Receivership: AMCON moves to freeze GHL bank accounts, writes Nigerian financial institutions

The Asset Management Corporation of Nigeria (AMCON), in its bid to freeze the bank accounts of General Hydrocarbons Limited, over alleged debt following receivership, has written thirty-four financial institutions in the country in that regard.

...-no-debit demand is reportedly contained in letters dated 6 November 2025, by Adedeji & Owotomo, LLP, counsel to Seyi Akinwunmi – the receiver/manager AMCON reportedly appointed to take over the company, Premium Times reports.

Akinwunmi was said to have informed First Bank Limited, via the letter, that the Federal High Court Lagos on 24 October issued a Mareva injunction barring the bank from releasing or dealing with any funds/assets of the firm until the determination of the motion on notice in a pending suit.

“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 the first applicant [General Hydrocarbons (in receivership)] in your custody and control,” the letter partly read.

Naijaonpoint previously reported that GHL, a company owned by media mogul Nduka Obaigbena, was placed on receivership over an alleged debt obligation.

According to a newspaper advertisement seen by Naijaonpoint in Leadership and New Telegraph dated November 6, all debtors of the company were instructed to remit payments directly to the appointed Receiver, Oluseyi Akinwunmi.

For banks and other financial institutions, the advert instructed that all deposits, cash, and other assets currently held in respect of GHL should be frozen until further instructions are issued by the Receiver.

Reacting to AMCON’s move, GHL faulted what it described as “an unlawful attempt by the Asset Management Corporation of Nigeria (AMCON) to appoint a Receiver over GHL,” citing pending court cases related to the matter.

The company highlighted a “subsisting court order” issued by Justice Lewis Allagoa of the Federal High Court, Lagos, in Suit No: FHC/L/CS/1903/2025, dated September 23, 2025, saying the verdict was allegedly reinforced in the presence of AMCON representatives on October 22, 2025.

Naijaonpoint reports that the development may be linked to an ongoing legal dispute between GHL and First Bank of Nigeria Limited over Oil Mining Lease (OML) 120.

Recently, a sitting in Lagos ordered General Hydrocarbons Limited to pay First Bank of Nigeria Limited (FirstBank) $112,100 and N111 million as costs in connection with the OML 120 dispute.

Justice Kumai Bayang Akaahs, who presided over the case, dismissed GHL’s Notice of Arbitration against First Bank, ruling that the company failed to substantiate its claims that the bank had an “absolute obligation” to fund the exploration, development, and production of OML 120 under a Subrogation Agreement dated May 29, 2021.

But GHL later disclosed that it has taken the issue of its crude oil transactions involving some financial institutions to the Supreme Court in Suit No: SC/CV/929/2025.

The company also stated that it has filed an application at the Federal High Court to set aside the arbitration award against it.

GHL added that all parties are expected to return to Justice Allagoa’s court on November 11, 2025, for the continuation of the hearing.