The Federal High Court in Lagos has ruled that the legal representative appointed by the Asset Management Corporation of Nigeria (AMCON) for General Hydrocarbons Limited (GHL), in furtherance of a purported receivership dispute, “offends the law.”
Justice Lewis-Allagoa delivered the verdict, according to a certified true copy of the court ruling sighted by Naijaonpoint.
The judge reached the decision after reviewing the facts and arguments of GHL and AMCON regarding the former’s legal representation in court, following proceedings on November 26, 2025, which were stalled due to a conflict in representation.
The court had earlier directed the parties to produce facts and written addresses buttressing their positions on GHL’s actual legal representative.
Facts presented by GHL before the court revealed that Dr. Abiodun Layonu, SAN, was engaged as counsel for GHL by a letter dated September 17, 2025, with the appointment directed by Prince Nduka Obaigbena, the chairman of GHL.
Court records also showed that Dr. Abiodun Layonu, SAN, had represented GHL in all proceedings of the trial court in respect of the loan dispute.
For AMCON, its submission was that Seyi Akinwumi was appointed by AMCON as the receiver of General Hydrocarbons Limited on September 18, 2025.
In furtherance of his duties as receiver-manager, by a letter of instruction dated November 14, 2025, he appointed Mr. Kayode Adeluola, SAN, and Mr. Oluseye Opasanya, SAN, as legal counsel for GHL and subsequently filed a notice of change of counsel before the court.
Ruling on the matter, Justice Lewis-Allagoa held that the appointment of Mr. Oluseye Opasanya, SAN, and Mr. Kayode Adeluola, SAN, by the receiver-manager as counsel for GHL was “inappropriate and offends the law.”
“The judgment of a court of competent jurisdiction subsists until set aside on appeal. While a judgment subsists, every person affected by it, or against whom an order is made, must obey it, even if it appears wrong,” the judge said.
Naijaonpoint previously reported that General Hydrocarbons Limited (GHL) faulted what it described as “an unlawful attempt by AMCON to appoint a receiver over GHL,” citing pending court cases related to the matter.
This followed a receivership advertisement published in some national newspapers announcing the appointment of a receiver by AMCON over GHL’s assets.
According to the advert dated November 6, 2025, all alleged debtors of the company were instructed to remit payments directly to the appointed receiver, Oluseye Akinwumi.
The notice further directed all creditors to submit proof of claims, along with sworn affidavits verifying their debts, within 30 days of publication.
For banks and financial institutions, the advert instructed that all deposits, cash, and other assets held on behalf of GHL be frozen pending further directives from the receiver.
The development appears to be linked to an ongoing legal dispute between GHL and First Bank of Nigeria Limited over Oil Mining Lease (OML) 120.
The development appears to be linked to an ongoing legal dispute between GHL and First Bank of Nigeria Limited over Oil Mining Lease (OML) 120.
Several court cases have been filed by both parties in relation to the matter.