Malabu Oil Denies Abacha, Pecos Ownership Claims

Malabu Oil & Gas Limited has denied claims linking its ownership to Mohammed Abacha and Pecos Limited, describing the reports as false and misleading.

In a statement issued by its management, the company said its true ownership is clearly stated in the records of the Corporate Affairs Commission (CAC), which it said remain the official basis for determining the legitimate shareholders of the firm.

According to Malabu, the recent claims circulating in parts of the media suggesting that the company belongs to the Abacha family or Pecos Limited do not reflect the facts. The company stressed that its ownership and shareholding structure are already documented in CAC records and remain the legally recognised reference point.

The firm also clarified that during the 2011 settlement involving Oil Prospecting Licence (OPL) 245, the Federal Government engaged with what it described as the legitimate owners of the company in line with due process.

Malabu said individuals or groups publicly presenting themselves as owners or stakeholders in the company without evidence in CAC records are misrepresenting the facts.

The company further stated that Abubakar Atiku has no ownership interest in Malabu and cannot speak on behalf of the company. It said recent comments attributed to him regarding Malabu or the OPL 245 issue do not represent the company’s position.

On the legal status of the dispute, Malabu said no court has recognised the claims of Mohammed Abacha, Pecos Limited or any other third party as owners of the company. According to the statement, the claimants lost their cases at both the trial and appellate courts, and the judgments did not grant them ownership rights in the company.

The firm called on media organisations and commentators to rely on CAC records and established legal processes when reporting on issues relating to Malabu and the OPL 245 oil block.

It also urged individuals it described as impostors to stop presenting themselves as shareholders of the company, warning that such actions are misleading and fraudulent.

Malabu further stated that those making such claims should stop what it called harassment of the Federal Government over OPL 245, insisting that the government is dealing with the lawful shareholders of the company as required by law.

The company said the statement was issued to reaffirm its commitment to transparency, due process and compliance with relevant laws and regulatory requirements.