Basic Hydrocarbons Restricted positioned on receivership by AMCON 

Basic Hydrocarbons Restricted (GHL), an organization owned by media mogul Nduka Obaigbena, has been positioned on receivership over an alleged debt obligation.

In line with a newspaper commercial seen by Nairametrics in Management and New Telegraph dated November 6, all debtors of the corporate have been instructed to remit funds on to the appointed Receiver, Oluseyi Akinwunmi.

Below Black’s Regulation Dictionary, receivership refers to a authorized course of through which a 3rd occasion (the receiver) is appointed by a courtroom to handle, protect, or liquidate an organization’s belongings with the intention to fulfill creditor claims or resolve disputes underneath judicial supervision.

Particulars of the Receivership Commercial 

In line with the commercial issued by Akinwunmi, the “Commercial of Appointment of Receiver” over GHL was made pursuant to Part 48 (1) and (2) of the Asset Administration Company of Nigeria (AMCON) Act, 2010 (as amended).

• The supply empowers AMCON to behave as or appoint a receiver for a debtor firm.

The discover reads partly: 

“Take discover that I, Oluseyi Akinwunmi, FBR, of No. 3C Bashorun Okusanya Avenue, Off Admiralty Highway, Lekki Section 1, Lagos State, have been appointed Receiver/Supervisor of Basic Hydrocarbons Restricted (‘the Firm’) by a Deed of Appointment dated 18th September 2025 and Discover of Appointment of the identical date, duly registered underneath the provisions of the Corporations and Allied Issues Act, 2020.” 

The discover additional directed all collectors to submit their proof of claims together with a sworn affidavit verifying the debt inside 30 days of the publication date.

For banks and different monetary establishments, the advert instructed that every one deposits, money, and different belongings at present held in respect of GHL needs to be frozen till additional directions are issued by the Receiver.

“All holders of such deposits and present accounts ought to contact the Receiver, stating the balances. The place secured amenities are granted, the kind of safety connected must also be disclosed,” the discover added. 

For additional inquiries, events had been directed to contact Mrs. Funke Onakoya.

GHL Reacts 

Nonetheless, sources inside GHL declare that the corporate just isn’t underneath receivership, pursuant to an interim ruling of the Federal Excessive Courtroom sitting in Lagos, presided over by Justice Lewis-Allagoa.

In line with the ruling delivered on September 22, 2025, and seen by Nairametrics, GHL, by means of a movement ex parte, sued the Asset Administration Company of Nigeria (AMCON), First Bank of Nigeria, the Legal professional-Basic of the Federation, and one other occasion.

GHL particularly sought an interim injunction restraining the defendants or their brokers from implementing any rights in opposition to the applicant or its belongings — together with, however not restricted to, freezing the accounts of the applicant, its administrators, or shareholders; the appointment of a receiver, receiver-manager, asset supervisor, or restoration agent; or taking any motion in opposition to the applicant or its belongings based mostly on any Mortgage Buy and Restricted Servicing Settlement, Excellent Publicity Tripartite Deed, Intercreditor and Safety Sharing Settlement, or another associated settlement.

The corporate additionally sought an interim injunction restraining the defendants from taking any steps by any means in opposition to the applicant or its belongings relating to the debt incurred by Atlantic Vitality Drilling Idea Nigeria Restricted to First Bank, which led to a deficit within the bank’s books amounting to US$718 million, later bought by AMCON as an Eligible Bank Asset, pending the listening to and dedication of the Movement on Discover within the swimsuit.

In line with the courtroom ruling, Justice Lewis-Allagoa granted GHL’s request and adjourned the matter to October 22, 2025, for listening to.

Sources inside GHL declare that the decide bolstered the injunction on October 22, 2025, and additional adjourned the case to November 11, 2025.

Extra Insights 

• Whereas Nairametrics couldn’t independently confirm the precise courtroom verdict that led to the receivership publication, the event could also be linked to an ongoing authorized dispute between GHL and First Bank of Nigeria Restricted over Oil Mining Lease (OML) 120.
• Lately, a tribunal sitting in Lagos ordered Basic Hydrocarbons Restricted to pay First Bank of Nigeria Restricted (FirstBank) $112,100 and ₦111 million as prices in reference to the OML 120 dispute.
• Justice Kumai Bayang Akaahs, who presided over the case, dismissed GHL’s Discover of Arbitration in opposition to First Bank, ruling that the corporate didn’t substantiate its claims that the bank had an “absolute obligation” to fund the exploration, growth, and manufacturing of OML 120 underneath a Subrogation Settlement dated Could 29, 2021.