l Company denounces false online publications, abuse of judicial process.

l Vows legal action against malicious actors.

In a firm and measured response to recent online reports, Nestoil Limited has strongly refuted what it described as “defamatory and unsubstantiated claims” circulated by certain gossip platforms and individuals posing as freelance journalists.

The indigenous oil and gas company emphasized that the allegations, including insinuations of bribery and judicial interference are “entirely baseless, malicious, and orchestrated to mislead the public.”

In a detailed statement issued through its Corporate Communications Department, Nestoil reaffirmed its unwavering commitment to integrity, due process, and the rule of law, stressing that its operations have always been guided by ethical corporate principles and regulatory compliance.

“At no point has Nestoil undermined justice or influenced public or judicial officers through unethical means. We have always, and will always, adhere to due process and the rule of law,” the statement read. “Nestoil emphatically and unreservedly rejects any insinuation or suggestion that the company, its affiliates, or its representatives have ever engaged in improper payments or attempted to subvert the judicial process.”

The company also addressed what it termed the deliberate misrepresentation of ongoing legal proceedings involving certain entities associated with First Bank of Nigeria (FBN). According to Nestoil, the said entities obtained an ex-parte order against Nestoil, its affiliate Neconde Energy Limited (Neconde), and some executives without prior notice or participation from the defendants, an action that has since been exploited to create a false public impression.

Nestoil explained that ex-parte orders are temporary judicial instruments meant only to maintain the status quo pending full hearing of all parties. However, it alleged that the FBN entities have gone beyond the intent of the order by vandalizing third-party assets and sponsoring misleading reports of a purported takeover of Nestoil and Neconde.

Such acts, the company argued, demonstrate a blatant disregard for the judicial process and appear to be part of a larger campaign to weaponize misinformation against the company. In response, Nestoil stated that it has already presented its case to the courts, refuting the claims and allegations by the FBN entities purporting to act on behalf of the banks.

“The company and its affiliates have always acted within the bounds of the law and have never engaged in conduct that could prejudice the ongoing court proceedings. These actions and the related false narratives are not only unjust but also lack any legal or factual basis,” the company added.

Warning against misinformation, Nestoil urged the media, stakeholders, and the general public to disregard sensational publications originating from anonymous or unverifiable sources. It warned that the spread of such falsehoods undermines both the integrity of the justice system and public confidence in corporate governance.

It said, “We urge all concerned parties to rely solely on verified sources and to remain alert to the dangers posed by misinformation.

Reiterating its readiness to defend its integrity, Nestoil declared that it would pursue all available legal remedies against individuals or organizations that persist in publishing or amplifying defamatory material.

The oil giant reaffirmed its dedication to transparency, accountability, and ethical business practices, noting that its corporate philosophy has always been anchored in respect for the law and the communities it serves.

“Nestoil is, and has always been, guided by an unyielding commitment to the highest standards of integrity, transparency, and ethical business conduct,” the company said. “We operate strictly within all applicable legal and regulatory frameworks, and our longstanding adherence to these standards remains non-negotiable. As we advance, we will vigorously defend our position through lawful means, remaining true to the values that define our organization.”

President Bola Ahmed Tinubu has stated that, through policy clarity and investor engagement, his administration has attracted at least $5 billion in new investments in manufacturing, fintech, and energy since taking office two years ago.

He also noted that the Presidential Enabling Business Environment Council (PEBEC) reforms, which have been carried out, have reduced business registration timelines, digitized port operations, and simplified regulatory procedures.

Speaking on Friday at the opening ceremony of the Lagos Chamber of Commerce and Industry’s (LCCI) Lagos International Trade Fair 2025 (LITF) at Tafawa Balewa Square (TBS), Lagos, he vowed to continue rebuilding the economy, deepening investor confidence and championing local industry, innovation and trade.

Represented by the Minister of State for Industry, Federal Ministry of Industry, Trade and Investment (FMITI), John Owan Enoh, he described the annual fair as a symbol of Nigerian enterprise, creativity, resilience, and an unyielding belief in possibility.

Pointing out that with the global economy recalibrating and supply chains being reimagined, he said Nigeria must act with courage and clarity to define the next decade.

Hailing the private sector as the backbone of this economy; creating over 90 per cent of jobs and powering exports, he said Nigeria must not be simply a participant in the African Continental Free Trade Area (AfCFTA) but lead it going forward.

