The management of General Hydrocarbons Limited (GHL) has accused the Asset Management Corporation of Nigeria (AMCON) of defying lawful court orders and attempting to unlawfully seize its assets over an alleged Non-Performing Loan (NPL) purchased from First Bank of Nigeria (FBN) Plc.

In a statement released on Thursday, GHL insisted it “never borrowed any money from AMCON in any shape or form nor had any Non-Performing Loans with FBN, AMCON or any other Bank or Financial Institution,” affirming its determination to pursue lawful redress.

GHL said AMCON’s recent move to appoint a Receiver/Manager for the firm “was in violation of a subsisting court order of a Federal High Court in Lagos, which restrained the federal government’s agency from taking any action against the assets of the firm.”

Justice Lewis Allagoa had issued the restraining order on September 23, 2025, and reinforced it on October 22, 2025, in Suit No: FHC/L/CS/1903/2025. Despite this, AMCON appointed Oluseyi Akinwunmi as Receiver/Manager of GHL, claiming the Deed and Notice of Appointment were dated September 18, 2025, and registered under the Companies and Allied Matters Act 2020.

GHL condemned the appointment, stating: “General Hydrocarbons Limited (GHL) notes the unlawful attempt by the Asset Management Corporation of Nigeria (AMCON) to appoint a Receiver over GHL in spite of a subsisting Court Order…which states amongst others as follows:

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‘That an order of interim injunction is granted restraining the defendants (AMCON, MD of AMCON, FBN & AGF) … 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 … the appointment of a Receiver/Receiver Manager…pending the hearing and determination of the Motion on Notice in this suit.’”

The company stressed: “We expect institutions and Government agencies to obey Court Orders and govern Nigeria based on the rule of law. This attempt by officials and institutions to abuse the Court process and corruptly take over assets belonging to GHL will be determined according to law.”

GHL also disclosed that the matter concerning its crude oil is pending at the Supreme Court in Suit No: SC/CV/929/2025, where it is seeking to “set aside the inconsistent arbitration award at the Federal High Court in Suit No: FHC/L/CS/2241/2025.”

The firm confirmed that it and other parties in the case would return to Justice Allagoa’s court on November 11, 2025, to report the “flagrant abuse and material non-disclosure and disobedience of Justice Lewis Allagoa’s Orders.”

“As law abiding citizens, we urge all our stakeholders to remain calm as we believe justice will be served according to the law,” the statement added.

GHL also reaffirmed its legal action at the Supreme Court regarding its crude cargo and efforts to set aside the recent arbitration award against it.