OPL 245: Malabu Oil replies Atiku, says You cannot speak on our behalf
Malabu Oil and Gas Limited says its ownership has no connection whatsoever to Mohammed Abacha or to Pecos Limited and that former vice-president Atiku Abubakar has not right so speak on behalf of the shareholders.
On March 5, 2026, the presidency had announced the conclusion of a resolution agreement between the federal government and Eni/Nigerian Agip Exploration Limited (NAEL) to convert OPL 245 to an oil mining licence (OML) so that production could commence after decades of controversy.
On March 6, Mohammed Abacha commenced the process of challenging the resolution in his bid to reclaim ownership Malabu Oil and Gas, the original allotees of the oil block which was acquired by the big oil companies in 2011.
Atiku, meanwhile, condemned the OPL 245 resolution “without the involvement of the critical stakeholders” — whom he did not name.
On March 25, Lateef Fagbemi, attorney-general of the federation (AGF) and minister of justice, described Abubakar’s position as misrepresenting what he called a “landmark achievement” in resolving a dispute that has lingered for nearly three decades.
The next day, Atiku criticised Fagbemi for faulting his commentary on the federal government’s handling of the dispute.
In a statement on Friday by the management of Malabu Oil and Gas, the company said Atiku holds no ownership stake in the company and is not authorised to speak on its behalf.
He said claims that Malabu is owned by the Abachas’ or Pecos are false and misleading.
“Ownership is not in any way linked to Mohamed Abacha or Pecos Limited,” the statement, which does not bear any name, reads.
“Claims that Malabu is owned by the Abacha’s or Pecos Limited are false and misleading. The rightful ownership is reflected in the Corporate Affairs Commission (CAC) records.
“Malabu’s ownership and shareholding are documented in the CAC records, which govern and confirm the legitimate shareholders.”
Regarding the 2011 settlement agreement, the company said the federal government dealt with the rightful owners in line with due process during the 2011 OPL 245 settlement.
“Public display by third parties claiming ownership is misleading. Ownership claims by non-recorded parties are misrepresentations,” Malabu said.
“Parties parading themselves as owners or as having interests in Malabu without basis in the CAC records are misrepresenting the facts.
“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.”
JUDICIAL STATUS OF OWNERSHIP CLAIMS
According to the statement, no court has recognised the claimants as Malabu’s owners and there has been no court grant of shareholding to Mohamed Abacha, Pecos, or any other third party.
“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.
“We urge all commentators and media representatives to rely on the CAC records and established court processes when discussing ownership and governance of Malabu and OPL 245.
“More importantly, the parties should immediately stop parading themselves as shareholders of Malabu as it is fraudulent and misleading.”
The company asked “all impostors” to cease harassing the federal government over OPL 245, stating that they lack any legal grounds for such actions.
Malabu added that the federal government is engaging only with its lawful shareholders, in accordance with the law.
The company also reaffirmed its commitment to transparency, due process, and full compliance with all applicable laws and regulatory requirements.
WHO ARE THE KNOWN STAKEHOLDERS?
Mohammed Abacha is still in court to assert that he is the majority owner of Malabu, the company awarded OPL 245 in 1998 when his father, Sani Abacha, was the military head of state.
Another critical stakeholder is Pecos Energy, promoted by Otunba Oyewole Fasawe, who was a known associate of former President Olusegun Obasanjo.
Dan Etete, who was minister of petroleum resources under Abacha, had been recognised by the federal government as far back as 2001 as the beneficial owner of Malabu.
Abacha contested the recognition in 2010, alleging that his name was illegally removed from the company register at the CAC as a director in 1998.
He, however, told an FCT high court that he did not pay for the shares — an admission that could have undermined the legality of his claim to ownership. He also admitted to using a pseudonym to register the company.
