Business
Malabu Oil Sues President Bola Tinubu Over N1 Trillion OPL 245 Claim
Malabu Oil OPL 245 Suit as the firm challenges FG over conversion of OPL 245 to OML 245 and seeks ₦1 trillion in damages
Malabu Oil & Gas Limited has filed a ₦1 trillion lawsuit against the Federal Government of Nigeria, challenging the conversion of Oil Prospecting Licence (OPL) 245 into Oil Mining Lease (OML) 245 and seeking to quash the decision at the Federal High Court in Abuja.
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The suit, filed through senior advocate Reuben Atabo, SAN, is before Justice Mohammed Umar and lists President Bola Tinubu, the Attorney-General of the Federation and the Minister of Petroleum Resources as first to third respondents.
In the motion dated May 25, 2026, Malabu Oil argued that the conversion and restructuring of OPL 245 were carried out while multiple cases concerning the disputed oil block were still pending before various courts up to the Supreme Court.
The company is asking the court for a declaration that the splitting of OPL 245 into four separate assets, reportedly allocated to Shell Nigeria Ultra-Deep Limited, Shell Nigeria Exploration and Production Company Limited, Nigerian Agip Exploration Company Limited and NNPC Limited under a resolution agreement, is unlawful and void.
Malabu Oil is also demanding ₦1 trillion in damages, claiming unlawful interference with its interests and alleging that the actions exceeded the limits of the Petroleum Industry Act, 2021.
Justice Umar has fixed June 11, 2026, for hearing of the matter after previously granting leave for judicial review of the federal government’s executive action.
The dispute over OPL 245 remains one of Nigeria’s most protracted oil sector controversies, involving allegations of corruption, international litigation and competing ownership claims stretching back decades.
The oil block, originally awarded to Malabu Oil in 1998, was later acquired by Shell and Eni in a transaction valued at about $1.3 billion, which triggered years of legal and political disputes across multiple jurisdictions.
Although an Italian court acquitted Shell, Eni and associated executives of wrongdoing in 2021, the asset has continued to face legal challenges in Nigeria.
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The federal government has maintained that recent restructuring of the asset is part of efforts to resolve long-standing disputes and bring the oil field into production.
Business
ISAT Group Rebrands, Partners Afro Mobile to Launch High-Speed Broadband Services in Nigeria by Q3 2026
New identity signals bold expansion as landmark investment accelerates affordable, high-speed connectivity for millions of Nigerians.
Nigeria’s digital economy is set for a major boost as ISAT Group unveiled a new corporate identity and announced a strategic alliance with Afro Mobile, ahead of its Q3 2026 commercial launch.
The partnership is underpinned by Afro Mobile’s acquisition of a 40% equity stake in ISAT Group and a US$3 billion financing package structured by Equiline Finance, positioning the alliance among the largest indigenous broadband investment initiatives in Nigeria’s telecommunications sector.
The rebranding marks ISAT Group’s evolution into a next-generation digital connectivity company focused on broadband, satellite communications and enterprise solutions. Together, the partners will expand affordable, high-speed internet access to homes, businesses, government institutions and underserved communities nationwide.
ISAT Group Chief Executive Officer, Dr. Adeyanju Binuyo, described the development as a transformational milestone.
“Our vision extends beyond connectivity. We are building the digital infrastructure that will power businesses, connect communities, stimulate innovation and accelerate Nigeria’s digital economy. This partnership demonstrates our commitment to making world-class broadband accessible to every Nigerian.”
Group Chairman, Mr. Ganiyou AFOLABI Moustapha, said the alliance reflects ISAT Group’s long-term confidence in Nigeria’s future.
“This investment is a strong vote of confidence in Nigeria’s digital economy. Together with Afro Mobile, we are building a resilient indigenous broadband platform that will create jobs, drive innovation and support inclusive national development.”
With operations commencing in Q3 2026, ISAT Group and Afro Mobile are poised to emerge as a leading indigenous broadband provider, delivering next-generation connectivity that will help bridge Nigeria’s digital divide and power the country’s next phase of economic growth.
Business
UBA Foundation Drives Environmental Awareness with Tree Planting in Lagos Schools for WED 2026
UBA Foundation tree planting initiative marks World Environment Day 2026 with sustainability drive across Lagos schools to promote climate action
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