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Exposed: Mr Femi Otedola, accused of Aggressive Banking Gangsterism
** 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.
News
APC National Solidarity Vanguard Lauds Matawalle Over Mass Exodus Of PDP Members To APC In Zamfara
The APC National Solidarity Vanguard has showered encomiums on the Honourable Minister of State for Defence, Dr. Bello Matawalle, for his outstanding leadership and political sagacity that have engineered a massive defection of key Peoples Democratic Party (PDP) members to the All Progressives Congress (APC) in Zamfara State.
In a statement signed by its National Coordinator, Moses Aruwa, the Vanguard described Matawalle as an exemplary leader whose good governance credentials and commitment to inclusive democracy continue to attract political heavyweights to the ruling party.
“Matawalle has proven beyond doubt that leadership is about service, vision and the ability to unite people for a common purpose,” Aruwa stated.
“His selfless drive to reposition Zamfara State and align it fully with President Bola Ahmed Tinubu’s Renewed Hope Agenda has made him a magnet for progressive-minded politicians across party lines.”
The latest defection that has sent ripples across the state’s political landscape involved Hon. Sadiq Abubakar Ciroma, the PDP Chairman in Kaura Namoda Local Government Area, who was formally received into the APC by Minister Matawalle on Friday.
Aruwa praised Matawalle’s warm reception of the decampees, noting that it reflected his large-heartedness and belief in inclusive politics.
“When Dr. Matawalle said the APC needs people like Hon. Ciroma who play politics with vision and sound judgement, he was speaking from a place of deep conviction,” Aruwa remarked.
“Matawalle himself embodies that vision – he assesses leadership accurately and takes bold decisions that benefit the masses, and that is why thousands are trooping to join him.”
The Vanguard leader further highlighted the growing dominance of the APC in Zamfara as a direct result of Matawalle’s sterling performance as leader of the Renewed Hope Agenda in the state.
“What we are witnessing is not ordinary defection; it is a mass exodus driven by the irresistible appeal of good governance under Matawalle’s guidance,” Aruwa declared.
“From lawmakers to local government chairmen, PDP stalwarts are daily joining forces with him because they have seen that the future of Zamfara and Nigeria lies with the progressive vision he champions.”
Aruwa also commended Matawalle’s loyalty to President Tinubu, saying it has inspired confidence among party members and new entrants alike.
“Matawalle is not only delivering dividends of democracy in Zamfara; he is building a solid platform to deliver Mr. President convincingly in 2027,” he asserted.
“His inclusive approach ensures that every new member feels valued and empowered to contribute to this noble cause.”
The statement emphasised that the continuous influx of PDP members into the APC attestation to Matawalle’s ability to foster unity and peace in a once-restive state
. “Dr. Bello Matawalle has transformed Zamfara into a bastion of peace, progress and political harmony,” Aruwa enthused.
“Politicians of goodwill are aligning with him because they know that under his leadership, Zamfara will continue to enjoy unprecedented development and remain a stronghold for the APC.”
Aruwa called on other opposition members still contemplating their political future to follow the example of Hon. Ciroma and join the moving train.
“The APC under Matawalle’s stewardship offers equal opportunities, respect and genuine commitment to the welfare of the people,” he concluded.
“We are proud to identify with this exceptional leader who is writing a new chapter of prosperity for Zamfara State.”
News
Indigenous Oil Companies Get Boost as NCDMB Deepens Nigerian Capacity
Nigeria’s push for greater indigenous participation in the oil and gas industry received a significant boost this week as the Nigerian Content Development and Monitoring Board (NCDMB) showcased a series of milestones, including the takeover of major industrial assets and the expansion of local capacity across key energy hubs.
A major highlight was the acquisition of Saipem’s Nigerian operations by Marconi NG EPC — a development the NCDMB described as a landmark in the country’s local content journey.
According to the board, the transition of the world-class Port Harcourt fabrication yard into Nigerian ownership demonstrates that local firms now possess both the technical expertise and financial capacity to manage complex engineering and construction projects.
