Nigeria’s Asset Management Corporation (AMCON) has officially taken over General Hydrocarbons Limited (GHL) — the oil firm owned by media mogul, Nduka Obaigbena — following a loan dispute with First Bank, which is now chaired by billionaire Femi Otedola.
The receivership marks a major setback for Obaigbena, whose business empire spans across media and energy. Analysts warn the move could ripple into his other flagship ventures — Arise Television and ThisDay Newspaper — as financial pressures mount.
In a notice dated November 6, 2025, AMCON-appointed receiver Oluseyi Akinwunmi instructed all creditors to file claims within 30 days and announced the freezing of GHL’s bank accounts. The dispute reportedly stems from unresolved obligations tied to Oil Mining Lease 120.
While GHL insists that a court injunction is still in effect preventing enforcement, the public receivership notice suggests that legal and financial tensions are escalating.
Observers believe this development could test Obaigbena’s resilience and his ability to shield his influential media brands from creditor actions in the coming months. Copied
