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Exposed: Mr Femi Otedola, accused of Aggressive Banking Gangsterism

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** Plot to Seize OML 42 Oil Mining License under false and deceptive debt claims

** Uses First Bank subsidiaries

Neconde Energy Ltd and Nestoil Group has accused First Bank subsidiaries of orchestrating fraudulent and aggressive attempts to seize Neconde’s prized Oil Mining Licence (OML 42), under what the companies calls a “manufactured and unsubstantiated debt claim.”

It is nevertheless not in dispute that for over three(3) years, First Bank Quest has refused to release bank statements to Neconde Energy Ltd and Nestoil Group despite all their requests and attempts to obtain loan and bank statements from FBN Quest and till date the status of any alleged indebtedness has not been determined due to that failure. It is therefore uncertain if any debts exist at all due to the failure to issue statements to verify these claims.

In recent times, financial watchers have accused First Bank of engaging in multiple high stakes financial gangsterism, aimed at taking over lucrative businesses of First Bank customers under the guise of “debt default”. Industry watchers warn that this very dangerous trend that can eventually sink a bank that has been existing for decades.

Even more troubling is the alleged personal involvement of the Chairman of the Firstbank Holdco, Mr Femi Otedola in these aggressive economic bullying drawing comparison from the hostility in Sahara Group case, to General Hydrocarbon to most recently Neconde and Nestoil.

Word on the street has it that Mr Otedola had earlier this year approached Neconde requesting to buy some 16 percent stake in the juicy OML42 Oil Block, a request which was said to have been bluntly rejected by Neconde. It is therefore hardly coincidental that only months later, First Bank pounced on Nestoil and Neconde in an aggressive move to take over OML 42, citing an alleged $1billion dollar unverified debt.

A Dispute Fuelled by Secrecy
According to our sources in Nestoil,
“How can we owe what we cannot see?” one senior Nestoil official asked.
“We cannot verify any debt because First Bank will not release the very documents that would confirm or disprove their claim.”

Nestoil insists that without those statements, the bank’s attempts to enforce debt recovery actions amount to economic ambush and economic gangsterism.

The Contested Licence

At the center of the conflict is OML 42—one of the most promising onshore blocks in the Niger Delta Basin. Industry analysts estimate that the license could generate hundreds of millions of dollars in revenue over its lifespan. At present OML42 accounts for approximately 5% of Nigeria’s crude oil production.

There are claims that the subsidiaries of First Bank Holdco under the Chairmanship of Mr Femi Otedola has shown “unusual, excessive interest” in taking over the OML42 through court orders, ex parte motions, and aggressive debt-recovery procedures that the company says lack documentary justification.

“It has become clear that the bank’s objective is not repayment—it is acquisition,” a senior financial expert states.

Legal Manoeuvres and Alleged Overreach

Legal experts interviewed for this story say the refusal of First Bank to release bank statements, if true, raises serious questions about transparency and the integrity of the bank’s claims.

One financial law analyst noted:

“A creditor refusing to provide account statements is highly irregular. Any enforcement action without documentary clarity could be challenged as predatory or abusive.”

Nestoil and Neconde Vows to Resist “Corporate Bullying”

The Company says it intends to escalate the matter to regulatory bodies, accusing First Bank of:

Withholding essential financial documents;

Misrepresenting loan obligations;

Attempting to take over strategic national assets through deception and;

Engaging in “bad faith banking practices”.

The companies has also hinted at pursuing damages for reputational harm and economic loss.

Uncertain Road Ahead

As the battle intensifies, industry observers warn that the dispute could unsettle local and international investor confidence in the already fragile upstream sector.

For now, NestoilGroup and Neconde Energy says it will continue to fight what it calls a “calculated attempt to strip us of our assets using fictitious debt claims and procedural intimidation. No amount of malicious court cases will deter us”.

Whether First Bank can substantiate its alleged debt claim—or whether the controversy exposes a deeper pattern of aggressive asset acquisition tactics—remains to be seen.

