In letters dated 6 November 2025, the law firm Adedeji & Owotomo, LLP, acting for Seyi Akinwunmi—the receiver/manager appointed by AMCON—urged banks, including First Bank Limited, to comply with a Mareva injunction issued by the Federal High Court in Lagos on 24 October. The injunction prohibits the banks from releasing or dealing with any funds or assets belonging to General Hydrocarbons pending the determination of a motion on notice in a related lawsuit.
The letters explicitly instructed the banks to freeze all accounts, deposits, and assets of the company and to refrain from acting on any instructions related to General Hydrocarbons until the court rules on the matter.
Court documents reviewed by PREMIUM TIMES show that Justice Akintayo Aluko of the Lagos Federal High Court had, on 24 October 2025, barred thirty-four financial institutions—including Guaranty Trust Bank, Access Bank, Citigroup Bank Nigeria, Fidelity Bank, First Bank of Nigeria, Stanbic IBTC Bank, Zenith Bank, and Standard Chartered Bank—from releasing or transacting any monies linked to General Hydrocarbons, its agents, proxies, or subsidiaries. The order will remain in effect until the hearing and determination of the pending motion.
Justice Aluko also granted Mr. Akinwunmi the authority to take over and preserve the company’s properties and assets, based on his appointment as receiver on 18 September 2025.
Earlier Court Injunctions and Legal Context
Prior to this latest order, Justice A. Lewis-Allagoa of the Lagos Federal High Court had, on 22 September 2025, issued an interim injunction restricting AMCON’s Managing Director, First Bank, and the Attorney General of the Federation from taking action against General Hydrocarbons or its assets over a debt owed by Atlantic Energy Drilling Concept Nigeria Limited. The injunction barred the enforcement of any measures against the company, including account freezes or appointment of asset managers, until the court determined the pending motion.
The legal battle traces back to a subrogation agreement signed on 29 May 2021. Under the agreement, General Hydrocarbons committed to settling an outstanding $718 million debt incurred by Atlantic Energy to First Bank. The debt later became an eligible bank asset acquired by AMCON. First Bank had also agreed to provide additional credit for the development of OML 120, which is held by General Hydrocarbons.
However, disputes emerged over the company’s alleged default on repayment obligations, leading First Bank to seek arbitration. General Hydrocarbons countered that the bank breached the financing agreement by failing to provide timely and adequate funding, thereby obstructing alternative financing arrangements and causing significant operational losses.
The arbitral panel ultimately found that First Bank’s financing obligations were conditional, not absolute, and dismissed all claims by General Hydrocarbons, including allegations of sabotage and demands for damages or termination of the subrogation agreement. First Bank was awarded $112,100 and N111.25 million in arbitration and legal costs, with noncompliance attracting a 10% annual interest rate.
General Hydrocarbons Pushes Back
In response to AMCON’s intervention, General Hydrocarbons issued a statement denying any indebtedness to AMCON or any other financial institution. The company described the appointment of a receiver as an “unlawful attempt” to seize its assets and indicated plans to challenge the arbitration award at the Federal High Court.
“The company will strongly resist any attempt to take over its assets,” the statement read, emphasizing ongoing legal efforts to set aside what it termed an “inconsistent arbitration award.”
As the legal standoff continues, the developments mark a significant escalation in the tussle between AMCON, First Bank, and General Hydrocarbons, highlighting the complex intersections of corporate debt recovery, arbitration enforcement, and regulatory oversight in Nigeria’s oil and gas sector.