Business
Malabu Oil and Gas Issues Strong Rebuttal Over Report Error
Malabu Oil and Gas dispute escalates as the company demands correction and apology over alleged inaccuracies in The Africa Report OPL 245 story
Malabu Oil and Gas Limited on Tuesday issued a formal and strongly worded response to The Africa Report magazine, published by Jeune Afrique Media Group in Paris, France, over what the company described as “certain inaccuracies” in a recent article concerning litigation linked to Oil Prospecting License 245 (OPL 245).
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The dispute centres on an article titled “Malabu Court Action Clouds Tinubu Resolved OPL 245”, which Malabu Oil and Gas Limited said had been widely circulated online and contained misleading representations about the company and key individuals connected to the matter.
In a letter signed by Joseph Amaran on behalf of the company and addressed to Nicholas Norbrook and Patrick Smith, Malabu Oil and Gas dispute concerns were raised over the use of the name and image of Chief Dan Etete, whom the company said is no longer part of its management, ownership structure, or legal representation.
The company argued that the inclusion of Chief Dan Etete’s likeness created a misleading impression of his involvement in ongoing legal matters, stating that such portrayal risks damaging both his reputation and the integrity of the organisation.
Malabu Oil and Gas Limited further rejected the implication that it is engaged in legal proceedings against the Federal Government of Nigeria, insisting that it is not currently a party to any such action.
According to the letter, the company claimed that ongoing court proceedings referenced in the article were being pursued by individuals it described as impostors without legitimate interest in the OPL 245 matter.
It urged law enforcement authorities to intervene to protect what it called legitimate stakeholders.
The statement also called on The Africa Report to verify its sources and issue corrections to the contested publication, describing the alleged inaccuracies as capable of misleading the public on sensitive legal and corporate issues.
In a notably firm tone, Malabu Oil and Gas Limited demanded an unreserved apology within seven days, warning that failure to comply would result in legal action.
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The publication, issued by Jeune Afrique Media Group in Paris, has not yet issued a public response to the allegations at the time of reporting.
Dangote Petroleum Refinery has set its initial public offering price at ₦525 per share, with the company seeking to raise about ₦2.15 trillion as it prepares to enter Nigeria’s public equities market.
The Securities and Exchange Commission has approved the offer for 4.1 billion ordinary shares at ₦525 each. If fully subscribed, the offer would generate approximately ₦2.15 trillion, equivalent to about $1.6 billion at current exchange rates.
The offering is expected to open on 14 September 2026, according to Aliko Dangote, the president of Dangote Industries. The planned sale is positioned to become one of the largest equity offerings in Africa.
The IPO marks a significant step in Dangote Group’s plans to broaden ownership of the refinery and raise additional capital for expansion.
The refinery currently has a stated processing capacity of 650,000 barrels of crude oil per day. Dangote has said the company plans to increase that capacity to 1.4 million barrels per day as part of its longer-term expansion strategy.
The planned share sale follows a $1 billion underwriting programme completed in August, providing additional financial backing ahead of the public offering.
The refinery, located in the Lekki area of Lagos State, is one of Africa’s largest industrial projects and has become an increasingly important player in Nigeria’s fuel supply market since beginning operations.
The public offering will give Nigerian investors an opportunity to acquire shares in the refinery directly, while providing Dangote Petroleum Refinery with fresh capital to support its next phase of growth.
The company has also indicated ambitions to expand beyond its current Nigerian operations, with Dangote recently announcing plans for another refinery project in Kenya.
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