The Asset Management Corporation of Nigeria (AMCON) has written to thirty-four financial institutions in the country, requesting them to freeze the assets of General Hydrocarbons, an oil servicing company currently in receivership.
General Hydrocarbons is majority-owned and controlled by Nduka Obaigbena, the chairman and editor-in-chief of THIS DAY newspaper and the ARISE Media Group. The company is facing financial difficulties, with its assets now under legal scrutiny.
In a letter dated 6 November 2025, obtained by PREMIUM TIMES, Adedeji & Owotomo, LLP, legal representatives for Seyi Akinwunmi – the receiver/manager appointed by AMCON – instructed First Bank Limited to comply with a Mareva injunction issued by the Federal High Court in Lagos on 24 October. The injunction prohibits the bank from releasing or dealing with any funds or assets belonging to General Hydrocarbons until the resolution of a pending legal motion.
“We therefore urge you, in the strongest terms, to comply with the terms of the said order by freezing all accounts, deposits, and placing a no-debit instruction on all accounts and assets belonging to General Hydrocarbons (in receivership) in your custody and control,” the letter read.
The legal team also directed the bank to refrain from processing any transactions or instructions regarding General Hydrocarbons until further court directions are issued.
Court documents seen by PREMIUM TIMES revealed that Justice Akintayo Aluko of the Lagos Federal High Court had granted a Mareva injunction on 24 October 2025, barring thirty-four financial institutions from releasing or dealing with any funds or assets belonging to General Hydrocarbons. This includes assets held in any account maintained by the company, its agents, subsidiaries, or proxies.
The financial institutions named in the injunction include major banks such as Guaranty Trust Bank, Access Bank, Citigroup Bank Nigeria, Ecobank Nigeria, Fidelity Bank, First Bank of Nigeria, and Standard Chartered Bank Nigeria, among others.
The order will remain in effect until the hearing and determination of the motion on notice, according to the judge.
In addition, the court granted leave to Mr Akinwunmi, acting as the receiver of General Hydrocarbons, to take possession of and preserve the company’s properties and assets, as per his appointment on 18 September 2025.
Meanwhile, earlier court documents showed that on 22 September 2025, Justice A. Lewis-Allagoa of the Federal High Court had issued an interim injunction preventing AMCON’s managing director, First Bank, and the Attorney General of the Federation from taking any action against General Hydrocarbons or its assets in relation to a debt incurred by Atlantic Energy Drilling Concept Nigeria Limited to First Bank. The injunction also prohibited any steps to enforce rights against the energy firm or its assets, pending the outcome of the motion.
Background to the Dispute
The legal dispute between General Hydrocarbons and First Bank of Nigeria dates back to a subrogation agreement signed on 29 May 2021, under which General Hydrocarbons agreed to clear an outstanding debt of $718 million owed by Atlantic Energy to First Bank. AMCON later purchased this liability as part of its eligible bank assets.
However, General Hydrocarbons claims that First Bank failed to honour its part of the agreement by not providing the required funding for the development and production of OML 120, an oil field in which General Hydrocarbons holds interests. As a result, General Hydrocarbons initiated arbitration proceedings.
In October 2025, an arbitral tribunal ruled that General Hydrocarbons must pay First Bank $112,100 and N111.25 million in legal and arbitration costs. Justice Akaah Kumai, who issued the ruling, stated that failure to comply with the order would attract an annual interest rate of 10 per cent on the outstanding amount.
The tribunal’s decision stems from a dispute over whether First Bank had breached its obligation to finance OML 120 development. General Hydrocarbons argued that the bank sabotaged alternative funding efforts and caused delays in the development of the oil field. In response, First Bank maintained that its financing commitment was conditional, subject to review, and in line with banking policies.
The arbitral panel upheld First Bank’s position, ruling that its financing obligation was not absolute and rejecting General Hydrocarbons’ claims of breach. The tribunal dismissed all reliefs sought by General Hydrocarbons, including damages for unpaid contractor fees, and upheld the subrogation agreement.
In a statement issued on Thursday, General Hydrocarbons firmly denied any indebtedness to AMCON, claiming that it does not have any non-performing loans with AMCON, First Bank, or any other financial institution. The company described AMCON’s move to appoint a receiver as “unlawful” and vowed to resist any attempt to seize its assets.
General Hydrocarbons has also indicated that it is taking legal action to set aside the arbitration award, claiming it is inconsistent and unjust. The company intends to challenge the decision in the Federal High Court.