The OML 40 is an oil-producing asset connected to billionaire businessman, Emeka Offor.
Fresh allegations have emerged surrounding the conduct of the Registrar-General of the Corporate Affairs Commission (CAC), Ishaq Hussaini Magaji (SAN), over claims that he quietly lifted a court-ordered restriction placed on corporate filings linked to OML 40.
The OML 40 is an oil-producing asset connected to billionaire businessman, Emeka Offor.
Magaji, sources said, lifted the court restriction without public explanation, shortly after assuming office.
Multiple sources familiar with the matter told SaharaReporters that the restriction, imposed in 2023 following internal corporate disputes, which prevented one of the companies connected to OML 40 from effecting board changes and passing corporate resolutions at the CAC.
The restriction reportedly remained in force until a change in the Commission’s leadership.
Soon after Magaji’s appointment as Registrar-General, the restriction was lifted—without any public notice, procedural report, or explanation from the Commission.
The quiet reversal, sources say, coincided with sensitive transactions involving Seplat Energy Plc and Starcrest Nigeria Energy Limited, companies linked through a joint venture structure controlling OML 40.
According to senior officials at the CAC who spoke on condition of anonymity due to the sensitivity of the matter, OML 40 is operated through Elcrest Exploration and Production Company Limited, a joint venture involving interests linked to Sir Emeka Offor and Seplat Energy.
One top source explained that Elcrest holds a 45 per cent stake in OML 40, while the remaining 55 per cent is owned by the Nigerian Petroleum Development Company (NPDC), a subsidiary of the Nigerian National Petroleum Company Limited (NNPCL).
Another source clarified the internal ownership of Elcrest itself: Starcrest Nigeria Energy Limited, a member of the Chrome Group owned by Emeka Offor, allegedly controls 55 per cent of Elcrest, while Seplat— through its subsidiary Eland Oil and Gas Limited, acquired in 2019 — owns the remaining 45 per cent.
“Starcrest does not directly own shares in Seplat Energy Plc,” a CAC source said.
“But Starcrest holds a majority interest in Elcrest, which is the joint venture vehicle where Seplat also has an interest. That is how both companies are connected through OML 40.”
Sources told SaharaReporters that in May 2023, Seplat’s management was suspended and its corporate file blocked at the CAC following a court order arising from internal shareholder disputes.
The restriction reportedly barred the company from making board changes or filing key resolutions — an action that, according to insiders, was strictly enforced by the former Registrar-General.
"It was Seplat company that was put on caveat at the CAC. They did all they could under the former RG but he refused since there was a court order. But the moment Ishaq was appointed as RG, he immediately cut a deal with them," a source said.
However, the situation changed after Magaji assumed office.
Several sources allege that shortly after his appointment, members of the suspended Seplat management team, led by the company’s chairman and chief executive officer, paid a visit to the new Registrar-General.
The meeting, sources claim, was facilitated through the influence of a mediator linked to a prominent Senior Advocate of Nigeria, Joe Kyari Gadzama (SAN), described by insiders as having personal ties to Magaji.
“Through that mediation, the Registrar-General allegedly sided with the suspended Seplat leadership and lifted the restriction on their CAC file,” a source said.
“This was something the former Registrar-General had refused to do because of the subsisting court order.
"No public statement, internal memo, or procedural justification was issued by the CAC to explain the lifting of the restriction," sources said.
According to sources, Seplat was concluding a major transaction tied to its joint venture arrangements with Emeka Offor’s Starcrest Energy through Elcrest.
"The reason why Emeka Offor came in then was because he wants to protect his stake in the Elcrest where he has 55%. So if Seplat is having court issues, it automatically means the exploration of OML40 will be in jeopardy. That was why the lawyer from Adamawa Gadzama came in," the source explained.
The removal of the CAC restriction reportedly allowed the transaction to proceed without regulatory obstacles, benefitting Seplat and its partners.
Since then, multiple sources allege that the relationship between the Registrar-General and interests linked to OML 40 has grown unusually close.
“They have maintained a relationship that goes beyond official engagement,” one source claimed. “Personal bills were allegedly taken care of, and honorary chieftaincy titles were arranged.”
In a video obtained by SaharaReporters shows how the Registrar-General arriving via private jet, moving in a security convoy, and receiving a traditional chieftaincy title in a ceremony reportedly sponsored by a private energy foundation linked to high-value oil and gas interests connected to OML 40.
A top source at CAC say the optics are troubling, especially given that entities associated with the asset had recent corporate disputes and filings handled under the supervision of the CAC.
“These are not ordinary courtesies,” said a source familiar with the matter. “Private jet transport, convoy logistics, and ceremonial installations coordinated by private sector actors with pending or recent regulatory interests raise immediate conflict-of-interest concerns.”
Sources further allege that the Registrar-General went as far as getting a private jet and organising a chieftaincy title honour for Emeka Offor in his own village— claims that could not be independently verified but have added to the controversy.
Earlier, SaharaReporters reported that multiple sources revealed to SaharaReporters explosive details of how the Registrar-General of the Corporate Affairs Commission (CAC), Ishaq Hussaini Magaji (SAN), allegedly acquired staggering wealth and luxury assets within just two years of assuming office.
According to insiders familiar with the matter, Magaji reportedly purchased two duplexes in the high-brow Jahi district of Abuja, each valued at N350million.
The opulence did not end there. Sources said the furniture installed in the properties “cost more than the price of the houses themselves,” raising further questions about the source of the funds.
SaharaReporters learnt that before his appointment in 2023, Magaji was living in a three‑bedroom rented apartment at Redbricks Estate by Urban Shelter along Katampe Road, struggling to pay N2million in rent.
Yet within two years of becoming Registrar‑General, he allegedly bought two luxury duplexes in Jahi, both reportedly constructed by Interactive Property Development Company Limited (IPDC).
Sources insist that the extravagant furnishings alone exceed the N350 million value of each house.
One source told SaharaReporters that Magaji “bought full solar systems from Germany worth N70 million” for each building, and also purchased “gym equipment from China worth N50 million.” Both homes, SaharaReporters was told, are equipped with sound‑proof cinemas.
A source told SaharaReporters that Ishaq is a friend of theirs. “He is a friend of associates, and together with him, we helped him secure the position of Registrar General. Ishaq started working with Bauchi State as a State Counsel pupil in 2009. In 2020, he resigned from that job and moved to Abuja, where he was later confirmed as a Senior Advocate of Nigeria.
“When he first arrived in Abuja, he struggled to find a place to stay. We helped him get an apartment at RedBriggs Estate along Katampe Road, near Oban Shelter. At the time, in 2021, he was struggling to pay N2 million in rent. Later that year, he became the CSC Registrar General.”
The source said, “When the Registrar General position became available in October, our friend informed us, and we discussed potential candidates. Since he was a lawyer but not yet ten years post-call, he suggested Ishaq Hussaini Magaji. We met with Ishaq, and he agreed, assuring us that all involved would benefit equally.
“Since stepping into office, however, Ishaq only engaged with our friend for a few months, eventually making him Chief of Staff before abandoning him. Our friend resigned this year. Meanwhile, Ishaq left the apartment where he was staying and bought two houses — each valued at N350 million —in Jahi.
“He also bought his mother a three‑bedroom bungalow and relocated her from Jos to Abuja,” the source said.
WATCH: CAC Registrar-General Magaji Moves In Private Jet Provided By Private Investors After He Lifted Court-Ordered Restriction On OML 40 Corporate Filings pic.twitter.com/P7g0qkFw8c
— Sahara Reporters (@SaharaReporters) December 13, 2025