Malabu Oil and Gas Limited has rejected the Federal Government’s claim of resolving the long-running dispute over OPL 245, warning that it will initiate legal action to stop the implementation of any agreement reached without its consent.

In a pre-action notice dated March 17, 2026, and addressed to the Nigerian Upstream Petroleum Regulatory Commission, the company cautioned against recognising or enforcing any arrangement concerning the oil block while multiple suits remain pending before Nigerian courts.

The notice, signed by its counsel, R. O. Atabo (SAN), stressed that Malabu was excluded from all negotiations leading to the purported settlement.

“The company was neither consulted nor involved in any negotiation, mediation or settlement process leading to the agreement recently celebrated by government officials,” it stated.

This position directly contradicts assertions by the Attorney-General of the Federation and Minister of Justice, Lateef Fagbemi, who had described the OPL 245 resolution as a major breakthrough for the country’s oil sector.

Malabu insisted that its legal and equitable interests in OPL 245 remain valid and are still the subject of ongoing litigation. It cited several pending cases before the Supreme Court and the Federal High Court in Abuja, including disputes involving Nigeria Agip Exploration Limited and Shell Nigeria Exploration and Production Company Limited.

The company also disclosed that it has filed a separate suit challenging what it described as the wrongful removal of its name from the Corporate Affairs Commission’s register.

Rejecting reports of a settlement involving the Federal Government, Agip and Shell, Malabu maintained that it neither participated in nor approved any such agreement.

“The majority shareholders and directors of the company were never consulted, invited to participate, or gave consent to any purported settlement,” the notice added.

Malabu warned that it would approach the Federal High Court to challenge the legality and validity of the so-called OPL 245 Resolution Agreement, including any restructuring or reallocation of interests in the oil block.

It is seeking court declarations affirming that its rights over OPL 245 remain intact and cannot be extinguished by any agreement to which it is not a party. The firm is also asking the court to nullify the alleged agreement, halt any regulatory action arising from it, and restrain all parties from carrying out petroleum operations in the disputed asset.

In addition, the company is demanding N1 trillion in damages, citing what it described as trespass on its interests.

Malabu gave the regulatory commission a 30-day ultimatum to refrain from implementing the agreement, warning that it would proceed to court if its demands are ignored.

The Federal Government had earlier announced a resolution of the protracted OPL 245 dispute, describing it as a landmark development for Nigeria’s oil industry.