He vowed to implement stable policies instead of abrupt reversals, honor contracts, provide transparent incentives for manufacturers, exporters, and MSMEs, digitalize ports, establish one-stop shops for business permits, introduce smarter taxation, and expedite dispute resolution.

Revealing that the fair is now in its 39th edition, LCCI President Gabriel Idahosa stated that the fair’s theme, ‘Connecting Businesses, Creating Value,’ is timeless and captures the core spirit of the event.

The fair, which commenced on Thursday and will continue until November 16, attracted nearly 2,000 exhibitors showcasing the best of Nigerian and African entrepreneurship and ingenuity.

Aiming for 500,000 visitors during the ten days, Idahosa said their objective is to facilitate business networking, open new market opportunities, and establish partnerships to create value across the economy.

He noted that there has already been a direct injection of ₦250 million into the local economy and the employment of 280 local artisans, demonstrating a significant initial economic stimulus.

With over 200 exhibitors from both China, represented by the United Asia International Exhibition Co., Ltd, and the Japan External Trade Organization (JETRO), as well as hundreds from Ghana and other parts of Africa, the president urged Nigerian businesses and entrepreneurs to seize the opportunity to network with these international exhibitors, initiate distributorship deals, and foster trade agreements that will enhance their business value chains and diversify their product offerings.

In his keynote address, Lagos state governor Babajide Sanwo-Olu, who was represented by the State’s Commissioner for Commerce, Cooperatives, Trade, and Investment, Folashade Bada Ambrose-Medebem, hailed the city as a microcosm of Africa’s entrepreneurial spirit and a place where commerce thrives against all odds.

Stressing that, in a bid to support commerce, trade, and investment, he stated that the state has simplified investment procedures through a one-stop business facilitation center, strengthened land and trade documentation processes, and improved access to transparent data for investors.

Noting that the state is also expanding its industrial zones and clusters, which he said are rapidly becoming magnets for local and foreign investors, he added that this will ensure manufacturers, exporters, and service providers operate in well-serviced, secure, and cost-efficient environments.

He also revealed that over 50,000 MSMEs have received direct financial support in the last two years, with most growing to become exporters, franchise owners, and major players in the value chain.

Urging the exhibitors to treat the fair as a launchpad for enterprise, trade, and commitment to shared prosperity, he called for more investment in the state, adding that the state was always willing and ready to support trade and investment in every possible way.

The Dangote Petroleum Refinery has announced a reduction in the gantry price of Premium Motor Spirit, PMS, from ₦877 per liter to ₦828 per liter, representing a 5.6 percent decrease.

This latest adjustment comes despite crude oil prices climbing to an average of $64 per barrel on Thursday, up from $62 per barrel the previous day.

Findings by Vanguard show that the price reduction is linked to a newly reinforced crude supply arrangement between the refinery and the Nigerian National Petroleum Company Limited (NNPC Ltd) under the naira-for-crude framework.

Under the deal, NNPC Ltd is expected to supply the 650,000-barrels-per-day refinery with five December-loading crude cargoes, including Amenam, Bonny Light, Forcados and Qua Iboe grades.

Industry sources say the arrangement has improved supply stability and reduced cost pressures on the refinery.

According to Petroleumprice.ng, depot operators in Lagos confirmed that loading at the new price started early Friday.

“The price adjustment is expected to bring some relief to fuel marketers and consumers nationwide, following weeks of elevated pump prices,” the platform stated.

Marketers are now anticipating a corresponding adjustment at retail filling stations in the coming days.

Despite the downward revision, Dangote’s petrol price continues to sit below import parity.

A report by S&P Global Commodity Insights, presented at the Major Energy Marketers Association of Nigeria (MEMAN) conference in Lagos on Thursday, showed that as of October 17, 2025, Dangote’s gantry price of ₦877 per liter was below the average “into-tank” cost of imported fuel into Lagos and the ship-to-ship (STS) value at Lome, Togo.

S&P noted that this pricing advantage persists despite global crude fluctuations triggered by weak demand and sanctions on Russian oil exporters.

The report further revealed a significant decline in Nigeria’s fuel import volumes, now below 200,000 barrels per day, down from about 500,000 bpd in early 2023.