The management of General Hydrocarbons Limited (GHL), 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 asset, over an alleged Non-Performing Loan, it purchased 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 lawful cause in seeking redress of the wrong.
In a statement, on Thursday, GHL noted that the move by AMCON to appoint a Receiver/Receiver Manager for the firm was 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 the restraining order on September 23, 2025 and also reinforced the same order on October 22, 2025, in respect of a suit marked: FHC/L/CS/1903/2025.
However, AMCON had gone 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 asset, 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 in spite 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 that were in court on the 22nd of October 2025, which states 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 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’s (AMCON’s) purchase of the 3rd Defendant’s (FBN’s) Non-Performing Loan (the Atlantic Energy’s loan) against the Applicant (GHL), pending the hearing and determination of the Motion on Notice in this suit.
“We expect institutions and Government agencies to obey Court Orders and govern Nigeria based on the rule of law. This attempt by officials and institutions to abuse the Court process and corruptly take over assets belonging to GHL will be determined according to law.”
The organisation disclosed that the matter of its Crude Oil was already pending at the Supreme Court in Suit No: SC/CV/929/2025, wherein it “has moved to set-aside the inconsistent arbitration award at the Federal High Court in Suit No: FHC/L/CS/2241/2025.”
The management, therefore, disclosed that GHL and all the other parties in the suit would be returning to Justice Allagoa’s court on November 11, 2025, where GHL would report the “flagrant abuse and material non-disclosure and disobedience of Justice Lewis Allagoa’s Orders.
“As law abiding citizens, we urge all our stakeholders to remain calm as we believe justice will be served according to the law,” the statement added.
GHL further revealed it has filed action at the Supreme Court over crude cargo and also to set aside the recent arbitration award against it.
Alex Enumah
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