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War Erupts As Nestoil Rejects First Bank’s Debt Claims Over Dividend Suspension

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Nestoil Limited has dismissed reports linking the suspension of dividend payments by some Nigerian banks to an alleged debt owed by the company, describing the claims as false, misleading and a deliberate attempt to distort facts.....KINDLY READ THE FULL STORY HERE▶

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.

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Tinubu Seeks House of Reps’ Approval for ₦269bn Promissory Notes to Settle Debts.

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The Federal Government has asked the National Assembly to approve the issuance of promissory notes worth ₦269.44 billion to settle outstanding debts owed to contractors and other creditors.....KINDLY READ THE FULL STORY HERE▶

President Bola Tinubu made the request in a letter conveyed by the Secretary to the Government of the Federation (SGF), Senator George Akume, and read during plenary at the House of Representatives in Abuja.

The President is seeking lawmakers’ approval to establish and expand the Promissory Note Programme to address the government’s outstanding financial obligations.

In the letter dated August 18, 2026, and received by the Speaker’s office on October 21, Akume disclosed that the total liabilities amounted to ₦269,446,402,822.56.

He explained that the debts, which include contract-related and project-related obligations, were identified and confirmed following a comprehensive review by the relevant ministries, departments and agencies.

According to the SGF, the programme would provide “a structured, transparent and fiscally responsible framework” for settling the liabilities, with only verified and validated claims considered for payment.

In addition to seeking approval for the issuance of the promissory notes, Tinubu asked lawmakers to authorise the inclusion of the identified categories of creditors and beneficiaries, subject to final verification and certification.

The President also requested approval for the Minister of Finance and Coordinating Minister of the Economy, the Debt Management Office and other relevant government agencies to oversee the implementation of the programme.

Akume said the initiative would prevent the outstanding debts from accumulating further interest, penalties and other charges.

He added that the arrangement would reduce the financial pressure on affected creditors and demonstrate the government’s commitment to fulfilling its legitimate obligations.

The SGF noted that the Promissory Note Programme had previously been used to address inherited domestic debts and contractual liabilities, following approval by the Federal Executive Council and the National Assembly.

He explained that the scheme would allow the government to settle the obligations in phases without placing excessive pressure on public finances, in accordance with sound debt management principles.

Akume urged the House of Representatives to consider the request urgently, citing the substantial value of the liabilities, the length of time some debts had remained unpaid and the risk of additional interest accruing.

He said timely approval would enable the government to commence issuing the promissory notes and facilitate the resolution of the outstanding obligations.

A detailed schedule containing the debts, beneficiaries, amounts involved and supporting documents was attached to the request for lawmakers’ consideration.

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Tinubu Approves 500,000 Solar Lights for South-East, Kalu Announces.

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President Bola Tinubu has approved the distribution of 500,000 solar-powered lights to rural households across the South-East, according to the Deputy Speaker of the House of Representatives, Benjamin Kalu.....KINDLY READ THE FULL STORY HERE▶

Kalu made the disclosure during the flag-off ceremony of the Renewed Hope Light-Up initiative in Bende Federal Constituency, Abia State, where 26 transformers, alongside 10,000 solar-powered lights and fans, were distributed to communities.

He said 42,000 households in the constituency had been selected to benefit from the programme, adding that the first batch of 10,000 solar-powered lights and fans was expected to arrive within two weeks.

According to the deputy speaker, the initiative commenced with a pilot scheme under which 1,000 units were provided to selected beneficiaries. He noted that representatives from the constituency’s wards had confirmed that the units were working properly.

Kalu explained that the programme was designed to extend the benefits of the Federal Government’s Renewed Hope Agenda to rural communities, particularly households struggling with unreliable electricity supply.

He described the planned distribution of solar-powered lights to 42,000 households in a single federal constituency as unprecedented, noting that the intervention would improve access to electricity in underserved communities.

Meanwhile, Emmanuel Ndubuisi, the lawmaker representing Bende South Constituency in the Abia State House of Assembly, welcomed the initiative.

Ndubuisi said some communities in the area had been without electricity for approximately two years following transformer failures, adding that the intervention would help address their power challenges.

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CAN Sounds Alarm Over Video Threats Against Christians, Urges DSS, Police To Act.

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The Christian Association of Nigeria (CAN) has called on security agencies to investigate a viral video allegedly showing a young man leading a group of boys in chants threatening attacks on Christians in Enugu and Jos during Sunday worship.....KINDLY READ THE FULL STORY HERE▶

CAN President, Archbishop Daniel Okoh, condemned the alleged incitement and urged the Department of State Services (DSS), the Nigeria Police Force and other security agencies to identify those involved and prosecute anyone found guilty.

In a statement, Okoh expressed particular concern over the apparent involvement of children and young people, warning that exposure to messages promoting religious hatred could have serious consequences.

“The possibility that young people are being exposed to or encouraged to embrace such hatred raises serious concerns that must not be ignored,” he said.

The association called on investigators to determine where and when the video was recorded, identify the individuals featured in it and establish whether any persons or groups organised, sponsored or facilitated the activity.

It also urged security agencies to assess the potential threats arising from the incident and ensure adequate protection for Christian communities and places of worship in Enugu, Jos and other parts of the country.

Although CAN acknowledged reports that the leadership of Jama’atu Izalatil Bid’ah Wa Iqamatis Sunnah (JIBWIS) had disowned the video, it maintained that the denial should not prevent an independent investigation.

“The denial of responsibility by any organisation cannot replace an independent investigation into the identities of those involved, the origin of the video and the circumstances surrounding the chants,” the association said.

CAN insisted that anyone found responsible for the alleged threats must be held accountable under the law, without favour or discrimination.

The association also appealed to religious leaders to reject teachings and activities that encourage hatred or violence against people of other faiths. It warned against exposing young Nigerians to messages that portray fellow citizens as enemies because of their religious beliefs.

According to CAN, failure to investigate the incident could embolden further religiously motivated threats and worsen existing tensions.

“Allowing such conduct to go unchallenged would send a dangerous message that threats against citizens on religious grounds can be made without consequence,” it said.

The association urged Christians to remain calm, vigilant and law-abiding while investigations are ongoing. It also cautioned against retaliatory actions that could put lives at risk and deepen religious divisions.

Reaffirming its commitment to religious freedom, justice and peaceful coexistence, CAN stressed that every Nigerian deserves equal protection under the law, irrespective of religious affiliation.

The association further called on the government to move beyond condemning the alleged incident and establish the facts, insisting that citizens’ safety and their freedom to worship must be protected.

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