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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
Tinubu Mega Group Mobilises 1,500, Endorses Tinubu’s Second Term Bid
The nation’s capital, Abuja, witnessed a massive political gathering on Tuesday as thousands of supporters under the umbrella of the Tinubu Mega Group (TMG) staged what organisers described as a “National Unity Rally” in support of President Bola Ahmed Tinubu and his re election bid ahead of the 2027 presidential election.The rally, which attracted participants from across the 36 states and the Federal Capital Territory, brought together over 1,500 groups comprising professionals, civil society organisations, youth associations, religious leaders, artisans, traders, women groups, and grassroots mobilisers.At the rally, the coalition formally presented what it described as the endorsement of “20 million Nigerians” for another four years of President Tinubu’s administration, insisting that ongoing economic and structural reforms must be sustained beyond 2027.Addressing the gathering, the National Spokesperson of the Tinubu Mega Group, Tijani Ali Danjuma, said the rally represented the collective voice of Nigerians who believe in continuity, stability, and national progress.According to him, despite prevailing economic difficulties and global challenges, the Tinubu administration has demonstrated courage and direction in tackling inherited national problems.He highlighted ongoing infrastructure projects, renewed investments in local refining, economic stabilisation efforts, improved support for state governments, social intervention programmes, and reforms targeted at strengthening local governance and attracting investments.“The student loan programme has opened new opportunities for young Nigerians. Efforts are ongoing to strengthen the naira, improve food production, and reposition the economy for long term growth,” he stated.Danjuma added that the massive turnout at the rally was proof that support for the President cuts across regions, sectors, and religious affiliations.“To those spreading false narratives and attempting to create division, our answer is simple, the people have spoken. Nigerians are choosing continuity over confusion and progress over propaganda,” he declared.Also speaking at the rally on behalf of Nigerian professionals, Dr. Tabuko Kennedy said professionals across critical sectors of the economy were backing the administration because reforms require consistency and continuity to succeed.Representing doctors, lawyers, engineers, academics, entrepreneurs, creatives, artisans, and technocrats, Kennedy argued that abandoning ongoing reforms midway could negatively affect national development.He maintained that President Tinubu had shown commitment toward rebuilding the economy, strengthening infrastructure, improving revenue generation, supporting local industries, and creating opportunities for Nigerian youths.“As professionals, we understand that difficult reforms are never easy at the beginning, but we also know that abandoning reforms halfway can damage national progress,” he said.Kennedy further declared that “there is NO VACANCY in Aso Rock in 2027,” a statement that drew loud cheers from supporters at the venue.The Christian community was represented by Bishop Kola Oyedepo, who described the current phase of Nigeria’s development as a period requiring patience, sacrifice, wisdom, and collective responsibility.The cleric noted that leadership often demands difficult decisions and urged Nigerians not to allow bitterness, division, or destructive politics to derail ongoing efforts aimed at repositioning the country.According to him, reforms initiated under President Tinubu, including economic restructuring, infrastructure development, educational support through student loans, and efforts to improve local refining capacity, were necessary foundations for a stronger Nigeria.“Every wise builder must first lay a solid foundation. Nigeria today is in the process of rebuilding and restructuring its foundation for a stronger future,” the bishop stated.He urged Nigerians to continue praying for the country and its leaders while reiterating support for continuity in governance.“There is NO VACANCY in Aso Rock in 2027,” he added.Similarly, Islamic cleric Sheik Abubakar Mustapha called for patience, peace, unity, and support for national development efforts.The Imam acknowledged the economic and social challenges facing the country, but stressed that meaningful reforms require time, perseverance, and courageous leadership.He commended the administration’s focus on infrastructure, education support initiatives, governance reforms, and local refining projects aimed at strengthening national productivity.“We must not allow division, hatred, or politics of bitterness to weaken our country. Instead, we must support unity, peaceful coexistence, and responsible leadership,” he said.Mustapha also aligned with the position of the organisers, insisting that Nigerians who desire stability and sustained development understand that “there is NO VACANCY in Aso Rock in 2027.”Observers described the rally as one of the largest political mobilisation efforts witnessed in Abuja in recent months, with participants carrying banners, placards, and campaign materials bearing inscriptions such as “20 Million Nigerians Support Tinubu,” “Continuity for National Development,” and “One Voice, One Vision, One Nigeria.”The rally ended peacefully with prayers for national unity, economic recovery, and sustained democratic governance in Nigeria.
