Attorney General of the Federation (AGF) Lateef Fagbemi on Sunday hailed the resolution of a long-running oil dispute over OPL 245 as a pivotal step to revitalize the economy and bolster the nation’s finances, crediting President Bola Tinubu’s leadership for the breakthrough.
Fagbemi, who serves as both AGF and Minister of Justice spoke after signing the legal agreement in Abuja that ended the standoff, calling it a milestone in reshaping Nigeria’s economic landscape.
Special Adviser on Information and Strategy to the President Bayo Onanuga in a statement quoted the Minister as saying “The agreement marks a turning point for Nigeria’s oil and gas sector after more than two decades of legal battles and international arbitration.”
“The federal government reached this settlement with Eni and Nigerian Agip Exploration Limited (NAEL), effectively ending the protracted dispute over OPL 245,” the statement noted.
Fagbemi emphasised that resolving the dispute over OPL 245 will recalibrate the national economy and bolster the federal government’s fiscal position.
According to him, early in the administration, President Tinubu directed that all disputes over the oil block be resolved amicably in the best interests of the Nigerian people.
“The clear vision and deep commitment of President Tinubu provided the political will required to bring closure to this protracted dispute. The agreement demonstrates Nigeria’s commitment to transparency, accountability, and the rule of law.”
The Attorney-General explained that the settlement, which will culminate in a Consent Arbitral Award, not only resolves a complex international dispute but also restores Nigeria’s credibility as a responsible partner in global business.
He further highlighted several strategic economic benefits expected from the resolution, including the removal of legal and fiscal uncertainties that previously hindered the development of the oil block.
“This development will pave the way for large-scale investments, stimulate job creation, and reinforce Nigeria’s position as a leading energy producer in Africa,” he said.
Fagbemi also noted that projected revenues from the asset could now be included in the country’s medium-term fiscal framework, thereby supporting budget stability, long-term economic planning, and debt sustainability.
He added that resolving the dispute through negotiated settlement rather than prolonged arbitration underscores Nigeria’s commitment to alternative dispute resolution and enhances the country’s credibility in international commercial and arbitration circles.
“This settlement sends a clear signal to the global community that Nigeria is open for business and committed to fairness and respect for contractual obligations,” he said.
The Attorney-General also commended key institutions and stakeholders that contributed to the successful resolution, including the Ministry of Petroleum Resources, the Nigerian Upstream Petroleum Regulatory Commission, Nigerian National Petroleum Company Limited, the Economic and Financial Crimes Commission, and international partners such as Eni and Shell.
He emphasised that the settlement represents the triumph of dialogue over conflict and national interest over narrow considerations.
“With this agreement, Nigeria can now move forward with confidence, ensuring that the development of OPL 245 becomes a source of prosperity for the nation and future generations,” Fagbemi stated.
