Nestoil Rejects First Bank's Debt Claims Over Dividends

Nestoil issued a statement on Tuesday, May 5, rejecting claims made by First Bank of Nigeria regarding the suspension of its dividend payments. The indigenous energy firm accused First Bank and its chairman of orchestrating a media campaign to blackmail Nestoil.

The company clarified that the suspension of dividend payments is a result of regulatory directives from the Central Bank of Nigeria (CBN), specifically a circular issued on June 13, 2025, which temporarily suspended dividend payouts as part of regulatory measures. Nestoil emphasized that the claims of debt owed to First Bank are false and malicious, aimed at damaging its corporate reputation.

The firm warned against media misrepresentation and stated that it would seek legal redress for the alleged blackmail. Nestoil highlighted its commitment to maintaining a strong reputation as a leading indigenous energy company and called for greater diligence from media organizations in reporting.