During a media tour of the facility, NCDMB officials spotlighted the one-million-square-metre yard, which features fabrication units, jetties and a helipad. They said the acquisition signals that Nigerian companies can now compete at global scale and marks an important step in reducing decades of foreign dominance in major oil and gas infrastructure.
The tour also highlighted growing indigenous capacity across the South-South region. Journalists visited PE Energy Limited, a Nigerian energy solutions provider serving the oil and gas, power and process industries, as well as Bunorr Integrated Energy Limited, a local firm converting used engine oil into base oil and other eco-friendly by-products.
Bunorr’s management credited NCDMB’s equity investment with helping the company attract partners, strengthen credibility and upgrade its operations.
While commending the board’s hands-on engagement and financing support, the companies urged the government to address persistent power challenges that raise production costs for local manufacturers.
NCDMB said the tour was part of its broader effort to showcase real-time progress in industrial development and deepen public understanding of local content achievements.
The General Manager, Corporate Communications at NCDMB, Dr. Obinna Ezeobi, described the media tour as a maiden initiative designed to help journalists better understand industry operations and enhance stakeholder engagement.
News
CSOs Celebrate Akpabio with 5th Annual Lecture, Hail NASS–Executive Synergy
…..Pledges expanded civic actions and pro-development campaigns in 2026
Rising-Up for a United Nigeria (RUN), a leading civil society organization committed to governance reforms and national development, has hosted the 5th Annual Godswill Akpabio Leadership and Youth Mentorship Lecture. The yearly event, held in honour of Senate President Godswill Akpabio, is designed to celebrate his leadership contributions while empowering youths and strengthening civic engagement across Nigeria.
In his opening remarks, Amb. Solomon Adodo, Convener of RUN, commended the productive relationship between the National Assembly and the Executive. He described the synergy as a major driver of grassroots development and national stability, noting that the collaboration has translated into reforms and people-focused initiatives that positively impact ordinary Nigerians. According to him, the APC-led administration of President Bola Ahmed Tinubu, working closely with the National Assembly under Senator Akpabio, has continued to demonstrate a clear commitment to improving the welfare of citizens. He said the creation and swift passage of legislation establishing regional development commissions highlight the shared resolve to bring governance closer to the people and address pressing socio-economic challenges. Adodo added that Senator Akpabio’s leadership, defined by courage, accessibility and impactful legacy projects, continues to inspire youths and governance advocates nationwide.
Delivering the keynote address, Barr. Cosmas Akighir, Chairman of the North Central Development Commission (NCDC), described Senator Akpabio as a nationalist whose contributions to national unity and development remain commendable. He noted that the establishment of the NCDC received accelerated legislative support because of Akpabio’s genuine commitment to national growth and his alignment with President Tinubu’s vision for a more secure and prosperous Nigeria. Akighir urged Nigerians to focus on supporting the Federal Government and the National Assembly, stressing that divisive rhetoric and unnecessary distractions undermine the gains of the Renewed Hope Agenda.
A striking feature of this year’s lecture was the massive turnout of civil society organisations, youth groups and community-based associations from across the country. Many attendees expressed strong support for RUN, the Federal Government and the leadership of the National Assembly, reaffirming their confidence in ongoing reforms. They pledged to intensify nationwide civic engagement, sensitisation and pro-development advocacy in 2026, with commitments to expand their programmes, strengthen partnerships and mobilise citizens for national progress.
As part of the annual tradition, the event also featured the empowerment of youths and unemployed Nigerians with vocational tools, equipment and machines worth millions of naira. This empowerment component, conducted each year during the celebration of Senator Akpabio’s birthday, aims to promote self-reliance and uplift vulnerable groups through practical support and skill-building opportunities.
The lecture attracted participants from all 36 states and the Federal Capital Territory, including government officials, traditional and religious leaders, captains of industry, community influencers and development advocates. The 5th edition of the lecture further solidified RUN’s commitment to fostering unity, legislative-executive cooperation and broad-based national development, while reaffirming the growing recognition of Senator Akpabio’s leadership impact across Nigeria.
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