The Asset Management Corporation of Nigeria (AMCON) has placed General Hydrocarbons Limited (GHL), a company owned by media entrepreneur Nduka Obaigbena, under receivership over alleged outstanding debt obligations. The announcement was published in the Leadership and New Telegraph newspapers on November 6, 2025, directing all creditors of GHL to remit payments to the appointed Receiver, Oluseyi Akinwunmi.
Under the AMCON Act, the appointment of a receiver allows the corporation to take over the management or assets of a debtor company in order to recover outstanding debts. The receivership appointment was executed through a Deed of Appointment dated September 18, 2025, and registered under the Companies and Allied Matters Act. The notice instructed banks and financial institutions to freeze all deposits or assets belonging to GHL and to disclose account balances or securities associated with the company. Creditors were also directed to submit proof of their claims along with an affidavit verifying the debt within 30 days.
However, sources within General Hydrocarbons Limited say the company is not under receivership, citing an interim injunction issued by the Federal High Court in Lagos on September 22, 2025. The injunction restrained AMCON, First Bank of Nigeria Limited, and other parties from enforcing any rights against GHL’s assets. The case was adjourned to October 22 and later to November 11, 2025.
The dispute is believed to be connected to ongoing legal issues between GHL and First Bank over Oil Mining Lease 120. A tribunal in Lagos recently ordered GHL to pay First Bank $112,100 and ₦111 million in costs after dismissing an arbitration notice filed by GHL. The tribunal ruled that the company failed to establish that First Bank had binding obligations under a Subrogation Agreement dated May 29, 2021.