Nestoil Limited yesterday rejected what it described as a coordinated campaign of blackmail allegedly driven by First Bank of Nigeria and its Chairman, following publications in The Guardian, The Nation, Leadership, Vanguard, Nairametrics, TheCable, and some other online platforms linking banks’ dividend suspension to a purported debt owed by the company.
The indigenous energy firm said the reports were “misleading and a calculated distortion of facts,” insisting that a Central Bank of Nigeria (CBN) regulatory directive was responsible for the halt in dividend payments.
In a statement, Nestoil warned that unless the alleged blackmail and publication of falsehoods cease immediately, it will pursue legal action against both the bank and the media organisations involved.
“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, 4 May 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.
“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.
“It is deeply troubling that respected media platforms would lend themselves to such a one-sided and demonstrably inaccurate storyline without proper verification or balance.
“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.
“This is particularly unfortunate as the same set of newspapers had, in June 2025, widely reported the policy directive of the CBN, which explicitly required financial institutions to suspend dividend payouts as part of regulatory measures to close the forbearance window. These reports were clear and widely disseminated at the time.
“In those widely published reports, the CBN had, on 13 June 2025, through a circular signed by Dr Olubukola A. Akinwunmi, Director of Banking Supervision, temporarily suspended dividend payments and deferred executive bonuses for First Bank and other banks benefiting from regulatory forbearance or exemptions from the Single Obligor Limit (SOL).”
The statement further explained that the June 2025 directive was a regulatory action grounded in prudential oversight, aimed at strengthening the banking system’s resilience. It noted that the implication was that banks such as First Bank operating under forbearance conditions are not permitted to declare dividends until their balance sheets are adequately cleaned up.
“Therefore, to now turn around and attribute dividend suspension to an alleged exposure to Nestoil Limited is not only inconsistent but intellectually dishonest. It raises a fundamental question: why are the same facts that were clearly acknowledged and reported in 2025 now being ignored or conveniently omitted in 2026?
The answer, unfortunately, appears to lie in a coordinated effort by First Bank and its Chairman, through the sponsored article, to shift blame and manipulate public perception,” it added.
According to Nestoil, the reports attempted to create the impression that Nestoil was responsible for systemic pressures within the banking sector, which it stressed was a complete falsehood.
It added: “To isolate one company and elevate it as the primary cause of sector-wide financial adjustments is both inaccurate and misleading. What we are witnessing is a deliberate attempt to weaponise public opinion by framing a legal and commercial matter as a systemic crisis caused by one entity.
“This is not only irresponsible journalism but also a dangerous precedent that undermines market confidence and distorts investor understanding. For the avoidance of doubt, NestOil will seek legal redress.
“It is important to emphasise that the matters being referenced in these publications are already subject to ongoing legal proceedings. The issues between Nestoil and FirstBank are before competent courts of law. As such, they are subjudice.
“In any civilised and law-abiding society, matters before the court are expected to be handled with restraint in the public domain. Parties are expected to allow due process to take its course, rather than resort to media trials and reputational attacks. Unfortunately, this principle is never obeyed by FirstBank and its Chairman.
“Instead, we are confronted with a pattern of publications that not only pre-empt judicial outcomes but also attempt to incite public sentiment—particularly among bank shareholders—against our company. This is unacceptable.”
According to the statement, “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?
“We see the sustained publication of falsehood by FirstBank and its Chairman against our company as an attempt to incite the public against us. This approach exposes a troubling disregard for corporate ethics and governance standards.”
It stressed that “Nestoil has, over the years, built a reputation as a leading indigenous energy company, contributing significantly to Nigeria’s oil and gas infrastructure and economic development. Our track record is one of resilience, innovation, and commitment to national growth,” and would not “stand by and allow this reputation to be eroded by coordinated misinformation.
Nestoil further pointed out that, “The attempt to reduce an entire regulatory measure to a narrative targeting Nestoil is not just an attack on our company, but an insult to the intelligence of stakeholders, investors, and the Nigerian public. It also raises serious questions about the media’s role in shaping public discourse.
“Journalism carries a responsibility to inform, educate, and provide balanced perspectives. When media platforms abandon this responsibility in favour of sensationalism or vested interests, they risk losing credibility and undermining public trust.
“We therefore call on The Guardian, The Nation, Leadership, Vanguard, Nairametrics, TheCable, and all other platforms involved in publishing these misleading reports to exercise greater diligence and professionalism.
“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.
“This is not a threat made lightly. It is a necessary step to protect the integrity of our organisation and to ensure that truth prevails over falsehood. The ongoing attempt to mislead the public, distort facts, and damage our reputation constitutes defamation and will be treated as such.
“We are prepared to challenge these actions in court and to hold all responsible parties accountable—including both the originators of these claims and the platforms that amplify them. This is also a warning to First Bank of Nigeria and its Chairman. The era of unchecked misinformation must come to an end. We remain committed to transparency, due process, and the rule of law. We will not tolerate blackmail, misrepresentation, or reputational attacks disguised as journalism.
“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.”
