General Hydrocarbons Limited (GHL) has accused the Asset Management Corporation of Nigeria (AMCON) of disregarding a subsisting court order by allegedly attempting to appoint a receiver over the company despite an injunction restraining such actions.
In a statement signed by its management, GHL said it was “alarmed by the unlawful attempt” by AMCON to take control of its operations and assets, contrary to the interim order issued by Justice Lewis Allagoa of the Federal High Court, Lagos, in Suit No: FHC/L/CS/1903/2025 on September 23, 2025, and reaffirmed on October 22, 2025, in AMCON’s presence.
The company cited the specific portion of the court order which restrained AMCON, its Managing Director, First Bank of Nigeria (FBN), and the Attorney General of the Federation (AGF), along with their agents or affiliates, from taking any enforcement action against GHL or its assets.
According to the order, AMCON and others were expressly barred from freezing the company’s accounts, appointing a receiver or recovery agent, or enforcing any rights relating to the purchase of FBN’s non-performing loan tied to Atlantic Energy.
GHL maintained that it is not indebted—directly or indirectly—to AMCON or any other financial institution in Nigeria, and therefore has no non-performing loans with either FBN or AMCON.
The company described AMCON’s alleged actions as “an abuse of the court process and a corrupt attempt to unlawfully take over assets belonging to GHL,” vowing to resist any such move “in accordance with the laws of the land.”
It further disclosed that it has approached the Supreme Court in Suit No: SC/CV/929/2025 over the matter concerning its crude oil operations, while also seeking to set aside an inconsistent arbitration award currently before the Federal High Court in Suit No: FHC/L/CS/2241/2025.
GHL said it will return to Justice Allagoa’s court on November 11, 2025, to report what it described as “material non-disclosure and flagrant disobedience” to the court’s orders.
“As a law-abiding corporate citizen, we urge all our stakeholders to remain calm, confident that justice will be served according to the law,” the statement concluded.
