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In a desperate hail Mary move, General Hydrocarbon Limited (GHL) has filed a lawsuit against the Asset Management Corporation of Nigeria (AMCON), First Bank of Nigeria and the Attorney General of the Federation.
GHL is seeking an interim injunction restraining the Defendants from seizing its assets due to debts incurred by Atlantic Energy Drilling Concept Nigeria Limited to First Bank to the tune of $718 million.
The debt was purchased by AMCON as an Eligible Bank Asset, according to Court documents seen by MoneyCentral.
GHL in the Lagos Federal High Court suit filed on September 22, 2025, is claiming among other reliefs that a PERPERTUAL INJUNCTION be declared by the Courts restraining AMCON from taking any steps to enforce the repayment of the debt owed by Atlantic Energy Drilling Concept Nigeria Limited to First Bank of Nigeria (the 3rd Defendant).
GHL said in its suit that it was awarded an Oil Mining Lease (OML) 120 in 2021, for a period of 20 years by the Federal Ministry of Petroleum Resources.
Subsequent to the award of the OML 120, GHL said it partnered with First Bank of Nigeria to finance the development, operation, exploration and production of the oil field, with 50% of the net cash flow from the operation to be set aside to repay a non-performing loan which had become an operational risk to First Bank of Nigeria.
The non-Performing loan is described as the Outstanding Exposure which was in the sum of $718 million, according to the lawsuit GHL v AMCON.
The suit alleges that AMCON (the first Defendant) purchased the Outstanding Exposure from First Bank at a discounted sum of $600 million, and that First Bank signed over its rights, title and interest relating to the Outstanding Exposure to AMCON.
GHL claims that after receiving a first tranche sum of $390 million from AMCON that First Bank failed to fully perform its financing obligation to it under an MoU, and only advance the sum of $185 million to it as loan to finance the development of OML 120.
GHL now declared a dispute and sued.
However, First Bank of Nigeria had earlier sued GHL seeking to call in the facilities for the cumulative sum of $185 million advanced to GHL.
Consequently, the Court of Appeal made orders for the Chief Registrar to take custody and possession of GHL’s cargo of Crude oil aboard the FPSO Tamara Tokoni.
The court held that GHL had fraudulently diverted proceeds from the sale of crude oil cargo aboard the FPSO Tamara Tokoni, which had been pledged as collateral for loan facilities extended by the bank.
In its decision, the Court of Appeal ordered the sale of the disputed cargo, with the proceeds to be deposited into the custody of the court pending the final determination of the substantive action.
Sources tell MoneyCentral the cargo is valued at about $70 million worth of oil.
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