In the plaintiffs Originating Summons Suit No.FHC/L/CP/1439/2025 they avail that “Whether the 2nd Plaintiff’s exercise of the power vested in it by virtue of the
Security Sharing Deed,Deed of Charge dated 8h December 2022 and Deeds of
All Assets Debenture dated 27h August 2007,28th March 2005(and the
Supplemental Documents)and its appointment of the Receiver/Manager over OML 42 JV and other crystallised charges and assets of the 18 and 2nd
Defendants due to the Events of Default,entitles the Receiver/Manager so-
appointed to exercise all the rights and duties as enshrined in the Deed of
Charge and All Assets Debenture for the full realisation of the outstanding
indebtedness of US$1,012,608,386.91(One Billion Twelve Million Six Hundred and Eight Thousand Three Hundred and Eighty-Six United Stated Dollars Nine One Cents)and NGN430,014,064,380.77(Four Hundred and Thirty Billion Fourteen Million Sixty-Four Thousand Three Hundred and Eighty Naira Seven-Seven kobo)owed to the Lenders as at 30h September, 2025 and any interest accrued until final liquidation.

5.Whether by virtue of Clause 3.3 of the Neconde Deed of Charge,the Plaintiffs
on behalf of Lenders can take over the 45%interest of the 2nd Defendant to
recover the outstanding indebtedness of US$1,012,608,386.91(One Billion
Twelve Million Six Hundred and Eight Thousand Three Hundred and Eighty-
Six United Stated Dollars Nine One Cents)and NGN430,014,064,380.77 (Four
Hundred and Thirty Billion Fourteen Million Sixty-Four Thousand Three
Hundred and Eighty Naira Seven-Seven kobo)from the OML 42 JV
Activities/Contracts.

6.Whether having regard to the personal guarantees given by the 3d and 4th
Defendants to the Lenders,the 3d and 4h Defendants are personally liable to
repay the loan facilities issued by the Lenders to the 1st Defendant to the tune
ef the amcunt pciscnal!;;guaranteed.

7.Whether the Lenders being unsatisfied creditors and the 2nd Plaintiff are
entitled to an ORDER OF PERPETUAL INJUNCTION restraining the 1-4h
Defendants(as obligors)whether by themselves,servants,or agents from
operating and/or dealing with any interest in the charged assets,movable or
immovable,until the sum of US$1,012,608,386.91(One Billion Twelve Million Six Hundred and Eight Thousand Three Hundred and Eighty-Six United
Stated Dollars Nine One Cents)and NGN430,014,064,380.77 (Four Hundred
and Thirty Billion Fourteen Million Sixty-Four Thousand Three Hundred
and Eighty Naira Seven-Seven kobo)being outstanding balance.

With these pending issues waiting for the determination of the Federal High Court sitting in Lagos, alleging that Nestoil is on the receivership is a hoax.

Furthermore, the plaintiffs prayer for the court to give judicial recognition of the purported Receiver Manager was refused by Justice Dipeolu, before the case was transfered to another judge for hearing and its determination.

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Dogara Praises Tinubu’s Reforms, Urges Collective Support for National Development

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Former Speaker of the House of Representatives, Chancellor of Achievers University, and Chairman of the Board of Trustees of the National Credit Guarantee Company Limited (NCGC), Rt. Hon. Yakubu Dogara, CFR, has commended President Bola Ahmed Tinubu’s reform initiatives in the education and security sectors, urging Nigerians to unite behind efforts aimed at driving sustainable development and national renewal.
Dogara made the call while delivering the Convocation Address at the 16th Convocation Ceremony of Achievers University, Owo, where he spoke on the theme, “Rethinking National Security for Sustainable Peace, Development and National Renewal.”
The former Speaker described education and security as critical foundations for nation-building, noting that the Tinubu administration has taken important steps to expand educational opportunities and strengthen Nigeria’s security architecture.
He particularly praised the Federal Government’s Student Loan Programme under the Nigerian Education Loan Fund (NELFUND), saying the initiative has provided thousands of Nigerian youths with access to higher education regardless of their financial circumstances.
According to Dogara, investing in education remains one of the most effective strategies for empowering young people and preparing them to contribute meaningfully to national growth and development.
He also applauded government efforts aimed at improving the welfare of university lecturers, describing quality education as indispensable to the country’s progress and future competitiveness.
Speaking on security, Dogara said no nation can achieve meaningful economic development without guaranteeing the safety of lives and property. He emphasized that security remains the foundation upon which investment, agriculture, commerce and social stability thrive.
While acknowledging that insecurity remains a challenge, he commended the Federal Government’s ongoing efforts to tackle terrorism, insurgency, banditry and kidnapping through enhanced military operations, intelligence-driven interventions and strengthened coordination among security agencies.
He noted that recent measures, including the expansion of security personnel recruitment and efforts to secure forested and rural communities, demonstrate government’s determination to create safer environments for citizens and businesses.
Dogara urged Nigerians to support these efforts through active citizenship, community cooperation and a shared commitment to national unity.
“Government alone cannot achieve lasting security and development. Every citizen has a role to play in building a peaceful, prosperous and united Nigeria,” he said.
The former Speaker stressed that national development requires collaboration among government, traditional institutions, faith-based organisations, educational institutions, the private sector and civil society groups.
As Chairman of the Board of Trustees of the National Credit Guarantee Company Limited, Dogara also highlighted the importance of creating an enabling environment where businesses can access opportunities, investments can flourish and entrepreneurs can contribute to economic expansion and job creation.
He noted that sustainable economic growth depends largely on peace, stability and confidence in public institutions.
Addressing the graduating students, Dogara challenged them to become agents of positive change by applying their knowledge, skills and talents toward solving societal problems and advancing national development.
He urged the graduates to embrace integrity, innovation and service as they embark on the next phase of their lives.
“If you become a lawyer, serve justice. If you become a doctor, serve life. If you become an engineer, build what our country needs. If you become an entrepreneur, create opportunities and jobs for others,” he said.
The former Speaker expressed optimism about Nigeria’s future, describing the country as a resilient nation blessed with abundant human and natural resources capable of achieving greater heights through visionary leadership and collective effort.
He called on citizens to remain hopeful and support ongoing reforms designed to strengthen institutions, expand opportunities and improve the welfare of the people.
Dogara concluded by congratulating the graduating students and encouraging them to use their education as a tool for service, leadership and national transformation.
The convocation ceremony attracted members of the university’s Governing Council, management, staff, alumni, parents and other dignitaries who gathered to celebrate the achievements of the graduating class and reaffirm Achievers University’s commitment to producing future leaders for Nigeria and beyond.

