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General Hydrocarbons Limited (GHL) has raised alarm over what it describes as an unlawful and contemptuous attempt by the Asset Management Corporation of Nigeria (AMCON) to appoint a Receiver over the company in defiance of a valid court order.

In a strongly-worded statement on Wednesday, the company stated that Justice Lewis Allagoa of the Federal High Court, Lagos had on 23 September 2025 — in Suit No: FHC/L/CS/1903/2025 — issued an interim injunction expressly restraining AMCON, its Managing Director, the Attorney General of the Federation, First Bank of Nigeria (FBN), and their agents from taking any steps to enforce any rights over GHL or its assets pending the determination of the substantive motion.

GHL noted that the order was again reinforced in open court on 22 October 2025, in the presence of AMCON’s representatives.

The court injunction, as quoted in the GHL statement, specifically restrains AMCON and all persons acting on its behalf from:
“…taking any steps or continuing with any steps whatsoever to enforce any rights against the Applicant (GHL) or its assets, including but not limited to freezing the accounts of the Applicants, its Directors or Shareholders, the appointment of a Receiver/Receiver Manager, Asset Manager, Recovery Agent, etc…”

The order further blocks any such enforcement actions arising from transactions or agreements relating to AMCON’s purchase of First Bank’s non-performing loan against GHL.

According to the company, the attempt to override the court directive amounts to a calculated abuse of judicial processes, and an alleged scheme by institutions and parties acting in collusion to wrongfully take over GHL’s assets.

“We expect institutions and Government agencies to obey Court Orders and govern Nigeria based on the rule of law, and not lend themselves to be used as willing tools in the hands of private companies to oppress and intimidate innocent citizens, corporate or individual,” GHL said.

The energy firm further asserted that it is not indebted to AMCON, FBN, or any financial institution in Nigeria in any form — either directly or indirectly — and therefore described the attempts to appoint a Receiver as “corrupt, fraudulent, and driven by ulterior motives.”

GHL disclosed that the dispute around its crude oil entitlements has now reached the Supreme Court in Suit No: SC/CV/929/2025. It added that it has also filed to set aside what it termed an inconsistent arbitration award at the Federal High Court in Suit No: FHC/L/CS/2241/2025.

The company confirmed that all relevant parties — including AMCON and its legal proxies — are expected to return to Justice Allagoa’s court on 11 November 2025, where GHL intends to formally report the alleged material non-disclosure, abuse of court processes, and disregard for the subsisting orders of the Federal High Court.

While insisting it will “vehemently resist” any illegal takeover attempt, the company appealed for calm among partners, investors, and the general public.

“As a law-abiding citizen, we urge all our stakeholders to remain calm as we are certain that justice will be served according to the law,” the statement added.

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