Court Fixes Dec. 8 To Resolve Confusion Over Counsel in General Hydrocarbons’ High-Stake OMLs 120/121 Case

Posted on December 3, 2025

Justice Ambrose Lewis-Allagoa of the Federal High Court, Lagos, has fixed December 8, for ruling on the dispute over who is legally authorised to represent General Hydrocarbons Limited in a suit filed by the company against the Asset Management Corporation of Nigeria (AMCON) and others.

At the resumed hearing, two senior lawyers —Dr. Abiodun Layonu, SAN, and Mr. Oluseye Opasanya, SAN— each announced appearance for the plaintiff.

Dr. Layonu insisted he remained the counsel on record for General Hydrocarbons Limited, and that he had complied with the court’s directive by filing an application and further affidavit dated December 3, 2025.

He urged the court to affirm him as the proper legal representative of the company and argued that AMCON’s appointment of a Receiver/Manager was made in violation of existing court orders.

However, Opasanya, SAN, informed the court that AMCON had appointed Receiver/Manager over the company since 18 September 2025 and he had exhibited the instrument of appointment in an affidavit dated December 2, 2025.

He submitted that upon the appointment of a Receiver, the authority of the company’s directors—including the power to appoint a lawyer became impossible and any lawyer acting on their instruction lost authority.

Relying on Supreme Court authority, he argued that the directors’ powers had been “frozen and paralysed,” and urged the court to approve the change of counsel in favour of the Receiver.

The dispute had stalled the contempt proceedings filed by General Hydrocarbons Limited against AMCON.

The contempt application is tied to earlier interim orders restraining AMCON from taking recovery steps against the company or interfering with its assets pending determination of a motion including but not limited to restraining AMCON from appointing a receiver/manager.

The underlying suit relates to Oil Mining Leases (OMLs) 120 and 121, which were part of a structured recovery arrangement involving First Bank of Nigeria and Atlantic Energy Drilling Concept Limited over a substantial non-performing loan. Under this arrangement, General Hydrocarbons Limited was permitted to operate the assets under a Tripartite Agreement with First Bank and AMCON, applying production revenues toward the loan repayment.

GHL later came under scrutiny following allegations by AMCON and First Bank of operational and financial misconduct by the former management, including revenue diversion, unpaid contractors, and the risk of asset shutdown.

Citing the urgency to protect the assets, AMCON appointed a Receiver over GHL on September 18, 2025, under Sections 34 and 48 of the AMCON Act.

AMCON maintains that the former directors, whose powers were extinguished by the receivership, nonetheless filed the suit without lawful authority in an attempt to obstruct the Receiver’s work.

Since assuming control, the Receiver has taken steps to stabilise operations, while accusing the former management of attempting to misuse court orders to undermine the receivership.

Justice Lewis-Allagoa adjourned the matter to December 8, 2025, for ruling on which counsel is properly authorised to represent the plaintiff.

Leave a Reply

Your email address will not be published. Required fields are marked *

Latest News

The Ogun State Police Command has reaffirmed its commitment to strengthening police-academia relations as... Continue
The Permanent Chairman of the Southern Nigerian Traditional Rulers Council (SNTRC), Arole Oodua Olofin... Continue
The governorship candidate of APC in Ogun State, Senator Solomon Adeola Yayi, has stated... Continue
KINGSLEY EBERE  Stakeholders and members of the Igbo community in Mosan-Okunola Local Council Development... Continue
ADEOLA OGUNLADE    The Executive Chairman of Ikeja Local Government, Comrade Akeem Olalekan Dauda... Continue
  The Orashi National Congress, ONC, has expressed appreciation to Grammy-winning artist Burna Boy,... Continue
The Chief Executive Officer of Buruj Football Club and Buruj Sports Academy, Dr. Salaudeen... Continue
Senator Solomon Olamilekan Adeola, Yayi, Senator representing Ogun West Senatorial District, has facilitated and... Continue
Notable Niger Delta socio-cultural group, the Orashi National Congress, ONC, has congratulated the people... Continue
CYRIACUS IZUEKWE  Rite Foods Limited has announced the expansion of its beverage portfolio with... Continue

UBA


Access Bank

Twitter

Sponsored