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CSO Gives GUO Logistics 72-Hour Ultimatum Over Fatal Crash That Killed Five Passengers

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A civil society organisation, Citizens for Good Governance, Rule of Law & Anti-Corruption Initiative, has issued a 72-hour ultimatum to GUO Logistics, demanding immediate engagement with the families of victims of a fatal road accident that reportedly claimed five lives and left several others critically injured.

The organisation, in a statement signed by its Director-General, Comr. Danesi Momoh Prince, expressed sorrow and outrage over the accident, which occurred at about 3:30 a.m. on August 28, 2026, involving a Toyota Hiace bus conveying more than 23 passengers from Gombe State to Lagos State.

According to the statement, the accident occurred after a truck reportedly belonging to GUO Logistics rammed into the passenger bus, resulting in the deaths of five persons, including students travelling to Lagos for their mandatory industrial training.

The deceased were identified as Isiyaku Sa’idu, Maigana Mohammed, popularly known as Abbati, Anas Abubakar, reportedly the driver of the bus, Zaiyanu Bajoga and Abubakar Ibrahim.

Describing the incident as devastating, the organisation said the victims were Nigerians pursuing education, employment and better opportunities, adding that the tragedy had cut short the dreams and aspirations of the deceased while leaving other passengers fighting for survival.

It called on GUO Logistics to demonstrate genuine concern for the victims and their families, warning that corporate reputation must not take precedence over human lives.

The group also expressed concern over allegations that efforts were being made to protect the company’s public image rather than adequately address the suffering of the victims and their families.
It consequently demanded that the management of GUO Logistics, within 72 hours, establish immediate contact with the families of the deceased and injured passengers through available passenger manifests, booking records and other travel documentation.

Other demands include urgent assistance for survivors, engagement with medical facilities to address their healthcare needs, and discussions with bereaved families on appropriate support and compensation in accordance with applicable laws and the outcome of investigations.

The organisation further demanded a public statement from the company outlining the steps being taken to address the incident, including an official communication channel through which affected families could seek assistance.

It also urged GUO Logistics to cooperate fully with relevant authorities investigating the circumstances surrounding the accident and ensure that all applicable legal responsibilities were addressed.

Clarifying the purpose of the ultimatum, the group said it was demanding immediate engagement and demonstrable humanitarian support, not the conclusion of a comprehensive accident investigation within three days.

The organisation warned that failure by the company to demonstrate meaningful engagement within the stipulated period could trigger nationwide mass picketing of its offices and operational facilities.

It said it would consider mobilising concerned citizens and relevant stakeholders for peaceful and lawful protests at GUO offices across the country, subject to applicable legal requirements.

The group also threatened to petition relevant regulatory and law enforcement authorities to ensure that the incident received the necessary attention.

