Malabu Oil and Gas Limited has disputed the Federal Government’s recent settlement over Oil Prospecting Licence 245, threatening legal action valued at about one trillion naira. The company said it was not involved in the agreement announced by the government.
It also said the deal does not reflect its interests as a key stakeholder in the oil block. It maintained that any resolution without its participation is incomplete and unacceptable.
The company warned that it may pursue legal remedies to protect its claims and rights over the asset. It added that the matter remains subject to ongoing disputes.
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The development introduces fresh uncertainty into the long-running OPL 245 case. Observers say the dispute could have implications for investment and legal proceedings in Nigeria’s oil sector.
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