General Hydrocarbons Limited (GHL) has accused the Asset Management Corporation of Nigeria (AMCON) of defying a subsisting court order by attempting to appoint a receiver over its assets.
GHL, in a statement yesterday, said the move violated an interim injunction issued on September 23, by Justice Lewis Allagoa of the Federal High Court, Lagos, in Suit FHC/L/CS/1903/2025, and reinforced on October 22, in the presence of AMCON’s representatives.
The court order, according to GHL, expressly restrained AMCON, its Managing Director, First Bank of Nigeria (FBN), the Attorney General of the Federation (AGF) and their agents from taking any enforcement steps against the company or its assets.
The injunction, the statement alleged, specifically prohibited actions such as freezing GHL’s accounts, appointing a receiver or recovery agent, or seizing assets belonging to the company, its directors, or shareholders pending the determination of the substantive suit.
GHL described AMCON’s alleged action as a “flagrant abuse and disobedience of a valid court order”, warning that it would resist any attempt to take over its assets in accordance with the laws of the land.
The company insisted that it was not indebted to AMCON, First Bank, or any other financial institution, stressing that it had no non-performing loans.
“We expect institutions and government agencies to obey court orders and uphold the rule of law, not to be used as tools by private entities to intimidate or oppress innocent citizens,” GHL said.
The firm added that it had taken the issue of its crude oil dispute to the Supreme Court in Suit SC/CV/929/2025 and filed another motion at the Federal High Court, Lagos, to set aside what it described as an “inconsistent arbitration award” in Suit FHC/L/CS/2241/2025.
GHL disclosed that all parties in the ongoing legal battle were expected to appear before Justice Allagoa on November 11, where it plans to report what it termed a “material non-disclosure and contempt” of the court’s orders.
The firm appelaed to its stakeholders to remain calm and be confident that justice will prevail.
