‘Stop Media Trial’ – Nestoil Tells First Bank, Rejects Debt Claims On Dividend Suspension

Nestoil Limited has rejected reports linking the suspension of dividend payments by some Nigerian banks to an alleged debt owed by the company, describing the publications as misleading and a calculated attempt to distort facts.

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

Nestoil said the reports, published by The Guardian, The Nation, Leadership, Vanguard, Nairametrics, TheCable and other online platforms (excluding Naija News) on Monday, May 4, 2026, wrongly attributed the failure of banks to pay dividends to shareholders to a purported debt owed by the company.

The firm insisted that the suspension of dividend payments by affected banks was based on a regulatory directive issued by the Central Bank of Nigeria and not as a result of any exposure to Nestoil.

‘Reports Misleading’

In the statement, Nestoil said the narrative being pushed in the publications was designed to mislead investors, damage its corporate reputation and divert public attention from the real issues within the banking sector.

The company 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.

“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.”

The company said the attempt to link the dividend suspension by Nigerian banks to Nestoil was false and malicious.

It added, “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.”

CBN Directive Caused Dividend Suspension, Firm Insists

Nestoil said the same media platforms had, in June 2025, reported the policy directive of the Central Bank of Nigeria which required some financial institutions to suspend dividend payouts as part of regulatory measures to close the forbearance window.

According to the firm, the directive was issued on June 13, 2025, through a circular signed by Dr Olubukola A. Akinwunmi, Director of Banking Supervision at the CBN.

It said the circular 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.

The statement added, “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.

“In those widely published reports, the CBN had, on June 13, 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.”

Nestoil said the CBN directive was a prudential regulatory action aimed at strengthening the banking system and ensuring that banks operating under forbearance conditions cleaned up their balance sheets before declaring dividends.

Company Accuses FirstBank Of Shifting Blame

The firm said it was dishonest to now blame Nestoil for a dividend suspension that had already been linked to a clear regulatory directive.

It stated, “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.”

Nestoil said the reports attempted to create the false impression that the company was responsible for wider financial pressure in the banking sector.

It added that isolating one company and presenting it as the cause of sector-wide financial adjustments was inaccurate and misleading.

The statement read, “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.”

Nestoil also noted that the issues being referenced in the publications were already before competent courts of law, warning that public commentary on the matter should be handled with caution.

The company said the dispute between it and FirstBank was sub judice and should not be turned into a media trial.

It stated, “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 sub judice.

“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.”

The firm accused FirstBank and its Chairman of using publications to pre-empt judicial outcomes and incite public sentiment against Nestoil, especially among bank shareholders.

It added, “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?”

Nestoil Warns Media Houses, FirstBank

The company warned that it would seek legal redress if the alleged blackmail and publication of what it described as falsehoods continued.

Nestoil said it had built a strong reputation as a leading indigenous energy company and would not allow what it called coordinated misinformation to damage its name.

It stated, “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.”

Naija News reports that the company called on the media organisations involved to exercise greater diligence and professionalism in their reporting.

It said, “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.”

Nestoil said the warning was also directed at FirstBank and its Chairman, insisting that it would not tolerate misrepresentation, blackmail or reputational attacks disguised as journalism.

The company added, “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.”