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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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AMVCA 2026 Shock: Funke Akindele Misses Out Despite Massive Online Hype

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Nollywood actress and filmmaker Funke Akindele missed out on the Best Supporting Actress award at the 12th Africa Magic Viewers’ Choice Awards (AMVCA), losing to her colleague Linda Ejiofor for her performance in The Herd.....KINDLY READ THE FULL STORY HERE▶

Reports indicate that Akindele, despite widespread expectations, left the ceremony without a win even though her film Behind the Scenes received four nominations across major categories.

The movie, which grossed over ₦2 billion at the box office, was nominated for Best Movie, Best Lead Actress, Best Supporting Actor, and Best Supporting Actress.

However, Ejiofor clinched the Best Supporting Actress award in a highly competitive category that included top stars, with Akindele also among the favourites due to strong online buzz surrounding her performance.

Other nominees in the category included Bisola Aiyeola (Gingerrr), Sola Sobowale (The Covenant), Nadia Dutch (Aljana), Amal Umar (The Herd), Juliebrenda Nyambura (MTV Shuga Mashariki), and Olamide Kidbaby (Oversabi Aunty).

Ejiofor’s winning role in The Herd saw her portray the wife of a kidnapped man played by Daniel Etim-Effiong in a socially driven satirical drama focused on insecurity and societal challenges in Nigeria.

Although The Herd had a modest box office performance compared to Behind the Scenes, it gained stronger traction on streaming platforms and secured multiple AMVCA nominations.

Ahead of the awards, Akindele had topped several online prediction polls, but the final decision rested with the AMVCA jury chaired by veteran actress Joke Silva.

In the Best Supporting Actor category, Bucci Franklin emerged winner for his role in To Kill A Monkey, beating nominees including Lateef Adedimeji, Gabriel Afolayan, Femi Adebayo, Femi Branch, Uzor Arukwe, and Simileoluwa Hassan.

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“It Is A Lie” — Lere Olayinka Debunks Claims Of Supreme Court Ruling Against Wike-Backed PDP Faction.

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Lere Olayinka, Senior Special Assistant on Public Communications and Social Media to the Minister of the Federal Capital Territory (FCT), Nyesom Wike, has dismissed reports claiming that the Supreme Court nullified the Peoples Democratic Party (PDP) convention held in Abuja on March 29–30, 2026.....KINDLY READ THE FULL STORY HERE▶

Reports suggest that Olayinka’s reaction follows claims tied to a Certified True Copy (CTC) of a recent Supreme Court judgment in the PDP leadership dispute, which allegedly favoured one faction over the other.

There were also claims that the apex court declared the Abuja convention invalid and upheld the suspension of key figures in the Wike-backed faction, including Senator Samuel Anyanwu and Kamaldeen Ajibade.

However, speaking in an interview with ARISE Television on Saturday, Olayinka insisted that such claims were false, stating that the issue of the March 29 convention was never before the Supreme Court.

He argued that the Supreme Court only dealt with matters that originated from the Court of Appeal, stressing that the apex court cannot rule on issues not presented before it.

Olayinka explained that the case in question concerned the suspension of Samuel Anyanwu, which he said was addressed at the appellate level and affirmed by the Supreme Court.

He further maintained that if a matter or individual was not referenced at the Court of Appeal, it could not suddenly become part of the Supreme Court’s judgment, insisting that claims about the convention being nullified were misleading.

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2027: Seriake Dickson Declares “Everyone Is Free To Contest Any Position” In NDC

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The National Leader of the Nigeria Democratic Congress (NDC), Seriake Dickson, has stated that all aspirants in the party are free to contest any position in the 2027 elections without restrictions.....KINDLY READ THE FULL STORY HERE▶

Reports indicate that Dickson made the remark on Saturday during the party’s first national convention held in Abuja.

He explained that the NDC does not have internal factions like other political parties in the country and is not facing any legal disputes or internal conflicts.

According to him, there is currently no court case or appeal against the party, and all members are at liberty to contest for any leadership position in the 2027 elections.

Dickson also emphasized that the party remains united, stressing that no group or bloc exists within its structure that could create division.

He further maintained that any actions taken in the past that appeared to challenge freedom of association were violations of constitutional rights.

Reaffirming confidence in the party’s future, Dickson said the NDC, despite early opposition, has come to stay and has gained unprecedented public acceptance within a short period.

He claimed that no political party in Nigeria’s history has enjoyed the level of trust and enthusiasm currently being shown toward the NDC.

The former Bayelsa State Governor also stressed the importance of sustaining multiparty democracy in Nigeria, noting that the NDC was formed after concerns that the Peoples Democratic Party (PDP) had been weakened.

He recalled the legal and administrative challenges faced during the party’s registration, which was eventually approved by the Independent National Electoral Commission (INEC) following a court ruling.

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