While acknowledging that the precise circumstances of the accident and legal responsibility must be established through a thorough investigation, the organisation maintained that immediate humanitarian assistance to the survivors and their families should not be delayed.

It called on relevant government authorities, civil society organisations, student bodies and well-meaning Nigerians to support efforts to secure assistance for the injured and accountability for the lives lost.

The statement reaffirmed the organisation’s commitment to monitoring developments and engaging relevant stakeholders to ensure that the victims and their families were not forgotten.

“Our position is unequivocal: human lives must never be sacrificed at the altar of corporate reputation. The dead deserve dignity, the injured deserve urgent assistance, and the bereaved families deserve answers,” the statement said.

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FG Borrowing Justified By Huge Investment In Infrastructure, Improvements in Security Sector – Opposition Rep Agbese

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Hon. Philip Agbese, Labour Party leader in Benue State and member representing Ado/Okpokwu/Ogbadibo Federal Constituency, has strongly defended the Federal Government’s proposed $21.7 billion supplementary external borrowing plan.

According to Agbese, the funds are fully justified by the Tinubu administration’s massive investments in critical infrastructure and the gains recorded in the security sector.

The lawmaker described the borrowing as strategic financing for productive national assets rather than consumption spending.

Speaking against the backdrop of intense public debate over the 2026-2027 external borrowing proposal, the opposition figure argued that Nigerians must look beyond partisan lenses and assess the tangible returns already visible across roads, power, rail and defence.

He noted that the plan prioritises productive assets rather than consumption, aligning with the administration’s broader Renewed Hope agenda of rebuilding national capacity after years of underinvestment.

“This is not borrowing for the sake of borrowing. It is investment in the future of Nigeria,” Agbese stated.

“When you look at the allocation—over $10 billion for transport infrastructure alone, including the Lagos-Calabar Coastal Highway, Sokoto-Badagry Super Highway and key rail corridors—you see a government deliberately creating assets that will generate long-term economic value far exceeding the cost of the loans.”

He continued: “The same applies to the significant portion dedicated to defence and security. Any serious nation prioritises the safety of its citizens.

“The Federal Government is putting resources behind the men and women in uniform so they can finish the job against bandits, terrorists and kidnappers.”

Agbese further highlighted the administration’s track record of project delivery under the Ministry of Works, citing the accelerated completion of major sections of the Abuja-Kaduna-Zaria-Kano highway using durable concrete pavement, the commissioning of initial segments of the Lagos-Calabar Coastal Highway, and hundreds of other road projects completed or advanced nationwide.

He pointed to parallel progress in the power sector, including approvals for East and West Super Grids aimed at raising transmission capacity dramatically, as evidence that borrowed funds are being channelled into real, visible development.

The lawmaker stressed that states and the Federal Capital Territory stand to benefit substantially from the package, with a sizeable share earmarked for subnational projects on largely concessional terms.

According to him, this structure ensures that the borrowing strengthens the federation rather than concentrating benefits solely at the centre.

“Look at what has been achieved in just over three years: major highways moving from paper to asphalt and concrete, rail lines advancing, and power infrastructure receiving the attention it has long been denied,” Agbese said.

“That is why the borrowing is justified. On security, the Armed Forces have recorded significant operational successes—neutralising thousands of terrorists and bandits, facilitating large-scale surrenders, and rescuing abducted citizens.

“Continued investment is necessary to consolidate these gains and expand the capacity of our security agencies,” he added.

Turning to the terms of the proposed financing, Agbese noted that a substantial portion comes from multilateral and bilateral partners at concessional rates, while commercial components remain competitive relative to previous market conditions.

He dismissed critics who focus solely on the headline figure without examining the quality of the underlying projects or the improved fiscal space created by earlier reforms such as subsidy removal.

The Benue lawmaker argued that opposition to the plan on purely political grounds ignores the infrastructure deficit inherited by the current administration and the urgent need to close it if Nigeria is to achieve sustainable growth and improved living standards.

He called on colleagues across party lines to prioritise national interest when the National Assembly considers the request.

“Every progressive country borrows to build. What matters is whether the money creates lasting assets and strengthens national security. On both counts, this plan passes the test,” Agbese declared.

“We in the opposition must be honest enough to acknowledge progress where it exists. The people of Ado, Okpokwu and Ogbadibo, like Nigerians everywhere, want better roads, reliable power and safer communities.

“The Federal Government is taking concrete steps in that direction, and supporting the necessary financing is the responsible thing to do,” he concluded.

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