Nestoil Hits Back At First Bank: Banire Threatens Lawsuit Over $40 Million Bribery Allegation

Dr. Muiz Banire (SAN), former Chairman of the Governing Board of the Asset Management Corporation of Nigeria (AMCON), has demanded the immediate retraction of a report by online news platform PointBlank News, which alleged that he and other lawyers received millions of dollars in bribes to influence court judgments.....KINDLY READ THE FULL STORY HERE▶

Banire warned that failure to retract the publication would leave him no choice but to initiate a defamation lawsuit against the publisher and editors of the platform.

In a pre-action demand letter, prepared by his counsel, Adeyinka Patrick Olumide-Fusika (SAN) and obtained by Naija News, Banire described the article, titled “$2 Billion Bank Debt: Nestoil, Neconde Demand $40 Million Refund from Lawyers After Supreme Court Defeat”, as false, malicious, and gravely defamatory. The letter was addressed to the publisher of PointBlank News, Jackson Ude; Senior Editor (Africa), Ben Young; and Nigeria Editor, Uduma Mba.

The publication claimed that Banire received part of an alleged $40 million paid to lawyers to secure a favorable Supreme Court judgment in a debt dispute involving Nestoil Limited and Neconde Energy Limited. It further suggested his involvement in a separate scheme at the Federal High Court, alleging that $5 million was paid to influence an order vacating asset-freezing directives connected to a $1 billion debt.

According to the letter, the report imputed conspiracy, bribery, fraud, and attempts to pervert the course of justice—offences punishable under Nigerian law.

Olumide-Fusika said Banire, widely recognized for his anti-corruption advocacy and efforts to restore public confidence in the judiciary and legal profession, was deeply pained to be associated with such “nefarious activities and serious crimes.”

He criticized the publication for relying on unnamed sources, including an unidentified “reporter” and an “insider,” without presenting any evidence to substantiate the claims. Banire challenged PointBlank News to provide verifiable proof of the alleged transactions, insisting that if bribery had occurred, the source must be able to produce evidence of the $40 million and the $5 million alleged payments.

Failing the presentation of such proof, Banire stated he would proceed with a defamation action against the platform’s publisher and editors.

Banire also clarified the facts surrounding the Supreme Court case Neconde Energy Limited v. FBNQuest Merchant Bank Limited & 4 Others (SC/CV/1130/2025). He said his sole appearance on January 12, 2026, was limited to addressing legal representation for some of the parties. No substantive matter regarding the alleged debt was heard or determined by the Supreme Court.

A Certified True Copy of the ruling attached to the letter confirmed that the Supreme Court merely adjourned the applications pending the determination of a related appeal at the Court of Appeal. The Court stated that the issue of representation, already before the Court of Appeal, had to be resolved before the Supreme Court could proceed.

Banire argued that the ruling directly contradicted the publication’s implication that the Supreme Court had ruled on the substantive dispute or that any lawyer received money to secure a favorable outcome. He also suggested that the reliance on unnamed sources indicated the platform may have been misled, whether deliberately or otherwise.

He demanded an immediate retraction of the report and reserved all his legal rights.

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