Minister of Justice and Attorney General of the Feseration (AGF), Lateef Fagbemi has defended a recent settlement over the long-disputed OPL 245 oil block, calling opposition to it by camps from former Vice President Atiku Abubakar and other critics- a product of “selfish” interests.
The Minister said the desire of this camp and other critics is aimed at thwarting national progress.
In a sharply worded statement, Fagbemi, faulted media reports from the office of former Vice President that questioned the deal.
He said, “Their posture is not only misleading but ultimately inimical to the collective interest,” urging Nigerians to reject efforts that “derail progress for narrow personal or political gain.”
Fagbemi described the resolution as a “landmark achievement” under President Bola Tinubu’s administration, one that ends nearly three decades of litigation and unlocks a promising deepwater asset off Nigeria’s coast.
Critics like the Atiku’s camp, Fagbemi argued, are motivated by “undisclosed and self-serving interests” rather than patriotism.
The OPL 245 block, located about 150 kilometers from shore, was first awarded to Malabu Oil & Gas Ltd. in 1998, revoked in 2001, and reallocated to Shell Nigeria Ultra-Deep Limited (now Shell Nigeria Exploration and Production Company, or SNEPCo) and Nigerian Agip Exploration (an Eni entity) in 2002.
A 2011 agreement settled initial claims, with Malabu relinquishing its interests in exchange for payment, while the Federal Government committed to converting the exploration license into a full oil mining lease.
The deal later faced intense scrutiny in courts across the United States, United Kingdom, and Italy, but no wrongdoing was found against Eni, SNEPCo, or the transaction itself, Fagbemi said in a statement he personally signed.
Delays in the license conversion prompted Eni and Agip to sue Nigeria at the International Centre for Settlement of Investment Disputes in 2020, alleging a breach of a bilateral investment treaty with the Netherlands.
The case risked costing Nigeria more than $2 billion.
Minister Fagbemi emphasized that the arbitration focused solely on the government’s delay, not Malabu’s ownership disputes.
“None of the stakeholders now being referenced by the former Vice-President participated in those proceedings,” he said.
The resolution, he added, paves the way for development of a field projected to produce 150,000 barrels of oil per day, boosting government revenue, energy security, and investor confidence.
A recent Court of Appeal ruling in Nigerian Agip Exploration Limited v. Malabu Oil & Gas Ltd. (2025) further affirmed the allocation to Shell, dismissing Malabu’s challenge as time-barred and an abuse of process.
Former Vice President Atiku’s office could not be immediately reached for comment.
