• Say lender angry over oil firms’ refusal to sell shares to it •Reveal meeting with EFCC not a probe, done in convivial atmosphere with all parties present •Describe ‘sponsored’ reports as setback for amicable resolution of pending commercial issues The attention of Neconde Energy Ltd. (Neconde) and Nestoil Ltd. (Nestoil) has been drawn to a grievously false and deceitful front page banner paid news items in various newpapers of August 17, 2026 (including Thisday, Leadership, Businessday, The Guardian, The Nation, New Telegraph) with the following caption “EFCC RECOVERS $60 MILLION DOLLARS IN ONGOING NESTOIL INVESTIGATION”. The headline and incoherent content of the news item is a sponsored malicious and despicable false narrative which Nestoil and Neconde are convinced was originated by a particular recalcitrant lender. The sponsored nature of the news item is reinforced by the consistency in the narrative across all newspapers and Thisday Newspaper specifically stated that it was an “Advertorial”. Since this particular lender is determined to scuttle the efforts of Nestoil/Neconde and other lenders at a resolution of these purely commercial issues by sponsoring a jaundiced narrative of a private resolution meeting, Nestoil and Neconde are compelled to issue this statement to put the correct narrative out in the public space as follows: a. By decisions of the Supreme Court of Nigeria in Appeal No. SC/CV/48/2026 Neconde Energy Ltd V. FBNQUEST Merchant Bank Ltd. & Ors. and Appeal No. SC/CV/1130/2025 – Neconde Energy Ltd v. FBNQUEST Merchant Bank Ltd. & Ors. delivered on 10th April, 2026 and 1st June, 2026 respectively, the highest Court in Nigeria set aside and condemned actions and strangulating orders obtained by the lenders. In one of the instances, the Supreme Court decried the acts done by the lenders as “a scandalous and despicable engagement in gross abuse of judicial process”. These decisions removed all judicial impediments and asphyxiations mounted by the lenders. The decisions led (amongst others) to the re-opening of the Iconic Nestoil Towers in Victoria Island, Lagos, which had been illegally and dishonestly sealed by the lenders. b. The Supreme Court decisions also set aside the orders in favour of the receiver purportedly appointed by the lenders and rightly held that he could not exercise Statutory powers whilst his appointment was being challenged. The Federal High Court had separately in Suit No. FHC/ABJ/CS/2534/2025 . by an order dated 1st December, 2025 suspended the powers (purported) of the said receiver. c. Following the successive decisions of the Supreme Court against the lenders, the Economic and Financial Crimes Commission (EFCC) under the auspices of the Commission’s Chairman convened a meeting on 8th July, 2026. The meeting was purely conciliatory and towards an amicable resolution. It is this commendable initiative of the EFCC Chairman that the sponsor of the news item has now tried to take advantage of and spurn. If not for mischief and irresponsible utter bad faith, why would the contents of a confidential meeting held on 8th July, 2026 be the subject of a front page news story over a month after on August 17, 2026. What exactly is the breaking news, worthy of a sponsored front page story in this? Little wonder, the news item concealed the date of the meeting. d. Out of respect for the EFCC Chairman, Nestoil/Neconde attended the meeting with its leadership at the highest cadre. Senior Counsel from Wole Olanipekun & Co., Neconde’s lead counsel also attended the meeting with other Senior Counsel as well as Nestoil/Neconde’s financial advisers. The Senior Counsel for the lenders, Babajide Koku, SAN also attended the meeting with decision makers from each of the respective lenders. The meeting was therefore not any form of criminal interrogation or summons but purely conciliatory to resolve commercial issues. The EFCC Chairman was explicit at the meeting that the relationship between Neconde/Nestoil and the lenders was commercial and symbiotic and that none should damage the other. He also admonished the parties that the transaction was of national significance and Nestoil/Neconde and the lenders were of systemic significance to the Nigerian economy and genuine efforts should be made to make them all thrive. e. There was no representative of the media or media teams of the EFCC at the meeting because the discussions were not for media hype or newspaper headlines. Parties had elaborate conversations in good faith in a convivial atmosphere and firm decisions were reached as to how the commercial relationship between Nestoil/Neconde and the lenders will progress in terms of mutual obligations in the period following. f. After the meeting, Nestoil/Neconde’s lead counsel agreed with the lenders’ lead counsel (in communication between them to concretize the settlement) t
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