Posted March 21, 2017 4:56 am by Comments

Malabu takes Federal Government, others to court over re-allocation of OPL 245

PHOTO:AFP

For the second time in less than a week, Malabu Oil has dragged the Federal Government, Shell Oil Exploration Nigeria Limited, Agip Oil and seven others before the Federal High Court, Abuja, over the manners its shares were unlawfully transferred to unauthorised persons.

?Other plaintiffs in the suit include Mohammed Sani Abacha and Pecos Energy Limited, and they are challenging the ways their shares were re-allocated without their consent.

Others joined alongside FG and Corporate Affairs Commission (CAC) in the suit are Mr. Kweku Amafegha, Munamuna Seidougha, Amaran Joseph, Shell Oil, Agip Oil, Attorney General of the Federation, Petroleum Minister and the Department of Petrol Resources.

Recall that Abacha had 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, the largest shareholder.

In this new suit, the plaintiffs are praying for a declaration that Amafagha and Seidougha plaintiffs jointly hold 70 per cent shareholding in the equity of the first plaintiff.

They also want a declaration that the duo have not divested themselves of their respective shares in the equity of Malabu Oil and continue to be shareholders and directors of the oil company.

In addition, they are praying for a declaration that all the resolutions passed by the purported directors of Malabu Oil and all alterations made to the Malabu Oil document in its original file at the CAC’s office, which affected and changed the shareholding structure of the oil company from 1998 to 2010 being unauthorised, are illegal, null, void and of no effect.

They want a declaration that forms CAC 2 and 7 (Statement of shares capital and return of allotment of shares) dated June 9, 2010, prepared and filed by one Ayo Ademola, purporting to transfer the Abacha’s 10,000,000 shares in the equity of Malabu Oil to one Seidougha Munamuna (second defendant), the 6,000,000 shares of one Kweku Amafagha (first defendant) to Amaran Joseph (third defendant) and Hindu’s 4,000,000 shares to the same Amaran Joseph, is illegal, null and void, same having been prepared and filed without the consent, knowledge and authority of the second and the third plaintiffs.

Based on the declarations sought, the plaintiffs are praying the court for an order, setting aside all other subsequent purported resolution agreements made between the Federal Government of Nigeria, Shell Nigeria Ultra-Deep Limited, Shell Nigeria Exploration and Production Company Limited (fifth defendant), Nigeria Agip Exploration Limited (sixth defendant) and Nigerian National Petroleum Corporation, predicated on the Malabu Settlement Agreements transferring the first plaintiff’s interest in OPL 245 to Shell Nigeria Exploration and Production Company Limited (fifth defendant), Nigeria Agip Exploration Limited (sixth defendant).

Furthermore, the plaintiffs are praying for a declaration that the subsequent purported allocation of Malabu Oil’s titles, rights and interest in OPL 245 to a consortium of Shell Nigeria Exploration and Production Company Limited (fifth defendant, Nigerian Agip Exploration Limited (sixth defendant) under a resolution Agreement dated April 30, 2011, is null and void, same having been predicated on the unauthorised surrender of the first plaintiff’s interest in same.

No date has been fixed for hearing of the suit.

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