Stop Media Trial” – Nestoil Fires Back At First Bank Over Alleged Debt Dispute

Nestoil Limited has dismissed reports linking the suspension of dividend payments by some Nigerian banks to an alleged debt owed by the company, describing the claims as false, misleading, and a deliberate attempt to distort facts.....KINDLY READ THE FULL STORY HERE▶

In a statement issued on Tuesday, May 5, the indigenous energy firm accused First Bank of Nigeria and its Chairman of sponsoring what it called a coordinated campaign of blackmail against the company.

The company said several media outlets, including The Guardian, The Nation, Leadership, Vanguard, Nairametrics, and TheCable, wrongly suggested that banks’ inability to pay dividends to shareholders was due to Nestoil’s alleged debt.

Nestoil insisted that the suspension of dividend payments was based on a directive from the Central Bank of Nigeria (CBN), not any financial exposure to the company.

‘Reports Misleading’

The firm said the publications were designed to misinform investors, damage its reputation, and divert attention from real issues in the banking sector.

According to Nestoil, it was “deeply troubling” that respected media organisations would publish what it described as a one-sided and unverified narrative.

It maintained that linking the dividend suspension to Nestoil was “false, malicious, and part of a wider campaign of blackmail.”

CBN Directive Cited

Nestoil noted that in June 2025, the CBN had issued a circular directing some banks to temporarily suspend dividend payments and executive bonuses as part of regulatory measures to strengthen the financial system.

The company said the directive applied to banks under regulatory forbearance or single obligor limit exemptions, including First Bank.

It argued that the same media outlets had previously reported the CBN policy, making it inconsistent to now attribute the suspension to Nestoil.

Accusation of Blame Shift

The firm accused First Bank of attempting to shift blame and mislead the public by linking the policy-driven suspension to its operations.

It said isolating one company and portraying it as responsible for sector-wide regulatory actions was inaccurate and misleading, warning that such narratives could harm market confidence.

Legal Case Is Ongoing

Nestoil also stressed that its dispute with First Bank is currently before the courts and should not be subjected to media trial.

It urged all parties to allow due process to take its course, warning against attempts to influence public opinion outside legal proceedings.

Warning of Legal Action

The company warned that it would take legal action if what it described as continued misinformation and blackmail persists.

Nestoil called on media organisations to verify information properly and uphold professional standards in reporting.

It reaffirmed its commitment to protecting its reputation, insisting it would not tolerate what it described as reputational attacks disguised as journalism.

The firm added that the public deserves accurate information and stressed that “enough is enough” regarding the ongoing allegations.