The Asset Management Corporation of Nigeria (AMCON) has assumed control of General Hydrocarbons Limited (GHL), a petroleum company linked to media entrepreneur Nduka Obaigbena, as a credit dispute with First Bank intensifies.
In a receivership notice dated November 6, 2025, AMCON-appointed receiver, Oluseyi Akinwunmi, ordered all creditors to lodge claims within 30 days and directed that GHL’s bank accounts be frozen pending further action. The takeover is tied to lingering obligations reportedly connected to Oil Mining Lease (OML) 120.
GHL insists that a standing court injunction still blocks any enforcement moves, raising the likelihood of another protracted legal showdown. Nonetheless, AMCON’s public declaration suggests that the debt issue has reached a critical point.
Financial analysts warn the intervention could ripple beyond the oil firm, potentially putting pressure on Obaigbena’s flagship media assets — Arise News and ThisDay newspapers — as he works to shield his wider business interests from creditor fallout.
The development marks a fresh chapter in the ongoing tussle between the billionaire publisher and his financiers, heightening uncertainty around the future of his oil venture.