Nestoil has strongly dismissed the narrative circulating across several media platforms, describing it as a “coordinated campaign of blackmail” allegedly influenced by First Bank and its leadership.
The company said the publications—which appeared in outlets including The Guardian, The Nation, Leadership, Vanguard, Nairametrics, and TheCable—were misleading and designed to distort public understanding of regulatory developments in the financial sector.
In a detailed rebuttal, Nestoil stated:
“Our attention has been drawn to a series of publications in The Guardian, The Nation, Leadership, Vanguard, Nairametrics, TheCable, and some other online news platforms, on Monday, May 4, 2026, allegedly sponsored by FirstBank and its Chairman, in which they attributed the failure of banks to pay dividends to shareholders to a purported debt owed by our company.”
The firm firmly rejected the allegation, insisting that the suspension of dividend payments by banks was not connected to any exposure involving Nestoil, but rather stemmed from a Central Bank of Nigeria (CBN) regulatory action.
According to the company, the reports amounted to “a calculated distortion of facts” intended to misinform investors and the public while diverting attention from the actual regulatory framework guiding banking operations.
CBN Policy at the Centre of Controversy
Nestoil pointed to a prior CBN directive issued in June 2025, which it said had already been widely reported by the same media organisations now circulating a different narrative.
The company noted that the policy—signed by the Director of Banking Supervision—temporarily suspended dividend payments and executive bonuses for banks operating under regulatory forbearance or Single Obligor Limit (SOL) exemptions.
It stressed that the directive was a prudential measure aimed at strengthening the financial system, adding that banks under such conditions are required to clean up their balance sheets before resuming dividend payments.
“This narrative is not only misleading but a calculated distortion of facts, designed to misinform the investing public, tarnish the reputation of our organisation, and divert attention from the real regulatory and structural issues within the Nigerian banking sector,” the statement said.
The company questioned the shift in narrative, asking why widely acknowledged regulatory explanations from 2025 were being omitted in recent reporting.
“Coordinated Campaign” Allegation Against First Bank
Nestoil escalated its response by accusing First Bank and its leadership of driving a reputational attack through media channels.
“Let us state clearly that the attempt to link dividend suspension by Nigerian banks to Nestoil is false, malicious, and part of a broader campaign of blackmail that must stop immediately.”
It further alleged that the publications were designed to portray the company as responsible for broader financial sector challenges, a claim it described as entirely unfounded.
According to Nestoil, isolating one company and attributing systemic banking adjustments to it reflects “a deliberate attempt to weaponise public opinion.”
Legal Action Threatened Over “Sub Judice” Matters
The energy firm also emphasised that the issues between both parties are already before the courts and should not be subjected to public commentary.
“It is important to emphasise that the matters being referenced in these publications are already subject to ongoing legal proceedings… As such, they are subjudice.”
It criticised what it described as attempts to influence public sentiment outside judicial processes, arguing that such actions undermine fairness and due process.
“If First Bank of Nigeria and its Chairman are confident in the strength of their case, why resort to media propaganda? Why not allow the courts to adjudicate based on evidence and the rule of law?”
Warning to Media Organisations
Nestoil also expressed concern over the role of media outlets in amplifying what it considers unverified claims, urging greater diligence and balance in reporting.
It warned that continued publication of what it termed defamatory content would attract legal consequences.
“With this clarification, we want to warn that if this continued blackmail of Nestoil, in cases that are already in court, does not cease with immediate effect, we will have no other choice but to pursue all available legal remedies against the media houses.”
The company stressed that it remains committed to transparency and legal due process, while rejecting what it called “reputational attacks disguised as journalism.”
Reputation and Industry Confidence at Stake
Reaffirming its standing in Nigeria’s energy sector, Nestoil highlighted its long-standing role in oil and gas infrastructure development and national economic growth.
It argued that attempts to link it to banking sector dividend restrictions undermine investor confidence and distort public understanding of regulatory policy.
“The Nigerian public deserves better. Investors deserve accurate information. And the integrity of our financial system depends on truth, not propaganda. Enough is enough. The blackmail must stop.”