The Asset Management Corporation of Nigeria (AMCON) has formally taken over General Hydrocarbons Limited (GHL), an oil exploration and production company owned by media mogul Nduka Obaigbena, placing it under receivership in what has become one of Nigeria\u2019s most closely watched corporate loan disputes.<\/p>\n
The move, confirmed through a receivership notice published in national dailies on November 6, 2025, marks a major escalation in the long-running legal tussle between First Bank of Nigeria Plc (FirstBank) and GHL over alleged unpaid loans connected to Oil Mining Lease (OML) 120.<\/p>\n
According to the public notice, Oluseyi Akinwunmi has been appointed as the Receiver\/Manager of GHL under a Deed of Appointment dated September 18, 2025, duly registered under the Companies and Allied Matters Act (CAMA) 2020.<\/p>\n
The notice directs:<\/p>\n
\u2022 All GHL debtors to make payments into a designated receivership account.<\/p>\n
\u2022 All creditors to submit claims within 30 days, accompanied by sworn affidavits verifying their debts.<\/p>\n
\u2022 All banks and financial institutions to freeze deposits, cash holdings, and any other assets linked to GHL pending further instructions.<\/p>\n
AMCON invoked Section 48 of the AMCON Act (2010), which empowers it to assume control or appoint a receiver for companies with unresolved non-performing loans acquired from Nigerian banks.<\/p>\n
GHL has rejected the takeover, describing it as \u201ca gross violation of subsisting court orders.\u201d<\/p>\n
The company cites an interim injunction granted by Justice Lewis Allagoa of the Federal High Court, Lagos, in Suit No: FHC\/L\/CS\/1903\/2025, dated September 23, 2025, which restrains AMCON, FirstBank, and the Attorney-General of the Federation from taking any enforcement action against GHL or its assets pending the determination of an ongoing motion.<\/p>\n
Despite this, AMCON proceeded to publish the receivership notice \u2014 prompting sharp criticism from GHL\u2019s lawyers, who accused the corporation of \u201cabuse of judicial process\u201d and contempt of court.<\/p>\n
In a statement reported by ThisDay, GHL said it neither borrowed directly from AMCON nor has any non-performing loan with FirstBank, and insisted that its financial disputes were still under adjudication at various courts, including the Supreme Court (Suit No: SC\/CV\/929\/2025) and a pending arbitration matter (Suit No: FHC\/L\/CS\/2241\/2025).<\/p>\n
The dispute originates from GHL\u2019s involvement with OML 120, an offshore oil block tied to transactions with Atlantic Energy and FirstBank.<\/p>\n
FirstBank has alleged that proceeds from a crude oil cargo pledged as collateral for a loan were diverted, breaching the loan agreement. The bank subsequently classified the loan as non-performing, paving the way for AMCON\u2019s intervention.<\/p>\n
Earlier this year, a Mareva injunction freezing GHL-related accounts up to $225.8 million was vacated by the Federal High Court. However, in September 2025, the Court of Appeal ruled in FirstBank\u2019s favour, ordering that all proceeds from the disputed crude sale be paid into a court-controlled escrow account pending final judgment.<\/p>\n
AMCON maintains that the receivership was properly executed, with the Deed of Appointment and Notice duly registered.<\/p>\n
FirstBank, for its part, argues that GHL remains liable under an \u201cOutstanding Exposure Tripartite Deed\u201d and that the bank\u2019s enforcement rights were triggered after repeated defaults.<\/p>\n
The two institutions have said that their actions are in line with Nigerian banking and insolvency laws, asserting that GHL\u2019s objections amount to delaying tactics.<\/p>\n
Under the AMCON Act, when a bank identifies a loan as non-performing, AMCON can purchase the debt and assume enforcement powers \u2014 including the appointment of a receiver.<\/p>\n
GHL counters that AMCON\u2019s move is premature, given the subsisting injunctions and arbitration proceedings. Legal analysts note that if the courts uphold AMCON\u2019s action despite the injunction, it could set a precedent for creditor enforcement even when litigation is ongoing \u2014 a scenario that would reshape Nigeria\u2019s corporate debt-recovery landscape.<\/p>\n
Though the receivership targets GHL, the spotlight has turned to Obaigbena\u2019s media empire, which includes ThisDay Newspapers and Arise Television. Analysts warn that continued financial pressure could pose indirect risks to those media holdings if creditors seek to widen enforcement.<\/p>\n
The GHL\u2013FirstBank\u2013AMCON saga underscores long-standing concerns about corporate governance, debt securitisation, and the enforcement of creditors\u2019 rights in Nigeria\u2019s oil-finance ecosystem.<\/p>\n
The case highlights banks\u2019 continued exposure to energy-sector borrowers, where volatility in oil revenues can quickly turn large loans into toxic assets.<\/p>\n
Critics caution that if AMCON\u2019s receivership proceeds despite court injunctions, it could undermine investor confidence and raise fresh doubts about judicial independence in commercial enforcement.<\/p>\n
Among others, stakeholders and observers are watching out for the following:<\/p>\n
\u2022 Court Hearing (November 11, 2025): The Federal High Court in Lagos, presided over by Justice Allagoa, will resume hearings in GHL\u2019s suit to determine whether AMCON\u2019s receivership constitutes contempt.<\/p>\n
\u2022 Operational Control: Pending court outcomes, AMCON\u2019s receiver now wields substantial control over GHL\u2019s finances and assets.<\/p>\n
\u2022 Negotiation Prospects: Legal observers say both sides could still settle out of court, especially if GHL offers to restructure its exposure or FirstBank seeks to limit reputational fallout.<\/p>\n
\u2022 Reputational Stakes: AMCON\u2019s aggressive enforcement may reinforce its recovery credentials but risks perception damage if courts find it acted ultra vires. GHL, conversely, faces the dual challenge of preserving its oil assets while safeguarding its media reputation.<\/p>\n","protected":false},"excerpt":{"rendered":"
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