Malabu Oil and Gas Limited has fired back at former vice-president Atiku Abubakar, declaring that he holds no ownership stake in the company and is not authorised to speak on behalf of its shareholders.
The company’s rebuke comes amid an escalating war of words between the former vice-president and the federal government over the resolution of the long-standing OPL 245 dispute.
In a statement issued on Friday, the management of Malabu Oil said Atiku’s recent commentaries on the matter do not reflect the company’s position and cannot stand.
“Abubakar Atiku has no ownership interest and cannot speak on Malabu’s behalf,” the statement read.
“Recent statements attributed to him concerning Malabu or OPL 245 do not reflect Malabu’s position and cannot stand.”
Background to the Dispute
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 to an oil mining licence (OML), allowing production to commence after decades of controversy.
The following day, Mohammed Abacha commenced legal proceedings to challenge the resolution in his bid to reclaim ownership of Malabu Oil and Gas — the original allottee of the oil block acquired by the big oil companies in 2011.
Atiku subsequently condemned the resolution, describing it as having been reached “without the involvement of the critical stakeholders.”
AGF Weighs In
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 former vice-president responded the next day, criticising Fagbemi for faulting his commentary on the federal government’s handling of the matter.
Malabu Sets the Record Straight
In Friday’s statement, Malabu Oil rejected claims linking the company to Mohammed Abacha or Pecos Limited, describing such assertions as “false and misleading.”
“Ownership is not in any way linked to Mohamed Abacha or Pecos Limited,” the company said.
“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.”
The company further stated that no court has recognised the claimants as Malabu’s owners, adding that there has been no court grant of shareholding to Mohammed 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 statement read.
Call for Restraint
Malabu Oil urged all commentators and media representatives to rely on the CAC records and established court processes when discussing ownership and governance of the company and OPL 245.
“More importantly, the parties should immediately stop parading themselves as shareholders of Malabu as it is fraudulent and misleading,” the company said.
It also asked “all impostors” to cease harassing the federal government over OPL 245, stating that they lack any legal grounds for such actions.
The company reaffirmed its commitment to transparency, due process, and full compliance with all applicable laws and regulatory requirements.
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