Two senior attorneys’ scramble to symbolize Basic Hydrocarbons Restricted in its debt dispute go well with in opposition to the Asset Administration Company of Nigeria (AMCON) and others stalled proceedings the Federal Excessive Courtroom in Lagos stalled on Wednesday.
The disagreement emerged in go well with FHC/L/CS/1903/2025 earlier than a choose, Ambrose Lewis-Allagoa, when Abiodun Layonu and Oluseye Opasanya – each Senior Advocates of Nigeria – individually introduced appearances for the claimant.
Mr Layonu advised the courtroom he had been briefed by Basic Hydrocarbons.
However Mr Opasanya, appointed Receiver/Supervisor over the corporate by AMCON, insisted he’s the lawful consultant of the agency, arguing that the corporate had been in receivership earlier than the go well with was filed, a problem he stated the previous administrators did not disclose.
The conflicting positions triggered extended arguments on who was legally authorised to talk for the corporate.
Mr Lewis-Allagoa repeatedly pressed each attorneys to make clear who the courtroom ought to recognise, given the subsisting receivership.
With no decision, he ordered either side to file written addresses on the difficulty of illustration. The listening to continues on 3 December.
Contempt proceedings additionally stalled
The unresolved illustration dispute additionally halted contempt proceedings earlier initiated by Basic Hydrocarbons in opposition to AMCON.
The contempt utility was primarily based on interim orders issued by Mr Lewis-Allagoa restraining AMCON and its brokers from taking restoration steps, interfering with the corporate’s property, or appointing a receiver pending the listening to of a movement.
The substantive go well with considerations Oil Mining Leases (OMLs) 120 and 121, which had been tied to a structured loan-recovery association involving First Financial institution of Nigeria and Atlantic Vitality Drilling Idea Restricted.
To safe reimbursement of the non-performing mortgage, the previous Division of Petroleum Sources (now NUPRC) thought of permitting a certified operator to run the property. Basic Hydrocarbons (GHL) proposed to take over operations and apply income towards the mortgage.
A Tripartite Settlement subsequently signed by GHL, First Financial institution and AMCON documented GHL’s commitments and assigned it duty for the administration of the 2 property.
AMCON alleges mismanagement; appoints receiver
AMCON and First Financial institution later accused GHL’s former administration of income diversion, non-payment of contractors, operational lapses, and dangers that might set off shutdown of the FPSO.
Appearing underneath sections 34 and 48 of the AMCON Act, AMCON appointed a Receiver over GHL on 18 September, a transfer that legally suspended the powers of the corporate’s former administrators.
AMCON argues that, regardless of this, the previous administrators filed the current go well with within the firm’s title with out authority. The company says the interim orders obtained had been used to frustrate the receivership.
Background
On 6 November, AMCON-appointed Receiver/Supervisor Oluseyi Akinwunmi publicly introduced his takeover of the corporate—regardless of interim orders issued on 22 September 2025 restraining AMCON’s managing director, First Financial institution and the Legal professional-Basic from performing in opposition to Basic Hydrocarbons.
A newspaper commercial issued by the Receiver directed all debtors to pay him immediately and ordered collectors to file proof of claims inside 30 days.
He additionally instructed banks to carry all firm funds pending additional discover.
Courtroom filings seen by PREMIUM TIMES present that Mr Lewis-Allagoa had earlier barred any enforcement motion in opposition to the corporate or its property, together with freezing of accounts or appointment of a receiver.
Mr Akinwunmi, nonetheless, advised PREMIUM TIMES there was no order in opposition to the receivership on the time he was appointed.
One among Basic Hydrocarbons’ attorneys additionally confirmed that AMCON later obtained a separate courtroom order to implement the receivership from one other Federal Excessive Courtroom division, although particulars stay unclear.
Arbitration and mortgage legacy
The long-running dispute stems from a decade-old $490 million First Financial institution facility granted to Atlantic Vitality Drilling Ideas for oil operations underneath NPDC agreements. The mortgage turned non-performing.
AMCON bought the debt as an Eligible Financial institution Asset, in the end mirrored as a $718 million publicity.
In October 2024, an arbitration panel ordered Basic Hydrocarbons to pay First Financial institution authorized prices linked to the dispute.
How GHL entered the image – Obaigbena
Basic Hydrocarbons is majority-owned by media govt Nduka Obaigbena.
In a letter to CBN Governor Yemi Cardoso dated 7 November 2024, Mr Obaigbena claimed that he was introduced in by then FBN Holdings Chairman Oba Otudeko to assist salvage First Financial institution’s publicity after key safety paperwork for the Atlantic Vitality mortgage had been allegedly by no means executed.
He argued that First Financial institution’s mortgage to Atlantic Vitality was unsecured and constituted a systemic threat, resulting in federal authorities approval of OMLs 120 and 121 for GHL in 2021.
He stated GHL entered agreements to develop the property and share earnings with First Financial institution to assist clear up the financial institution’s steadiness sheet.
He accused First Financial institution of later irritating the association by way of delayed disbursements and new situations, prompting litigation.
A number of courtroom battles
The dispute has since moved throughout a number of courts.
In December 2024, First Financial institution obtained orders freezing greater than $225.8 million in property linked to Mr Obaigbena and GHL.
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In March, the Federal Excessive Courtroom in Port Harcourt dismissed First Financial institution’s claims that GHL diverted crude-oil proceeds.
In September, the Courtroom of Attraction overturned that judgment and directed that every one crude-oil proceeds be paid into an interest-bearing escrow account.
Later in September, GHL filed the current go well with in Lagos, asking the courtroom to limit AMCON’s enforcement powers to Atlantic Vitality’s money owed.
