By Muhammad Mamman
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 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.
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On March 25, Lateef Fagbemi, attorney-general of the federation (AGF) and minister of justice, describedAbubakar’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.
