AMCON Moves to Freeze General Hydrocarbons’ Accounts Amid Court Injunction and OML 120 Dispute
The Asset Management Corporation of Nigeria (AMCON), in furtherance of its statutory mandate to recover non‑performing loans, has initiated steps to freeze the bank accounts of General Hydrocarbons Limited (GHL), currently in receivership, over alleged indebtedness.
Through its appointed Receiver/Manager, Oluseyi Akinwunmi, AMCON’s counsel, Adedeji & Owotomo LLP, issued letters dated 6 November 2025 to thirty‑four financial institutions, directing them to place a post‑no‑debit restriction on all accounts and assets belonging to GHL.
The directive was premised on a Mareva injunction granted by the Federal High Court, Lagos, on 24 October 2025, restraining First Bank of Nigeria Limited and other institutions from releasing or dealing with funds or assets of GHL pending the determination of a motion on notice in the substantive suit.
The letter to First Bank read in part: “We therefore urge you, in the strongest terms, to comply strictly with the terms of the said order by freezing all accounts, deposits and placing post‑no‑debit on all accounts maintained by, as well as assets belonging to, General Hydrocarbons (in receivership) in your custody and control.”
Earlier reports indicate that GHL, owned by media entrepreneur Nduka Obaigbena, was placed under receivership following alleged debt obligations. Newspaper notices published in Leadership and New Telegraph on 6 November 2025 instructed all debtors of GHL to remit payments directly to the Receiver and directed banks to freeze deposits and assets until further instructions.
However, GHL has challenged AMCON’s actions, describing them as an “unlawful attempt” to appoint a Receiver in disregard of subsisting court orders. The company cited an order issued by Justice Lewis Allagoa of the Federal High Court, Lagos, in Suit No: FHC/L/CS/1903/2025 dated 23 September 2025, which it claims was reaffirmed in the presence of AMCON representatives on 22 October 2025.
The dispute is closely tied to ongoing litigation between GHL and First Bank of Nigeria Limited over Oil Mining Lease (OML) 120. In a recent ruling, the Federal High Court ordered GHL to pay First Bank $112,100 and ₦111 million as costs. Justice Kumai Bayang Akaahs, presiding, dismissed GHL’s Notice of Arbitration, holding that the company failed to establish its claim that First Bank had an “absolute obligation” to fund OML 120 operations under a Subrogation Agreement dated 29 May 2021.
GHL has since escalated aspects of the dispute to the Supreme Court in Suit No: SC/CV/929/2025 and filed an application before the Federal High Court seeking to set aside the arbitration award. The matter is scheduled to return before Justice Allagoa on 11 November 2025 for continuation of hearing.
