Indigenous energy firm Nestoil Limited has strongly rejected reports linking it to Nigerian banks’ suspension of dividend payments, describing the claims as “misleading” and part of a coordinated smear campaign.
In a statement issued on Tuesday, the company accused First Bank of Nigeria and its leadership of sponsoring publications that falsely attributed the dividend freeze to an alleged debt owed by Nestoil. The reports had appeared across several major media platforms.
Nestoil insisted that the halt in dividend payments was the result of a regulatory directive by the Central Bank of Nigeria (CBN), not any exposure tied to its business.
“The narrative is not only misleading but a calculated distortion of facts designed to misinform the investing public and damage our reputation,” the company said.
CBN Directive, Not Corporate Debt
According to Nestoil, the CBN had, in June 2025, issued a circular mandating certain banks to suspend dividend payouts and defer executive bonuses as part of efforts to strengthen the financial system.
The directive specifically applied to institutions operating under regulatory forbearance or benefiting from exemptions tied to the Single Obligor Limit (SOL), requiring them to stabilise their balance sheets before resuming shareholder distributions.
Nestoil argued that this widely reported policy decision is the real reason behind the dividend suspension, questioning why the same facts are now being “ignored or conveniently omitted.”
‘Blackmail Campaign’ Alleged
The company further alleged a “coordinated campaign of blackmail” aimed at shifting blame and manipulating public perception, warning that attempts to portray it as responsible for systemic banking sector challenges were “false and malicious.”
“To isolate one company as the cause of sector-wide financial adjustments is both inaccurate and misleading,” the statement read.
Nestoil also revealed that its dispute with First Bank is already before the courts, describing ongoing media reports on the matter as subjudice and an attempt to influence public sentiment.
Legal Threat Against Media, Bank
The firm warned it would pursue legal action against both the bank and media organisations involved if what it described as “falsehoods and reputational attacks” continue.
“This is not a step we take lightly, but we will not allow coordinated misinformation to erode our reputation,” the company stated.
Nestoil called on media houses to uphold journalistic standards by ensuring balanced and verified reporting, stressing that misleading narratives could undermine investor confidence and distort public understanding of Nigeria’s financial system.
Reputation at Stake
Highlighting its track record, the company said it remains a key player in Nigeria’s oil and gas sector, contributing significantly to infrastructure development and economic growth.
It concluded by urging all parties to allow the courts to resolve ongoing disputes, warning that “the era of unchecked misinformation must come to an end.”
