The company, in a statement issued on Tuesday, May 5, alleged that First Bank of Nigeria and its Chairman were behind what it called a coordinated media campaign aimed at blackmailing Nestoil and damaging its reputation.

It said several media platforms, including The Guardian, The Nation, Leadership, Vanguard, Nairametrics, TheCable and others, published reports on Monday, May 4, 2026, suggesting that banks were unable to pay dividends due to debts owed by Nestoil.

According to the firm, the narrative was inaccurate and misleading, insisting that the suspension of dividend payments was actually based on a regulatory directive from the Central Bank of Nigeria (CBN), not any financial exposure linked to the company.

Nestoil argued that the reports were intended to mislead investors, tarnish its corporate image and divert attention from real issues within the banking sector.

The company further described the publications as a “calculated distortion of facts” and criticised the media outlets for allegedly failing to verify the claims before publication.

It stressed that attempts to associate its operations with dividend suspensions in the banking sector were “false, malicious and part of a broader campaign of blackmail.”

Nestoil also recalled that the CBN had in June 2025 issued a directive suspending dividend payments and executive bonuses for certain banks under regulatory forbearance, as part of efforts to strengthen the financial system and address balance sheet concerns.

The firm said the directive, issued through a circular signed by the Director of Banking Supervision, applied to First Bank and other affected institutions, making it wrong to now attribute dividend suspension to Nestoil.

It accused First Bank of attempting to shift blame and manipulate public perception by linking the matter to the company, despite earlier reports clearly pointing to regulatory action as the cause.

Nestoil maintained that isolating its operations and presenting them as responsible for sector-wide banking adjustments was misleading and capable of undermining investor confidence.

The company also noted that the matter between it and First Bank is already before the courts, stressing that it is sub judice and should not be subjected to media trial or public commentary.

It alleged that the continued publication of such reports was an attempt to influence public opinion and pre-empt judicial outcomes.

Nestoil warned that it would take legal action if the alleged misinformation and reputational attacks continued, urging media organisations to exercise greater caution and professionalism in their reporting.

The company reaffirmed its reputation as a leading indigenous energy firm contributing to Nigeria’s oil and gas sector, and insisted it would not tolerate what it described as coordinated attempts to damage its image.

It concluded by calling on the public and investors to rely on verified facts, stating that “truth, not propaganda,” must guide discussions around the issue.