The Asset Management Corporation of Nigeria (AMCON) and First Bank of Nigeria have appointed a receiver to take full control of General Hydrocarbon Limited, a company owned by media mogul and founder of ThisDay Newspapers and Arise TV, Prince Nduka Obaigbena.
In an advertisement published in some national newspapers on Thursday, Oluseyi Akinwunmi, the receiver/manager appointed by AMCON said he was appointed by a deed of appointment and a notice of appointment, both dated 18 September 2025, duly registered under the provisions of Companies and Allied Matters Act 2020.
The advertisement directed all debtors of the company to pay all their debts directly to the receiver and all the creditors to send their proof of claims alongside sworn affidavit verifying the debt to the receiver within thirty days of the date of the publication.
Also, it stated that all cash, deposits and others currently held by banks and other financial institutions should be held pending further instructions from the receiver.
The dramatic takeover has triggered widespread concern that ThisDay and Arise TV, two of Nigeria’s biggest media platforms, may be the next targets for seizure as part of ongoing debt recovery efforts.
Obaigbena is reported to owe First Bank approximately $718 million, a financial burden that has now placed his associated companies under intense scrutiny and potential takeover risk.