Malabu Oil and Gas Limited has rejected statements credited to former Vice-President Atiku Abubakar regarding the controversial OPL 245 oil block, declaring that he has no authority to speak for the company or its shareholders.
The company also denied claims that it is owned by Mohammed Abacha or Pecos Energy Limited, insisting that its ownership structure is clearly documented in the records of the Corporate Affairs Commission (CAC).
In a statement issued on Friday, Malabu said assertions linking the company to the Abacha family or Pecos Energy were false and misleading.
“Claims that Malabu is owned by the Abachas or Pecos Limited are false and misleading,” the statement read.
It added that the rightful shareholders of the company are clearly reflected in official records maintained by the CAC.
The firm also stressed that Atiku Abubakar has no ownership interest in Malabu and therefore cannot represent the company’s position on matters relating to the OPL 245 dispute.
“Abubakar Atiku has no ownership interest and cannot speak on Malabu’s behalf. Recent statements attributed to him concerning Malabu or OPL 245 do not reflect Malabu’s position and cannot stand,” the statement said.
The renewed dispute comes amid fresh developments surrounding the long-running controversy over OPL 245, one of Nigeria’s most valuable offshore oil blocks.
Earlier this month, the presidency announced that the Federal Government had concluded a resolution agreement with Eni and Nigerian Agip Exploration Limited (NAEL) to convert the oil block from an Oil Prospecting Licence (OPL) to an Oil Mining Licence (OML).
The move, announced on March 5, was intended to enable oil production to commence after years of legal disputes and international litigation linked to the block.
However, the development triggered renewed contestation among individuals and entities laying claim to Malabu Oil and Gas, the company originally awarded the licence in 1998 during the administration of former military ruler Sani Abacha.
A day after the government’s announcement, Mohammed Abacha initiated legal proceedings aimed at challenging the resolution agreement and asserting what he described as his ownership rights in Malabu.
Amid the unfolding dispute, Atiku Abubakar criticised the federal government’s handling of the matter, alleging that the resolution was reached without the involvement of “critical stakeholders.”
His remarks drew a response from the Attorney-General of the Federation and Minister of Justice, Lateef Fagbemi, who accused the former vice-president of misrepresenting the government’s actions
.
Fagbemi had described the resolution of the OPL 245 dispute as a “landmark achievement” after nearly three decades of legal battles and controversy.
Atiku later responded by faulting the attorney-general’s criticism and defending his comments on the issue.
But Malabu Oil and Gas, reacting to the exchange, insisted that the former vice-president had no legal standing to comment on the company’s affairs.
The firm urged commentators and media organisations to rely on official CAC records when discussing ownership and governance issues relating to Malabu.
According to the company, only individuals listed in those records can legitimately claim ownership or represent the company.
“Ownership claims by parties not reflected in CAC records are misrepresentations,” the statement said.
The company also addressed the 2011 settlement involving the federal government and international oil companies that acquired interests in OPL 245, stating that the government dealt with the legitimate owners of Malabu during that process.
Malabu maintained that no court has recognised Mohammed Abacha, Pecos Energy Limited or any other third party as owners of the company.
It added that individuals claiming ownership had lost their cases both at the trial court and at the appellate level.
“They lost in the court of first instance and on appeal, and none of these judgments confer legal ownership in Malabu on the impostors,” the company said.
Malabu also called on those it described as “impostors” to stop harassing the federal government over the oil block dispute, insisting that the government is engaging only with the lawful shareholders of the company.
The firm reaffirmed its commitment to transparency, due process and compliance with applicable laws and regulatory requirements.
Despite Malabu’s position, the ownership of the company remains the subject of ongoing legal disputes.
Mohammed Abacha is currently pursuing court action to establish what he claims is his majority stake in Malabu Oil and Gas.
Another party linked to the dispute is Pecos Energy Limited, promoted by businessman Otunba Oyewole Fasawe, who has been associated with former President Olusegun Obasanjo.
Meanwhile, Dan Etete, who served as minister of petroleum resources during the Abacha regime, had earlier been recognised by the federal government as the beneficial owner of Malabu as far back as 2001.
Abacha, however, challenged that recognition in 2010, alleging that his name had been unlawfully removed from the company’s register at the CAC in 1998.
During proceedings at a Federal Capital Territory High Court, Abacha reportedly admitted that he did not pay for the shares he claimed in the company.
He also acknowledged that he used a pseudonym when the company was initially registered.
As the legal disputes continue, the battle over Malabu Oil and Gas and the lucrative OPL 245 oil block remains one of the most complex and contentious issues in Nigeria’s oil and gas industry.
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