AMCON Accuses GHL Of Concealing Receiver’s Appointment As Court Hears Fierce Legal Battle Over $717m Debt

A heated legal battle has erupted 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 secure a restraining order against the appointment of a Receiver/Manager over the company’s assets.

The dispute, which revolves around an alleged indebtedness of $717 million, has spiralled into allegations of suppression of material facts, abuse of court process, contempt of court, and attempts to manipulate judicial procedures.

At the resumed hearing on preliminary objections in GHL & Anor. v. Nduka Obaigbena, counsel for AMCON and the appointed Receiver/Manager, Chief Ade Adedeji, SAN, argued that the receivership had been validly concluded on 18 September 2025—five days before GHL appeared before Justice Allagoa on 23 September and obtained an order restraining the appointment of a receiver.

Chief Adedeji told the court that GHL’s indebtedness to AMCON was not contested, adding that a proposal by FirstBank to settle the debt never matured into a binding agreement. He explained that the parties were governed by a tripartite agreement involving AMCON, FirstBank, and GHL, under which AMCON maintained a first charge over GHL’s principal assets, OML 120 and 121.

“The loan remains due and outstanding. FirstBank’s offer never crystallized, and AMCON’s security interest remained intact,” he said.

The senior advocate maintained that AMCON had validly appointed the Receiver, Mr. Seyi Akinwunmi, on 18 September. According to him, the instrument of appointment was executed, stamped, and filed for registration before GHL rushed to court—allegedly after receiving leaked information about the impending receivership.

He argued that no court could restrain an already completed act, describing GHL’s application before Justice Allagoa as “illegal, unlawful, and preposterous.” Citing Supreme Court authorities, he submitted that such steps amounted to professional misconduct.

On allegations of multiplicity of suits, Chief Adedeji clarified that there was no abuse of process because the matter before Justice Aluko—brought under Sections 553–556 of the Companies and Allied Matters Act (CAMA) and Section 48 of the AMCON Act—concerned a statutory receivership. He argued that this was entirely different from the debt-related proceedings before Justice Allagoa, as the causes of action, parties, and subject matter differed.

“Receivership is sui generis, and the present proceedings cannot be equated with the earlier suit,” he said.

Responding to claims of concealment, he stated that the Receiver was neither a party to nor aware of the earlier proceedings before Justice Allagoa and therefore had no duty of disclosure. He also emphasized that a Receiver appointed over a company acts as an agent of that company—not of the creditor that appointed him.

However, counsel to GHL, Dr. Abiodun Layonu, SAN, disagreed, maintaining that the earlier suit directly challenged the right to appoint a receiver.

Despite the magnitude of the alleged debt and AMCON’s accusations that GHL may have diverted assets, the company continues to contest the appointment of Mr. Akinwunmi as Receiver/Manager. Chief Adedeji accused GHL of manipulating the judicial process, arguing that the order obtained before Justice Allagoa was secured through the suppression of material facts and represented an attempt to obstruct the Receiver’s lawful duties.

GHL was placed in receivership through a Deed of Appointment dated 18 September 2025.

Subsequently, on 24 October 2025, Justice Aluko issued far-reaching interim orders empowering the Receiver to take possession and manage all company assets pending the determination of a motion on notice.

The orders covered all movable and immovable assets—including GHL’s office on Awolowo Road and its interests in OML 120—and imposed sweeping Mareva injunctions restraining over 30 banks and several fintech companies from dealing with GHL’s funds.