Malabu Clarifies Ownership Structure, Rejects Atiku, Abacha Claims

Malabu Oil & Gas Limited has moved to firmly restate its ownership structure, distancing itself from claims linking the company to Mohamed Abacha, Pecos Limited, and Atiku Abubakar.

In a statement issued in Lagos by the management, the company described recent reports suggesting such ties as “false and misleading,” insisting that its ownership remains clearly documented in official records.

“Ownership is not in any way linked to Mohamed Abacha or Pecos Limited,” the company stated, adding “Claims that Malabu is owned by the Abacha’s or Pecos Limited are false and misleading.”

Malabu anchored its position on filings with the Corporate Affairs Commission (CAC), noting that “the rightful ownership is reflected in the CAC records,” which it said “govern and confirm the legitimate shareholders.”

The company also referenced the controversial 2011 settlement over OPL 245, stating that engagement at the time followed due process with recognized stakeholders.

“In respect of the 2011 settlement agreement, the Federal Government of Nigeria engaged with the legitimate owners in accordance with due process,” the statement read.

Addressing what it described as “public display by third parties claiming ownership,” Malabu warned that such assertions amount to misrepresentation.

“Ownership claims by non-recorded parties are misrepresentations,” it pointed out, emphasising “Parties parading themselves as owners or as having interests in Malabu without basis in the CAC records are misrepresenting the facts.”

The company was particularly direct in its response to comments attributed to Atiku.

“Abubakar Atiku has no ownership interest and cannot speak on Malabu’s behalf,” the statement asserted, declaring “Recent statements attributed to him concerning Malabu or OPL 245 do not reflect Malabu’s position and cannot stand.”

On the legal front, Malabu maintained that the courts have not validated the claims of any rival parties.

“No court has recognized the claimants as Malabu’s owners,” the statement affirmed, adding “There has been no court grant of shareholding to Mohamed Abacha, Pecos, or any other third party.”

It further stated that such claimants “lost in the court of first instance and on appeal,” stressing that “none of these judgments confer legal ownership in Malabu on the impostors.”

Calling for restraint, the company urged media organisations and commentators to rely on verifiable records.

“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,” it said.

Malabu also issued a warning to those it described as impostors.

“Parties should immediately stop parading themselves as shareholders of Malabu as it is fraudulent and misleading,” the statement read, charging “All impostors should at once stop harassing the Federal Government of Nigeria… as they have no legal basis.”

Reaffirming its stance, the company said it remains committed to transparency and compliance.

“This statement reaffirms Malabu’s commitment to transparency, due process, and compliance with applicable laws and regulatory requirements,” it added.