UPDATED: Malabu Clears the Air on Ownership Confirmed by CAC, Dismisses Abacha, Atiku, Pecos’s Claims

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

In a press release made available to BIGPEN NIGERIA (https://bigpenngr.com) on Friday, Malabu’s management stated that its ownership details are accurately documented and publicly available through the Corporate Affairs Commission (CAC).

Recalls 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 allotees of the oil block which was acquired by the big oil companies in 2011.

Former Vice President, Atiku Abubakar, 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, had 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.

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

But in a statement on Friday, the management of Malabu, said its ownership details documented and publicly available through the Corporate Affairs Commission (CAC), 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.

The statement reads; “This press statement clarifies the true ownership of Malabu Oil & Gas Limited following recent misinformation published by the media.

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“Malabu Oil & Gas Limited (Malabu) hereby states clearly and unequivocally:
Ownership is not in any way linked to Mohamed Abacha or Pecos Limited.

“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 confirmthe legitimate shareholders”.

Furthermore, Malabu dismissed recent statements attributed to Nigeria’s vice president, Abubakar Atiku, stating that he has no ownership stake in the company and cannot speak on its behalf.

“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”, the company said.

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The company clarified that judicial rulings have not recognized any third-party claims—be they Mohamed Abacha, Pecos Limited, or others—as legitimate owners of Malabu.

“No court has recognized the claimants as Malabu’s owners. There has been no court grant of shareholding to Mohamed Abaca, 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 firm called on media outlets and public commentators to rely solely on official records and established court rulings when discussing Malabu’s ownership and governance.

It warned all impostors and misrepresenters to cease their actions immediately, warning that such claims are fraudulent and undermine legal processes.

“More importantly, the parties should immediately stop parading themselves as shareholders of Malabu as it is fraudulent and misleading.

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“All impostors should at once stop harassing the Federal Government of Nigeria in respect toOPL 245 as they have no legal basis for engaging in such actions.

“The Federal Government is dealing with the legal shareholders of Malabu as required by law”, the statement added.

Malabu also urged the Federal Government of Nigeria to continue engaging only with the recognized legal shareholders. The company reaffirmed its commitment to transparency, due process, and compliance with all applicable laws and regulations.

Malabu’s management reaffirmed their dedication to responsible corporate conduct and urged the public and media to refrain from spreading falsehoods that could tarnish the company’s reputation or hinder ongoing legal and regulatory processes.