News
Hon. Jaafaru Yakubu Reaffirms Nigeria’s Commitment to One-China Principle
Hon. Jaafaru Yakubu, Chairman of the House of Representatives Committee on China–Nigeria Parliamentary Relations, has restated Nigeria’s unwavering adherence to the One-China Principle, cautioning politicians against actions that could undermine the country’s diplomatic position on Taiwan.
Yakubu stressed that Nigeria’s stance on the Taiwan question is “clear, consistent, and firmly rooted in international law, diplomatic principles, and bilateral agreements with the People’s Republic of China.” He underscored that since 1971, Nigeria has recognized the government of the People’s Republic of China as the sole legal authority representing the whole of China, with Taiwan regarded as an inalienable part of its territory.
“Nigeria opposes any form of ‘Taiwan Independence’ or interference in the internal affairs of China and firmly supports all efforts made by the Chinese government to achieve national reunification,” Yakubu declared.
He warned that any official or unofficial gesture suggesting support for separatist tendencies or Taiwan independence activities would contradict Nigeria’s established foreign policy and risk weakening the strong diplomatic ties between Abuja and Beijing.
Yakubu highlighted China’s role as a dependable strategic partner to Nigeria, particularly in infrastructure development, trade, investment, technology transfer, and human capacity building. He noted that bilateral trade between the two nations exceeded $28 billion in 2025, a 30.2 percent increase from the previous year, with China’s exports to Nigeria reaching $24.9 billion, driven by demand for machinery, electronics, and industrial inputs.
The lawmaker urged members of the National Assembly, political leaders, and public officials to exercise caution in their engagements, stressing the importance of preserving Nigeria’s foreign policy integrity. He further assured that the House Committee on China–Nigeria Relations remains committed to strengthening parliamentary cooperation and advancing the Comprehensive Strategic Partnership between both countries.
Yakubu concluded by calling on Nigerians to support policies that reinforce the nation’s diplomatic interests, international credibility, and mutually beneficial cooperation with China.
News
Centre, CSOs Decry Use of Substandard Building Materials, Building Collapse
Center for Peace, Transparency and Accountability (CPTA) and coalition of over 50 civil society organizations have raised concerns over growing activities of unqualified contractors, the circulation of substandard building materials, corruption in procurement processes, and the disregard for approved construction standards.
According to the coalition, the practices have continued to weaken public safety and reduce confidence in national infrastructure systems.
Executive Director of CPTA Comrade Patrick Ogheneyero Jr. stated this yesterday in Abuja, during NBRRI’s engagement with CSO’s on building standard compliance in Abuja.
He said the engagement is both timely and necessary, saying “Across Nigeria, recurring cases of building collapse, substandard construction, weak regulatory compliance, and poor enforcement continue to threaten lives, investments, and public confidence.”
“We believe this engagement should lead to practical outcomes, including stronger collaboration among NBRRI, regulatory agencies, professional bodies, and anti-corruption institutions to ensure strict compliance with building standards and professional regulations,” he said.
He said every failed structure represents more than an engineering failure, adding that it reflects gaps in oversight, accountability, regulation, and professional ethics.
He said these challenges undermine the safety and stability of our communities.
“Infrastructure integrity remains directly connected to economic growth, urban development, national security, and public safety. Roads, bridges, schools, hospitals, and housing projects are not merely physical assets; they are symbols of governance, credibility, and national progress.
“In this regard, the role of NBRRI remains critical. As Nigeria’s leading research institution in building and road development, the Institute plays a strategic role in promoting standards, innovation, indigenous technologies, and quality assurance within the construction sector,” he said.
Comrade Ogheneyero while commending NBRRI for the engagement however, noted that
research and standards alone cannot deliver results without effective implementation and enforcement, adding that Civil society organizations therefore have an important responsibility to support transparency, accountability, and public awareness in the construction and infrastructure sectors.
“This initiative reflects openness, professionalism, and commitment to national development. Sustainable progress can only be achieved when public institutions and citizens work together in trust and partnership,” he said.
He called for greater public awareness on the dangers of poor construction practices and uncertified materials, urging the government to invest more in local research, innovation, and affordable indigenous building technologies developed to address Nigeria’s environmental and developmental realities.
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