Malabu not owned by Abacha, Atiku –Mgt

From Joe Obukata Ogbodu, Warri

Malabu Oil & Gas Limited has debunked claims circulating in the media regarding its ownership structure, stating that claims linking the company to the Abacha family or Pecos Limited are false and misleading.

In a press release yesterday, Malabu’s management stated that its ownership details are accurately documented and publicly available through the Corporate Affairs Commission (CAC).

The Federal Government had on March 5, 2026 announced the conclusion of a resolution agreement reached between it and ENI/Nigerian Agip Exploration Limited (NAEL) in which they agreed to convert OPL 245 to an oil-mining license (OML) to enable production after decades of controversy.

But Mohammed Abacha, son of former head of state, Sani Abacha who had laid claim to the oil block, on March 6, 2026, filed a court proceeding challenging the resolution in his bid to reclaim ownership of Malabu Oil and Gas, the original allottees of the oil block which was acquired by the big oil companies in 2011.

Former Vice President, Atiku Abubakar, had also issued a statement condemning the Federal Government’s OPL 245 resolution “without the involvement of the critical stakeholders” — whom he did not name.

The Attorney-General of the Federation (AGF) and Minister of Justice, Lateef Fagbemi, on March 25,  described Abubakar’s position as misrepresenting what he called a “landmark achievement” in resolving a dispute that has lingered for nearly three decades.

Atiku, in a post made on his social media handles, criticised Fagbemi for faulting his commentary on the Federal Government’s handling of the dispute.

But in a statement yesterday, the management of Malabu, said its ownership details are the definitive source of its legitimate shareholders and ownership structure.

“Any assertions to the contrary are simply not backed by legal or official documentation,” the company said.

The company also reaffirmed that its involvement in the 2011 OPL 245 settlement was conducted transparently and in accordance with due process involving the Nigerian government and legitimate owners.  Malabu condemned any public displays or claims by third parties who purport to own or have interests in the company without any basis in the CAC records.