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General Hydrocarbons Limited (GHL), the oil exploration and production company owned by Nigerian media mogul Nduka Obaigbena, has been placed under receivership by the Asset Management Corporation of Nigeria (AMCON), over unpaid loans owed to First Bank, a commercial bank controlled by billionaire Femi Otedola.
In a notice dated Nov. 6, 2025, AMCON-appointed receiver Oluseyi Akinwunmi told creditors to pay into a dedicated receivership account, froze the company’s deposits and gave them 30 days to submit their claims. The action is based on a reported debt dispute involving First Bank of Nigeria and the oil-firm’s involvement in Oil Mining Lease 120.
Although sources at GHL maintain that a Federal High Court interim injunction remains in place restraining enforcement—stemming from the Sept. 22 ruling by Justice Lewis-Allagoa—the public listing of the receivership notice places the company’s assets visibly on the line.
The move comes at a delicate moment for Obaigbena, who also owns Arise Television and the ThisDay newspaper. While neither media asset has been officially placed in receivership yet, market observers say the corporate strain on GHL could spill over and trigger broader creditor action across his holdings.
Media sector sources say the ripple effect could test Obaigbena’s position as an anchor for independent journalism in Nigeria, especially given the tight relationship between media investment and financial backing in the industry.
With AMCON exercising powers under Section 48 of the AMCON Act (2010), the situation raises key questions about the underlying security for creditors, corporate governance and asset links between Obaigbena’s energy and media interests.
The broader implications stretch beyond this single firm. One energy-sector insider noted: “When an oil-trading contractor is under legal pressure like this, it often forces banks to revisit exposure not only to the trading business but to the wider group assets.”
For Obaigbena, who leveraged his oil-industry connections to build a media empire that includes high-profile publications and broadcasters, the spotlight now turns to how he will manage the receivership process, negotiate creditor claims and protect the media franchises that have made him a prominent figure in West African business circles.
In September 2025, Nigeria’s Appeal court reopened the legal case between First Bank of Nigeria and GHL. The lender accused GHL of diverting the proceeds of a crude-oil cargo that had been pledged as collateral for a substantial loan, claiming the funds were channelled elsewhere instead of being used to service the facility.
In its ruling, the court ordered that any money realised from the sale of the crude be paid into an account under its control, pending a final determination of the dispute.
