Nestoil: We are not responsible for banks’ failure to pay dividend
Nestoil Limited Denies Responsibility for Dividend Suspension Amid Allegations
LAGOS, Nigeria — Nestoil Limited released a statement on Monday refuting claims linking its financial dealings to a suspension of dividends by various banks, including First Bank of Nigeria. The indigenous energy company criticized multiple publications, including The Guardian and Vanguard, for what it described as a coordinated campaign of misinformation.
In its statement, Nestoil characterized the reports as “misleading” and a “calculated distortion of facts.” The company attributed the halt in dividend payments to a regulatory directive issued by the Central Bank of Nigeria (CBN) rather than any alleged debts owed to banks.
Nestoil announced its intention to pursue legal action against First Bank and the media outlets involved unless the alleged misinformation is retracted. The company’s statement emphasized that numerous publications had inaccurately suggested a connection between the dividend suspension and outstanding debts to Nestoil.
“This narrative is not only misleading but also designed to misinform the investing public and tarnish our reputation,” the statement read. Nestoil expressed concern that respected media outlets had participated in spreading an unverified account, challenging the integrity of these reports.
The company pointed to a CBN directive from June 2025, which mandated financial institutions to suspend dividend payments until they addressed various regulatory forbearance issues. Nestoil argued that attributing dividend suspensions to its financial situation undermines the regulatory context of these actions.
Nestoil asserted that the reports create a false impression of systemic issues within the banking sector, claiming that to single out one company as the cause of widespread financial adjustments is both incorrect and misleading.
It also addressed the ongoing legal proceedings involving Nestoil and First Bank, urging media outlets to refrain from reporting on matters currently before the courts. “This approach not only prejudges judicial outcomes but also attempts to manipulate public perception,” the statement concluded.
Nestoil emphasized its long-standing contributions to Nigeria’s energy sector and reiterated its commitment to addressing misinformation. The company called on the media to maintain higher standards of diligence and professionalism in their reporting.
Should the alleged blackmail continue, Nestoil announced plans to use all available legal remedies to protect its reputation, stating, “The ongoing attempt to mislead the public and distort facts constitutes defamation.”
In closing, Nestoil issued a warning to First Bank and its chairman, asserting that factual integrity is essential for public trust in the financial system. The company remains committed to transparency and the legal resolution of its disputes.
