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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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CDS Inspects Kaduna Brigade, Orders Boost In Fight Against Terrorism And Cattle Rustling.

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The Chief of Defence Staff (CDS), General Olufemi Oluyede, has tasked personnel of the 2 National Mission Force Brigade to intensify their efforts in tackling ongoing security challenges within their Joint Operations Area (JOA) and across Southern Kaduna.....KINDLY READ THE FULL STORY HERE▶

This directive was contained in a statement issued by the Director of Defence Information, Major General Samaila Uba, following the CDS’s operational visit to the brigade located in Samaru, Kataf, Kaduna State.

The statement noted that the visit was primarily aimed at assessing the combat readiness of the brigade and identifying operational challenges facing troops, with a view to addressing them effectively.

According to Uba, the mission also focused on strengthening efforts to eliminate terrorism, kidnapping, cattle rustling, and other criminal activities previously widespread in the area before the brigade was established in 2024.

During his address to the troops, the CDS commended their level of alertness and professionalism, urging them to remain disciplined, dedicated, and fully committed to their duties.

He further encouraged them to adopt innovative strategies to stay ahead of criminal elements, stressing the need for proactive thinking in operations.

“You must keep outwitting criminals by anticipating their actions and evolving effective countermeasures. We will continue to support you with the necessary equipment, enablers and platforms and ensure your welfare is given priority,” he stated.

Earlier, the Commander of the 2 National Mission Force Brigade, Navy Captain O.J. Ekuma, highlighted key achievements of the unit, including the neutralisation of criminals, recovery of weapons and rustled cattle, rescue of kidnapped victims, and the arrest of high-profile bandits and their collaborators.

He added that the brigade had also disrupted the movement of criminal elements within its operational area, leading to improved security in the region.

As part of the visit, the CDS inspected ongoing Defence Headquarters projects and military deployments, directing the provision of essential operational equipment where gaps were identified.

The CDS was accompanied by the Chief of Defence Operations, Maj. Gen. J.H. Abdussalam; GOC 3 Division, Maj. Gen. E.F. Oyinlola; and other senior military officers.

The visit reaffirmed the Armed Forces’ commitment to enhancing troop welfare, bridging operational gaps, and improving overall efficiency in ongoing security operations.

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Legal Battle Deepens As Jonathan Heads To Court Over 2027 Election Suit.

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Former President Goodluck Jonathan is expected to appear before the Federal High Court in Abuja on Friday in connection with a suit seeking to bar him from contesting the 2027 presidential election.....KINDLY READ THE FULL STORY HERE▶

The case, marked FHC/ABJ/CS/2102/2025, was filed by lawyer Johnmary Jideobi, who is asking the court to declare Jonathan constitutionally ineligible to run for president again.

Jideobi argued that the former president has already reached the constitutional limit of two terms, noting that he first completed the tenure of late President Umaru Musa Yar’Adua in 2010 before winning a full term in the 2011 election.

On April 28, Justice Peter Lifu ordered that hearing notices be served on all defendants after they failed to respond within the required timeframe.

Jonathan is listed as the first defendant, while the Independent National Electoral Commission (INEC) and the Attorney-General of the Federation are named as second and third defendants respectively.

The plaintiff is seeking an order restraining Jonathan from presenting himself to any political party as a candidate in the 2027 election, as well as preventing INEC from accepting or publishing his name as a contestant.

In an affidavit filed in support of the suit, Emmanuel Agida stated that Jonathan assumed office on May 6, 2010, following the death of President Yar’Adua.

He added that reports of a possible 2027 presidential comeback prompted the legal action, insisting that Jonathan has already served the maximum constitutional tenure allowed.

Meanwhile, reports suggest that Jonathan’s court appearance on Friday may coincide with a potential declaration of interest in the 2027 presidential race, including a possible announcement of his political platform.

The former president, who led Nigeria from 2011 to 2015 under the Peoples Democratic Party (PDP), recently indicated openness to a return to politics, saying he would consult widely before making a final decision.

“Presidential race is not a computer game. But I’ve heard you, and I’ll consult widely,” he told a group of youths who urged him to contest, adding that his focus remains on giving young Nigerians hope.

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2027: Adetilewa Emerges APC Consensus Candidate For Ijebu Central House Of Reps Seat.

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Adetomiwa Adetilewa has been selected as the consensus candidate of the All Progressives Congress (APC) for the House of Representatives seat of Ijebu Central Federal Constituency.....KINDLY READ THE FULL STORY HERE▶

The announcement was made by the Chairman of the Governor’s Advisory Council (GAC), Oluneye Okuboyejo, shortly after presenting Adetilewa to the party following a consensus reached at a meeting held on Wednesday.

The event was attended by key stakeholders, including the Chairman of the Ogun East/Ijebu Political Structure of the APC, Arowolo Adebola, alongside other party leaders.

Leaders of the APC in Ogun East described the decision as a reflection of confidence in Adetilewa’s leadership abilities, political experience, and commitment to grassroots development within the constituency.

In his reaction, Adetilewa expressed appreciation to the party leadership, members, and supporters for the trust placed in him. He also commended other aspirants who expressed interest in the position, describing them as important contributors to the unity and progress of the party.

He said, “This is a victory for all of us. In this consensus option by our party members, there is no victor and no vanquished — we are all winners.”

Adetilewa called on other aspirants to join hands with him in building a stronger constituency and party, assuring that he would carry all stakeholders along in his leadership journey.

He also appreciated President Bola Tinubu for his leadership and commitment to national development, as well as Governor Dapo Abiodun of Ogun State and other APC leaders for their support.

The APC consensus candidate further pledged to remain accessible, responsive, and committed to delivering effective representation for the people of Ijebu Central Federal Constituency.

He added, “I will continue to listen to our leaders, engage our people, and work tirelessly to justify the trust placed in me. Together, we will achieve greater progress for our constituency and our party.”

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