News
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.
Imo Lawyers for the Defence of Democracy have called on the Minister of the Federal Capital Territory, Nyesom Wike, to stop what it termed public attacks on Imo State Governor, Senator Hope Uzodinma, saying political disagreements should be resolved through democratic dialogue and constitutional means.The group made the call in a statement signed by its Secretary, Ifeoma Chukwunyere on Friday, September 18, 2026, amid what it described as increasingly personal exchanges between Wike and Uzodinma over political developments within the All Progressives Congress.The lawyers said the APC Governors’ Forum had rejected what they described as Wike’s “Rainbow Coalition” political arrangement, arguing that the disagreement should be addressed with the forum rather than through personal attacks on Uzodinma.According to the group, the forum’s position was based on concerns that the political arrangement could weaken the APC or create divided loyalty within the party.“We recognise the constitutional right of every Nigerian, including public officials and political actors, to express political opinions, criticise policies and participate in political activities,” the group said.“However, that freedom must not become a licence for personal attacks, intimidation or unnecessary escalation.”The lawyers said Uzodinma, as the governor of Imo State, should be allowed to discharge his responsibilities without political exchanges creating tension capable of affecting the peace and stability of the state.They urged Wike to desist from further public comments concerning the governor, insisting that political disagreements should focus on policies, programmes, political positions and verifiable facts rather than personal exchanges.The group also warned political actors against turning Imo State into a battleground for political supremacy.“Imo State is not a battlefield for political supremacy. Its people have the constitutional right to choose their leaders and determine their political future without undue interference, intimidation or external pressure,” it said.The lawyers further called on political parties, leaders, supporters and media platforms to avoid inflammatory language that could provoke confrontation.They urged Uzodinma to continue to operate within the Constitution and the laws of the country, while allowing relevant political and legal institutions to handle legitimate disagreements.The group also appealed to President Bola Tinubu to encourage restraint among political actors, particularly in relation to the dispute between Wike and Uzodinma.Addressing Wike directly, the lawyers said: “Mr. Minister, Imo State belongs to its people. You are not from Imo, so stay off Imo.”They stressed that disagreements over political strategies, elections, alliances and political actors in the state should be settled through democratic debate and constitutional processes.The group said it would continue to monitor developments affecting constitutional governance, democratic participation, political freedom and peace in Imo State.“Our position is simple: Democracy must prevail. The Constitution must prevail. The rule of law must prevail,” the statement added.
Four women-led advocacy groups have called for strict adherence to the rule of law in addressing the allegations circulating against the Minister of Works, David Nweze Umahi, insisting that the matter should be resolved through proper judicial channels rather than through social media campaigns.
At a press briefing in Abuja on Sunday, 1st March, 2026, the organisations, Women Advocates for Responsible Governance, WARG, Women for Justice and Institutional Integrity, WJII, Coalition of Patriotic Nigerian Women, CPNW, and National Women Alliance for Rule of Law, NWARL, collectively maintained that the accusations attributed to Mrs Tracy Nicholas Ohiri lack verifiable documentation and must be tested before a competent court.
Addressing journalists, the National President of WARG, Dr. Amina Yusuf, was reported to have expressed concern that unsubstantiated claims were being amplified in a manner capable of undermining governance. She reportedly stated that the issue was not about silencing any individual but about ensuring that serious allegations are backed by credible evidence. According to her, a ₦24.5 million transaction allegedly dating back to 2015 would ordinarily be supported by contracts, invoices, delivery acknowledgements, and traceable financial records.
She was quoted as questioning why, nearly a decade later, there appears to be no formal demand letter, civil action, or documented effort at recovery if the claim was genuine, stressing that public discourse must not replace legal procedure.
Similarly, the Executive Director of WJII, Hajia Halimat Bello, was said to have emphasized that institutional integrity depends on proof and process. She reportedly argued that commercial transactions of such magnitude cannot exist without documentation and challenged the claimant to present procurement records or evidence of civil recovery steps if the supply truly occurred.
The groups further cautioned against emotional narratives overshadowing legal standards, warning that sensational approaches risk eroding public trust in legitimate complaints.
Speaking for the CPNW, Mrs. Folake Adeyemi reportedly described the allegation as inconsistent with established commercial practice, noting that it would be unusual for a multi-million naira supply to remain undocumented and unlitigated for nearly ten years. She was said to have added that if the matter were purely about debt recovery, the appropriate legal remedies would have been pursued long ago.
On her part, Dr. Grace Onuoha, representing NWARL, reportedly drew attention to the broader democratic implications, stating that accountability must operate within the confines of lawful procedure. She was quoted as urging parties to file claims, present evidence, and allow the courts to determine the facts, warning against what she described as verdicts delivered in the court of public opinion.
Collectively, the four organisations reiterated that their stance was guided by principle rather than personality. They affirmed the presumption of innocence and underscored the need for due process in matters involving public officials.
They called on Nigerians to refrain from what they termed trial by ambush and to allow competent judicial institutions to examine the claims thoroughly.
The groups maintained that allegations, however serious, must ultimately be proven in court, not adjudicated through viral content.
Civil society organisations, media professionals, and leaders of the APC on Friday called for urgent constitutional intervention in the escalating political crisis in Rivers State, demanding that the National Assembly take over the legislative functions of the Rivers State House of Assembly in line with Section 11 of the Constitution.
Addressing journalists during a one week non stop rally at the APC Secretariat on 23rd January 2026, the groups declared that the Rivers State House of Assembly had lost credibility, legitimacy, and public trust due to what they described as persistent abuse of legislative powers and a reckless attempt to impeach Governor Siminalayi Fubara.
They warned that Rivers State was sliding into a dangerous constitutional crisis, stressing that the ongoing impeachment process was no longer about legislative oversight but a deliberate effort to destabilise democratic governance. According to them, democracy in the state was under serious threat and silence at this point would amount to complicity.
The groups commended the Rivers State Chief Judge for refusing to constitute a probe panel and for respecting existing court orders, describing the decision as a clear affirmation of the rule of law and a rejection of illegality. They insisted that no evidence of gross misconduct, as required by the Constitution, had been presented against Governor Fubara, adding that the allegations were unsubstantiated and politically motivated.
They further accused the Rivers State House of Assembly of procedural lawlessness, vendetta politics, and disregard for judicial authority, arguing that such conduct rendered the Assembly incapable of performing its constitutional duties. On this basis, they urged the National Assembly to invoke Section 11 subsection 4 of the Constitution of the Federal Republic of Nigeria and assume the legislative functions of the state assembly to restore order and democratic stability.
The APC Leaders Forum and civil society groups also alleged that 27 lawmakers loyal to former Governor Nyesom Wike, led by Martins Amaewhule, were behind the crisis. They claimed the lawmakers had received constituency project funds estimated at about ₦350 million each, luxury SUV vehicles, and up to one year salary in advance, yet remained unsatisfied and determined to frustrate the current administration. According to the groups, the lawmakers were more interested in diverting state resources for personal benefit than allowing public funds to serve the people of Rivers State.
The coalition vowed to sustain the protests until decisive constitutional action was taken, including the takeover of legislative functions by the National Assembly. They called on Nigerians of goodwill to peacefully mobilise, maintain civic presence around the National Assembly, and resist what they described as legislative anarchy.
They maintained that Governor Fubara had shown prudence and commitment to the welfare of Rivers people, warning that Rivers State must not be sacrificed on the altar of political desperation.
The groups concluded with a call for unity in defence of democracy, declaring their resolve to continue the struggle until constitutional order is fully restored in Rivers State.
2027: Ignore Wike’s Ranting, Lawyers tell Uzodinma
