STATEMENT BY GENERAL HYDROCARBONS LIMITED (GHL)

STATEMENT BY GENERAL HYDROCARBONS LIMITED (GHL)

General Hydrocarbons Limited (GHL) notes the unlawful attempt by the Asset 

Management Corporation of Nigeria (AMCON) to appoint a Receiver over GHL 

inspite of a subsisting Court Order issued by Justice Lewis Allagoa in Suit No: 

FHC/L/CS/1903/2025 on the 23rd of September 2025 and reinforced in the presence 

of AMCON that were in court on the 22nd of October 2025, which states amongst 

others as follows:  

*“that an order of interim injunction is granted restraining the defendants (AMCON, 

MD of AMCON, FBN & AGF) either by themselves or acting through their servants, 

agents, assigns, privies, affiliates, howsoever described including any person 

claiming under their authority 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, over the Applicants (GHL), the Applicant’s assets, or assets 

belonging the Applicant’s Directors or Shareholders on the basis of the Loan 

Purchase and Limited Service Agreement, the Outstanding Exposure Tripartite 

Deed, the Intercreditor and Security Sharing Agreement, or any other agreement 

related to the 1st Defendant’s (AMCON’s) purchase of the 3rd Defendant’s (FBN’s) 

Non-Performing Loan (the Atlantic Energy’s loan) against the Applicant (GHL), 

pending the hearing and determination of the Motion on Notice in this suit.” 

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 is not indebted directly or indirectly to AMCON in any way shape or form, and 

GHL does not have any Non-Performing Loans with FBN, AMCON or indeed with 

any other Bank or Financial Institution in Nigeria. 

 

This attempt by officials and institutions to abuse the Court process and corruptly 

takeover assets belonging to GHL will be resisted vehemently in accordance with the 

laws of the land. 

GHL has taken the matter of its Crude Oil to the Supreme Court in Suit No: 

SC/CV/929/2025 and has moved to set-aside the inconsistent arbitration award at 

the Federal High Court in Suit No: FHC/L/CS/2241/2025. 

GHL along with all the relevant parties are returning to Justice Allagoa's court on the 

11th of November 2025, where GHL will report this material non-disclosure and 

flagrant abuse of, and disobedience to Justice Lewis Allagoa’s Orders. 

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. 

Signed: 

Management