AMCON takes over Obaigbena’s oil firm over FirstBank loan dispute

The Asset Management Corporation of Nigeria (AMCON) has placed General Hydrocarbons Limited (GHL), an oil exploration and production company owned by media mogul Nduka Obaigbena, under receivership following a debt dispute with FirstBank.

In a notice dated November 6, 2025, AMCON-appointed receiver Oluseyi Akinwunmi directed all creditors to submit their claims within 30 days and make payments into a designated receivership account.

The order also froze GHL’s deposits, citing unpaid loans allegedly linked to the company’s involvement in Oil Mining Lease (OML) 120.

GHL sources, however, insist that an interim injunction from the Federal High Court, issued on September 22 by Justice Lewis-Allagoa, restrains enforcement actions pending further hearing.

Despite this, the public listing of the receivership notice effectively places GHL’s assets under AMCON’s control.

The takeover marks a new financial challenge for Obaigbena, founder of ThisDay Newspaper and Arise Television, whose media enterprises have not been directly affected but could face collateral risks.

Thisday/Arise’s founder, Obaigbena, donates N1bn to Ibori’s varsity

AMCON’s move, executed under Section 48 of the AMCON Act (2010), underscores ongoing questions about corporate governance, creditor security, and the interlinkages between Obaigbena’s energy ventures and media investments.

In September 2025, the Court of Appeal revived the legal battle between FirstBank and GHL after the lender accused the company of diverting proceeds from a crude oil cargo pledged as loan collateral.

The court ordered that all proceeds from the disputed sale be paid into a controlled account pending final judgement.

As the receivership unfolds, attention now turns to how Obaigbena will navigate creditor negotiations and safeguard his media interests amid growing financial and legal pressures.

The Star