Malabu Oil & Gas Limited has filed a ₦1 trillion suit against the Federal Government over the conversion and splitting of Oil Prospecting Licence 245.
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The company, in the suit filed before the Federal High Court in Abuja, is seeking an order quashing the conversion of OPL 245 to Oil Mining Lease 245 by the Federal Government.
Malabu, through its counsel, Reuben Atabo, SAN, filed the suit marked FHC/ABJ/CS/871/2026 before Justice Mohammed Umar.
The President, the Attorney-General of the Federation and the Minister of Petroleum Resources were listed as the 1st to 3rd respondents in the matter.
In the notice of motion dated and filed on May 25, Malabu argued that the conversion of OPL 245 to OML 245 was carried out while several cases relating to the oil block were still pending from the Federal High Court up to the Supreme Court.
The company is also challenging the splitting of OPL 245 into four separate assets to be managed by Shell Nigeria Ultra-Deep Limited, Shell Nigeria Exploration and Production Company Limited, Nigerian Agip Exploration Company Limited and NNPC Limited.
Malabu asked the court to declare the splitting of the oil block through the OPL 245 Resolution Agreement, reportedly signed around March 5, unlawful.
The company is further seeking an order awarding ₦1 trillion in damages against the respondents jointly and severally for alleged unlawful interference with its interests in OPL 245.
It argued that the actions of the Federal Government exceeded the limits of the Petroleum Industry Act, 2021.
In an affidavit filed in support of the motion, a shareholder and director of the company, Mohammed Sani Abacha, gave details of Malabu’s history and its prolonged legal battle over OPL 245.
Justice Umar, on Thursday, granted Malabu leave to apply for judicial review by way of declarations and injunctions against the executive action of the Federal Government in splitting the oil block.
The judge held that the ex parte motion moved by Atabo in respect of the reliefs sought was meritorious.
The matter was adjourned to June 11 for hearing.
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