The management of General Hydrocarbons Limited (GHL), owned by media mogul, Nduka Obaigbena has accused the Asset Management Corporation of Nigeria (AMCON) of gross disobedience to lawful orders of court and an attempt to corruptly take over its assets, over an alleged Non-Performing Loan (NPL), obtained from First Bank of Nigeria (FBN) Plc.
While insisting it never borrowed any money from AMCON in any shape or form, nor had any Non-Performing Loans with FBN, AMCON or any other bank or financial institution, GHL assured those involved of its determination to pursue a lawful course in seeking redress of the wrongdoing.
GHL noted that the move by AMCON to appoint a Receiver/Receiver Manager for the firm is in violation of a subsisting court order of a Federal High Court in Lagos, which restrained the Federal Government’s agency from taking any action against the assets of the firm.
Justice Lewis Allagoa had issued a restraining order on September 23, 2025 and reinforced same order on October 22, 2025, in respect of a suit marked FHC/L/CS/1903/2025.
However, AMCON went ahead to appoint one Oluseyi Akinwunmi as Receiver/Manager of General Hydrocarbons Ltd.
Akinwunmi claimed that both the Deed of Appointment and Notice of Appointment were dated September 18, 2025 and duly registered under the provisions of the Companies and Allied Matters Act 2020.
Reacting, however, GHL faulted the appointment of Akinwunmi as a Receiver/Manager over its assets when the issue was pending before the court.
“General Hydrocarbons Limited (GHL) notes the unlawful attempt by the Asset Management Corporation of Nigeria (AMCON) to appoint a Receiver over GHL inspite of a subsisting court order issued by Justice Lewis Allagoa in Suit No FHC/L/CS/1903/2025 on the 23rd of September 2025 and reinforced in the presence of AMCON in court on the 22nd of October 2025, which stated amongst others as follows:
“That an order of interim injunction is granted restraining the defendants (AMCON, MD of AMCON, FBN & AGF) either by themselves or acting through their servants, agents, assigns, privies, 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 applicants, its directors or shareholders, the appointment of a Receiver/Receiver Manager/Asset Manager/Recovery Agent, etc over the applicants (GHL), the applicant’s assets or assets belonging to the applicant’s directors or shareholders on the basis of the Loan Purchase and Limited Service Agreement, the Outstanding Exposure Tripartite Deed, the Intercreditor and Security Sharing Agreement, or any other agreement related to the 1st defendant, AMCON’s purchase of the 3rd defendant, FBN’s Non-Performing Loan (Atlantic Energy’loan) against the applicant (GHL), pending the hearing and determination of the motion on notice in the suit.
