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 regulatory directive by the Central Bank of Nigeria (CBN) was responsible for the halt in dividend payments.
In a strongly worded 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.
It 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.
“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 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 (SOL).”
The statement explained further that the June 2025 directive was a regulatory action grounded in prudential oversight, aimed at strengthening the resilience of the banking system.
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 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. 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.”