The Federal High Court in Lagos has upheld a preliminary objection filed by General Hydrocarbons Limited (GHL), effectively nullifying the attempt by the Asset Management Corporation of Nigeria (AMCON) to place the oil and gas company under receivership.
In its ruling, the court struck out the earlier order that allowed AMCON to enforce receivership over GHL, agreeing that the suit constituted an abuse of court process.
The judgment comes weeks after AMCON, acting through its appointed receiver/manager, Oluseyi Akinwunmi, wrote to 34 financial institutions seeking to freeze GHL’s bank accounts over alleged debt obligations linked to the receivership. The letters, dated November 6, 2025, reportedly contained post-no-debit directives to banks holding the company’s funds.
According to Premium Times, Mr. Akinwunmi had also written to First Bank Limited, citing a Mareva injunction allegedly issued by the Federal High Court on October 24, restraining the bank from dealing with GHL’s funds pending the determination of a motion on notice.
AMCON instituted the suit through Mr. Akinwunmi in his capacity as receiver/manager of GHL. However, GHL challenged the action through a preliminary objection, arguing that the case amounted to an abuse of court process due to the existence of similar, pending suits.
In its ruling on Friday, the court agreed with GHL, holding that AMCON’s action violated an existing order of the same court. The judge noted that the suit was filed in disregard of an injunction granted in September by Justice Ambrose Lewis-Allagoa, which restrained AMCON and its agents from appointing a receiver over GHL and its assets.
The court further held that Mr. Akinwunmi and his counsel, Bidemi Ademola-Bello, failed to disclose the subsisting injunction while obtaining interim orders, amounting to a suppression of material facts. On this basis, the court upheld GHL’s objection and dismissed the receivership suit.
As of press time, Nairametrics had yet to obtain a certified true copy of the ruling, given the multiple court cases involving GHL, AMCON, and other parties over the disputed loan. However, indications suggest that the matter may proceed to the appellate courts.
Background to the Dispute
GHL, owned by media entrepreneur Nduka Obaigbena, was recently advertised as being under receivership following AMCON’s claims of outstanding debt. Newspaper advertisements instructed debtors to pay the receiver directly and directed banks to freeze the company’s accounts.
GHL rejected the move, describing it as unlawful and citing a subsisting court order issued on September 23, 2025, and reaffirmed on October 22, restraining AMCON from appointing a receiver.
The dispute is also linked to GHL’s protracted legal battle with First Bank of Nigeria Limited over Oil Mining Lease (OML) 120. A Lagos court had earlier ordered GHL to pay FirstBank $112,100 and ₦111 million in costs, dismissing GHL’s Notice of Arbitration in the matter.
GHL has since disclosed that it has appealed aspects of the dispute to the Supreme Court and has also applied to set aside the arbitration award at the Federal High Court, signaling that the legal battle is far from over.
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