Basic Hydrocarbons Restricted (GHL) has faulted what it described as “an illegal try by the Asset Administration Company of Nigeria (AMCON) to nominate a Receiver over GHL,” citing pending court docket circumstances associated to the matter.
This follows a receivership commercial revealed in some nationwide newspapers on the appointment of a receiver by AMCON for GHL’s property.
In an announcement issued on Wednesday, GHL denied owing any social gathering to warrant being positioned beneath receivership.
The corporate highlighted a “subsisting court docket order” issued by Justice Lewis Allagoa of the Federal Excessive Court docket, Lagos, in Swimsuit No: FHC/L/CS/1903/2025, dated September 23, 2025, saying the decision was allegedly bolstered within the presence of AMCON representatives on October 22, 2025.
Quoting the mentioned ruling, GHL said:
“An order of interim injunction is granted restraining the defendants (AMCON, the MD of AMCON, FBN, and the Legal professional-Basic of the Federation) both by themselves or appearing by means of their servants, brokers, assigns, privies, or associates, howsoever described, together with any individual claiming beneath their authority, from taking any steps or persevering with with any steps by any means to implement any rights towards the Applicant (GHL) or its property, together with however not restricted to freezing the accounts of the Applicant, its Administrators or Shareholders, or appointing a Receiver/Receiver-Supervisor, Asset Supervisor, Restoration Agent, and many others., over the Applicant (GHL), its property, or property belonging to its Administrators or Shareholders, primarily based on the Mortgage Buy and Restricted Service Settlement, the Excellent Publicity Tripartite Deed, the Intercreditor and Safety Sharing Settlement, or another settlement associated to AMCON’s buy of FBN’s Non-Performing Mortgage (the Atlantic Power mortgage) towards GHL, pending the listening to and dedication of the Movement on Discover on this go well with.”
GHL denies being in debt
The corporate’s administration emphasised that it expects all establishments and authorities companies to obey court docket orders and uphold the rule of regulation.
In keeping with GHL, the corporate has by no means borrowed cash from AMCON in any kind and has no non-performing loans with First Bank of Nigeria Restricted, AMCON, or another monetary establishment.
It alleged that the try by sure officers and establishments to abuse court docket processes and unlawfully take over GHL’s property shall be addressed in accordance with the regulation.
Moreover, GHL disclosed that it has taken the problem of its crude oil transactions involving some monetary establishments to the Supreme Court docket in Swimsuit No: SC/CV/929/2025.
The corporate additionally said that it has filed an utility on the Federal Excessive Court docket to put aside an arbitration award towards it.
GHL added that each one events are anticipated to return to Justice Allagoa’s court docket on November 11, 2025, for the continuation of the listening to.
The corporate maintained that it’s going to report the alleged “flagrant abuse, materials non-disclosure, and disobedience of Justice Lewis Allagoa’s Orders” to the suitable judicial authorities.
It urged all stakeholders to stay calm as justice takes its course.
Backstory
GHL’s response follows a receivership commercial revealed in Management and New Telegraph newspapers.
In keeping with the advert dated November 6, 2025, all alleged debtors of the corporate had been instructed to remit funds on to the appointed Receiver, Oluseyi Akinwunmi.
The discover additional directed all collectors to submit proof of claims together with a sworn affidavit verifying their money owed inside 30 days of publication.
For banks and monetary establishments, the advert instructed that each one deposits, money, and different property held on behalf of GHL be frozen pending additional directives from the Receiver.
The event seems to be linked to an ongoing authorized dispute between GHL and First Bank of Nigeria Restricted over Oil Mining Lease (OML) 120.
A number of court docket circumstances have been filed by each events in relation to the matter.
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