By Momodu Favour

Malabu Oil and Gas Limited has dismissed comments attributed to former Vice-President Atiku Abubakar, insisting he has no authority to speak on behalf of its shareholders and clarifying that its ownership structure has no links to Mohammed Abacha or Pecos Limited.

In a statement issued on Friday, the oil firm said it was compelled to respond following remarks credited to Atiku concerning the controversial OPL 245 oil block. The company described such claims as “misleading” and a misrepresentation of its corporate ownership.

“Malabu Oil and Gas Limited’s ownership has no connection whatsoever with Mohammed Abacha or Pecos Limited,” the statement said. “Furthermore, Atiku Abubakar has no locus to speak on behalf of the company or its shareholders.”

The firm reiterated that its shareholders remain clearly defined and legally recognized, stressing that any attempt by third parties to make representations on its behalf undermines due process and corporate governance.

The development comes amid renewed attention on the long-running dispute over OPL 245, one of Nigeria’s most valuable oil assets, which has been at the centre of legal and political controversies for decades.

Earlier this month, the presidency announced the conclusion of a resolution agreement between the Federal Government and Eni/Nigerian Agip Exploration Limited. The agreement paves the way for the conversion of the oil prospecting licence (OPL 245) into an oil mining licence (OML), clearing a major hurdle for the commencement of production.

The government said the deal marked a significant step toward unlocking the economic potential of the block, which has remained untapped due to protracted legal disputes involving multiple stakeholders, including Malabu Oil.

Industry analysts note that the resolution could boost Nigeria’s oil output and attract fresh investment into the sector, though lingering disagreements among parties may still pose challenges.

Malabu, however, maintained that it remains a legitimate stakeholder in the asset and will continue to defend its interests through lawful means.

The company called for restraint in public commentary on the matter, urging individuals and political actors to refrain from making statements that could further complicate an already sensitive issue.