LAGOS — Justice Ambrose Lewis-Allagoa of the Federal High Court, Lagos, has adjourned till December 8, 2025, to determine the rightful legal representative of General Hydrocarbons Limited in its ongoing suit against the Asset Management Corporation of Nigeria (AMCON) and other parties.
At Wednesday’s resumed hearing, two Senior Advocates of Nigeria (SAN), Dr. Abiodun Layonu and Mr. Oluseye Opasanya, each claimed to represent the company. Dr. Layonu maintained that he remains the counsel on record for General Hydrocarbons Limited, filing an application and supporting affidavit dated December 3, 2025, seeking court confirmation of his authority. He also argued that AMCON’s appointment of a Receiver/Manager contravened existing court orders.
Conversely, Mr. Opasanya submitted that AMCON had formally appointed a Receiver/Manager over the company since September 18, 2025, presenting an affidavit dated December 2 as proof. He argued that with the appointment of a Receiver, the powers of the company’s directors—including the authority to hire legal counsel—were effectively suspended, urging the court to recognize the Receiver’s choice of counsel.
The dispute has stalled ongoing contempt proceedings filed by General Hydrocarbons Limited against AMCON, linked to interim orders restraining the agency from interfering with the company’s assets or pursuing recovery actions.
The underlying case involves Oil Mining Leases (OMLs) 120 and 121, connected to a structured recovery arrangement with First Bank of Nigeria and Atlantic Energy Drilling Concept Limited over a significant non-performing loan.
Justice Lewis-Allagoa adjourned the matter to December 8 for a ruling on which counsel is properly authorized to represent the company.
