL claim that the company is not under receivership, pursuant to an interim ruling of the Federal High Court sitting in Lagos, presided over by Justice Lewis-Allagoa.
According to the ruling delivered on September 22, 2025, and seen by Nairametrics, GHL, through a motion ex parte, sued the Asset Management Corporation of Nigeria (AMCON), First Bank of Nigeria, the Attorney-General of the Federation, and another party.
GHL specifically sought an interim injunction restraining the defendants or their agents from enforcing any rights against the applicant or its assets — including, but not limited to, freezing the accounts of the applicant, its directors, or shareholders; the appointment of a receiver, receiver-manager, asset manager, or recovery agent; or taking any action against the applicant or its assets based on any Loan Purchase and Limited Servicing Agreement, Outstanding Exposure Tripartite Deed, Intercreditor and Security Sharing Agreement, or any other related agreement.
The company also sought an interim injunction restraining the defendants from taking any steps whatsoever against the applicant or its assets regarding the debt incurred by Atlantic Energy Drilling Concept Nigeria Limited to First Bank, which led to a deficit in the bank’s books amounting to US$718 million, later purchased by AMCON as an Eligible Bank Asset, pending the hearing and determination of the Motion on Notice in the suit.
According to the court ruling, Justice Lewis-Allagoa granted GHL’s request and adjourned the matter to October 22, 2025, for hearing.
Sources within GHL claim that the judge reinforced the injunction on October 22, 2025, and further adjourned the case to November 11, 2025.
More Insights
- While Nairametrics could not independently verify the specific court verdict that led to the receivership publication, the development may be linked to an ongoing legal dispute between GHL and First Bank of Nigeria Limited over Oil Mining Lease (OML) 120.
- Recently, a tribunal sitting in Lagos ordered General Hydrocarbons Limited to pay First Bank of Nigeria Limited (FirstBank) $112,100 and ₦111 million as costs in connection with the OML 120 dispute.
- Justice Kumai Bayang Akaahs, who presided over the case, dismissed GHL’s Notice of Arbitration against First Bank, ruling that the company failed to substantiate its claims that the bank had an “absolute obligation” to fund the exploration, development, and production of OML 120 under a Subrogation Agreement dated May 29, 2021.
