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 no right to speak on behalf of the shareholders.
On March 5, 2026, the presidency announced the conclusion of a resolution agreement between the federal government and Eni/Nigerian Agip Exploration Limited (NAEL) to convert OPL 245 into an oil mining licence (OML), allowing production to 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.
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