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Malabu Oil: Late Abacha’s Son, Others File Fresh Suit Over OPL 245

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Wsj
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Malabu Oil: Late Abacha’s Son, Others File Fresh Suit Over OPL 245

Unread postby Wsj » Mon Mar 20, 2017 8:00 pm

Malabu Oil and Gas Limited on Monday approached a Federal High Court in Abuja with a fresh suit challenging the re-allocation of the Oil Prospecting License (OPL) 245 otherwise known as Oil bloc to Shell Nigeria Exploration and Production Company Limited.
The fresh suit is challenging the manners the shares of Malabu Oil and Gas was unlawfully transferred to unauthorised persons.
The fresh suit marked FHC/ABJ/CS/506/20017 has Mr Kweku Amafegha, Munamuna Seidougha, Amaran Joseph, the Corporate Affaurs Commission (CAC), Shell Nigeria Exploration and Production Company Limited, Nigerian Agip Exploration Limited, Federal Government, Attorney General of the Federation, Minister of Petroleum Resources and the Department of Petroleum Resources, among others as defendants.
The suit, which was the second filed in two weeks by Malabu Oil And Gass Limited, Alhaji Mohammed Sani, the son of late Head of State and Pecos Energy Limited, wants the court to declare that Sani and Pecos Energy Ltd holds 70 percent shareholding in the equity of the Malabu Oil and Gas Limited.
Abacha had earlier on last Friday filed a suit seeking to reclaim the OPL 245 which the Federal Government allegedly re-allocated to Shell and Agip without the consent of Malabu oil where is the largest shareholder.
The plaintiffs are seeking an order setting aside the purported agreements made between the Federal Government, Shell Nigeria Ultra-Deep Limited, Shell Nigeria Agip Exploration Limited and the Nigerian National Petroleum Corporation (NNPC) transferring Malabu’s interest in OPL, 245 to Shell Nigeria Exploration and Production Company Limited.
The plaintiffs, among other reliefs want, “An order setting aside the letter dated 11th May, 2011 with reference no: HMPR/07/01 addressed to the Managing Director of the 6th defendant titled RE:OPL245 Resolution Agreement/Letter of Award signed by the then Hon. Minister of Petroleum Resources, Diezani Allison Madueke to grant approval for the said award of OPL 245 jointly to Shell Nigeria Exploration and Production Company Limited (5th defendant), Nigerian Agip Exploration Limited (6th defendant).
“A declaration that the 1st plaintiff is the holder and continues to hold all the titles, rights and interests in OPL 245.”
In the plaintiff’s joint statement of claim, it was stated among others that “the 1st defendant is an initial subscriber and Director of the 1st plaintiff alongside the 2nd plaintiff.
“That the 2nd and 3rd defendants are purported to be Directors and allotees of the ordinary shares of the 1st plaitiff.
“The plaintiffs aver that the issued share capital upon incorporation of the 1st plaintiff was N20million divided into 20million ordinary shares with a nominal value of N1:00 each and the equity of the 1st plaintiff shared amongst it’s initial subscribers and their respective holding is as follows:
“Mohammed Sani – 10m shares (50%); Kweku Amafegha – 6m shares (30%) and Hassan Hindu – 4m shares (20%)
“The plaintiffs aver that the Articles of Association of the 1st plaintiff prescribes that shares are transferable by written instruments signed by the transferor to the transferee and the transferor remains the shareholder until the transfer is entered in the 1st plaintiff’s register of members; neither the 2nd plaintiff, nor the 3rd plaintiff has ever signed any instrument, document or allowed any documents to be signed on their behalf purporting to transfer their original shares in the equity of the plaintiff.
More so, the plaintiffs in their particulars of fraud stated, “that the 1st to 3rd defendants and their cronnies fraudulently altered the shareholding structure in the equity of the1st plaintiff in the years 1998, 2000, 2006 and 2010 without the authorization, consent and knowledge of the 2nd and 3rd defendants.
“That the introduction of the 2nd and 3rd defendants as shareholders and, Alhaji Mohammed Sani Ahmed, and Aliyu Mohammed Jabu as Directors of the 1st plaintiff was done without authority of the 2nd and 3rd plaintiffs.
“That the alleged meetings and consequential resolutions made by the 1st to 3rd defendants were done without the consent and knowledge of the 2nd and 3rd plaintiffs who hold 70% of the total shares in the equity of the 1st plaintiff.
“The sum of $1,092,000,000.00 (one billion and ninety two million Dollars) was paid into a Federal Republic of Nigeria Domiciliary escrow Account No. 41454193 domiciled in JP Morgan Chase Co. London to be passed to the 1st plaintiff as consideration for the surrender of its asset (OPL 245) was fritered away by the 2nd and 3rd defendants and Chief Dan Etete and the 1st plaintiff did not benefit a dime from the transaction.
“The 2nd, 3rd, 7th, 8th and 9th defendants and their minions connived with some officials of the 7th defendant without regard to due process, caused and facilitated the execution of the illegal surrender and purported reallocation of OPL 245 to the 5th and 6th defendants and the subsequent transfer of the compensation from the FGN account to the 1st -3rd defendants”.
No date has been fixed for hearing of the suit.


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