General Hydrocarbons Limited (GHL) has faulted what it described as “an unlawful attempt by the Asset Management Corporation of Nigeria (AMCON) to appoint a Receiver over GHL,” citing pending court cases related to the matter.
This follows a receivership advertisement published in some national newspapers on the appointment of a receiver by AMCON for GHL’s assets.
In a statement issued on Wednesday, GHL denied owing any party to warrant being placed under receivership.
The company highlighted a “subsisting court order” issued by Justice Lewis Allagoa of the Federal High Court, Lagos, in Suit No: FHC/L/CS/1903/2025, dated September 23, 2025, saying the verdict was allegedly reinforced in the presence of AMCON representatives on October 22, 2025.
Quoting the said ruling, GHL stated:
“An order of interim injunction is granted restraining the defendants (AMCON, the MD of AMCON, FBN, and the Attorney-General of the Federation) either by themselves or acting through their servants, agents, assigns, privies, or affiliates, howsoever described, including any person claiming under their authority, from taking any steps or continuing with any steps whatsoever to enforce any rights against the Applicant (GHL) or its assets, including but not limited to freezing the accounts of the Applicant, its Directors or Shareholders, or appointing a Receiver/Receiver-Manager, Asset Manager, Recovery Agent, etc., over the Applicant (GHL), its assets, or assets belonging to its Directors or Shareholders, based on the Loan Purchase and Limited Service Agreement, the Outstanding Exposure Tripartite Deed, the Intercreditor and Security Sharing Agreement, or any other agreement related to AMCON’s purchase of FBN’s Non-Performing Loan (the Atlantic Energy loan) against GHL, pending the hearing and determination of the Motion on Notice in this suit.”
GHL denies being in debt
The company’s management emphasized that it expects all institutions and government agencies to obey court orders and uphold the rule of law.
According to GHL, the company has never borrowed money from AMCON in any form and has no non-performing loans with First Bank of Nigeria Limited, AMCON, or any other financial institution.
It alleged that the attempt by certain officials and institutions to abuse court processes and unlawfully take over GHL’s assets will be addressed in accordance with the law.
Furthermore, GHL disclosed that it has taken the issue of its crude oil transactions involving some financial institutions to the Supreme Court in Suit No: SC/CV/929/2025.
The company also stated that it has filed an application at the Federal High Court to set aside an arbitration award against it.
GHL added that all parties are expected to return to Justice Allagoa’s court on November 11, 2025, for the continuation of the hearing.
The company maintained that it will report the alleged “flagrant abuse, material non-disclosure, and disobedience of Justice Lewis Allagoa’s Orders” to the appropriate judicial authorities.
It urged all stakeholders to remain calm as justice takes its course.
Backstory
GHL’s reaction follows a receivership advertisement published in Leadership and New Telegraph newspapers.
According to the advert dated November 6, 2025, all alleged debtors of the company were instructed to remit payments directly to the appointed Receiver, Oluseyi Akinwunmi.
The notice further directed all creditors to submit proof of claims along with a sworn affidavit verifying their debts within 30 days of publication.
For banks and financial institutions, the advert instructed that all deposits, cash, and other assets held on behalf of GHL be frozen pending further directives from the Receiver.
The development appears to be linked to an ongoing legal dispute between GHL and First Bank of Nigeria Limited over Oil Mining Lease (OML) 120.
Several court cases have been filed by both parties in relation to the matter.
