A heated legal confrontation is unfolding at the Federal High Court as the Asset Management Corporation of Nigeria (AMCON) accused General Hydrocarbons Limited (GHL) and its directors of concealing critical information to obtain a restraining order against the appointment of a Receiver/Manager over the company’s assets.
The dispute, centred on an alleged $717 million debt, has expanded into allegations of suppression of material facts, abuse of court process, contempt, and manipulation of judicial procedures.
At the resumed hearing of preliminary objections in GHL & Anor. v. Nduka Obaigbena, counsel to AMCON and the appointed Receiver/Manager, Chief Ade Adedeji, SAN, insisted that the receivership had already been validly completed on 18 September 2025, five days before GHL appeared before Justice Allagoa on 23 September to secure an order restraining the appointment of a receiver.
Chief Adedeji told the court that GHL’s indebtedness to AMCON was not in dispute and that FirstBank’s proposal to settle the debt never matured into a binding agreement.
He explained that the parties’ relationship was governed by a tripartite agreement involving AMCON, FirstBank, and GHL, under which AMCON maintained a first charge over the company’s core assets — OML 120 and OML 121.
“The loan remains due and outstanding. FirstBank’s offer never crystallized, and AMCON’s security interest remained intact,” he submitted.
He maintained that AMCON validly appointed the Receiver, Mr. Seyi Akinwunmi, on 18 September and that the instrument of appointment was executed, stamped, and filed for registration before GHL rushed to court after allegedly receiving leaked information about the receivership move.
Chief Adedeji argued that no court would restrain a completed act, describing the relief sought by GHL as “illegal, unlawful, and preposterous.” Citing Supreme Court authorities, he said the steps taken by GHL amounted to professional misconduct.
Addressing allegations of multiplicity of suits, he explained that the matter before Justice Aluko, brought under Sections 553–556 of CAMA and Section 48 of the AMCON Act, concerned a statutory receivership — which he said was fundamentally different from the debt-related proceedings before Justice Allagoa. According to him, the causes of action, parties, and subject matter were distinct.
“Receivership is sui generis, and the present proceedings cannot be equated with the earlier suit,” he said.
Responding to claims of concealment, he argued that the Receiver was neither a party to nor aware of the proceedings before Justice Allagoa and therefore had no duty of disclosure. He added that a Receiver appointed over a company functions as an agent of the company, not an agent of the creditor that appointed him.
However, counsel to GHL, Dr. Layonu, SAN, disagreed, maintaining that the earlier suit directly addressed the right to appoint a receiver.
Despite the alleged debt and AMCON’s claims of possible asset diversion, GHL continues to contest the appointment of Mr. Akinwunmi as Receiver/Manager. Chief Adedeji accused the firm of manipulating the judicial process, insisting that the order obtained from Justice Allagoa was secured through the suppression of material facts and was intended to obstruct the Receiver’s lawful duties.
GHL was placed under receivership via a Deed of Appointment dated 18 September 2025.
On 24 October 2025, Justice Aluko issued wide-ranging interim orders empowering the Receiver to take possession and manage all company assets pending the determination of a motion on notice. The orders cover all movable and immovable assets — including GHL’s Awolowo Road office and its interests in OML 120 — and impose extensive Mareva injunctions restraining more than 30 banks and several fintech companies from dealing with the firm’s funds.