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FG, Agip, Shell, Others Sued Over Unauthorised Transfer Of Malabu Oil Shares

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The federal government, two oil giants- Agip and Shell and seven others have been dragged before the Federal High Court in Abuja over the ways and manners the shares of Malabu Oil and Gas were unlawfully transferred to unauthorised persons.

Plaintiffs in the suit – Malabu Oil, Mohammed Sani and Pecos Energy Ltd – are challenging how their shares were allocated without their authority.

Others joined as defendants in the matter are Corporate Affairs Commission (CAC), Mr. Kweku Amafegha, Munamuna Seidougha, Amaran Joseph, Shell, Agip, ministers of justice and petroleum resources aas well as the Department of Petrol Resources (DPR).

Last week, Muhammad Abacha, son of late head of state Gen. Sani Abacha, filed a suit seeking to reclaim OPL 245 which the federal government allegedly re-allocated to Shell and Agip without the consent of Malabu who is the largest shareholder.

In this new suit, the plaintiffs are praying for a declaration that Amafagha and Seidougha plaintiffs jointly hold 70 percent shareholding in the equity of the first plaintiff.

They also want a declaration that the duo have not divested themselves of their respective shares in the equity of Malabu Oil and continue to be shareholders and directors of the company.

In addition, they are praying for a declaration that all the resolutions passed by the purported directors of Malabu and all alterations made to the Malabu Oil document in its original file at the CAC’s office which affected and changed the shareholding structure of the firm from 1998 to 2010 being unauthorised, are illegal, null, void and of no effect.

They want a declaration that forms CAC 2 and 7 (Statement of Shares Capital and Return of Allotment of Shares) dated 9th June, 2010 prepared and filed by one Ayo Ademola purporting to transfer Abacha’s 10 million shares in the equity of Malabu to one Seidougha Munamuna (2nd defendant), the 6 million shares of one Kweku Amafagha (1st defendant) to Amaran Joseph (3rd defendant) and Hindu’s 4,000,000 shares to the same Amaran Joseph is illegal, null and void same having been prepared and filed without the consent, knowledge and authority of the 2nd and 3rd plaintiffs.

They further want a declaration that the resolution dated 9th June, 2010 purporting to validate the three (3) Shares Transfer Agreements of the same date, 9th June, 2010 purportedly transferring the shares of the 2nd plaintiff to Seidougha Munamuna (2nd defendant), the shares of Kweku Amafagha (1st defendant) and Hassan Hindu to Joseph Amaran (3rd defendant) are all null and void not having been authorised by the 2nd and 3rd plaintiffs.

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