Malabu Oil and Gas Limited has denied any links to Mohammed Abacha or Pecos Limited, insisting that former Vice President Atiku Abubakar has no authority to speak on behalf of its shareholders.
The clarification comes amid renewed controversy over OPL 245, following the Federal Government’s recent agreement with Eni and Nigerian Agip Exploration Limited to convert the oil block into an oil mining licence, paving the way for production after years of dispute.
Shortly after the announcement, Mohammed Abacha began legal steps to challenge the resolution, claiming ownership of Malabu—the company originally allocated the oil block in 1998. Atiku Abubakar also criticised the agreement, saying it was reached without involving key stakeholders.
However, in a statement, Malabu’s management rejected these claims, stressing that its ownership structure has no connection to Abacha or Pecos Limited. The company maintained that its legitimate shareholders are clearly documented in records held by the Corporate Affairs Commission.
Malabu further stated that Atiku has no stake in the company and is not in a position to represent its interests, adding that any statements attributed to him on the matter do not reflect the company’s position.
On the long-standing ownership dispute, the firm said no court has recognised Abacha, Pecos, or any other third party as rightful owners. According to the company, previous court rulings at both trial and appellate levels did not grant ownership to any of the claimants.
The company urged the public and media to rely on official records and established legal processes when discussing the ownership and governance of Malabu and OPL 245, warning that false claims could mislead the public.
Malabu also called on individuals it described as “impostors” to stop presenting themselves as shareholders, insisting that the Federal Government is engaging only with verified and lawful owners in line with due process.
