OPL 245 settlement will strengthen Nigeria’s economy — Fagbemi
…praises Tinubu’s leadership in resolving decades-long dispute …says agreement will boost investment, jobs and fiscal stability The Attorney-General of the Federation and Minister of Justice, Lateef Fagbemi, SAN, has said
...praises Tinubu’s leadership in resolving decades-long dispute
...says agreement will boost investment, jobs and fiscal stability
The Attorney-General of the Federation and Minister of Justice, Lateef Fagbemi, SAN, has said that the resolution of the long-running dispute over Oil Prospecting Licence (OPL) 245 will reposition Nigeria’s economy and strengthen the country’s fiscal capacity.
Fagbemi made the remark in Abuja after the signing of a legal agreement that ended the protracted dispute involving the oil block, describing the development as a major milestone for Nigeria’s oil and gas sector.
According to him, the settlement reached between the Federal Government and international oil companies, Eni and Nigerian Agip Exploration Limited (NAEL), effectively brings to a close more than two decades of legal battles and international arbitration over the asset.
In a statement issued by Special Adviser to the President on Information and Strategy, Bayo Onanuga, Fagbemi said, “the agreement marks a turning point for Nigeria’s oil and gas sector after more than two decades of legal battles and international arbitration".
He praised President Bola Ahmed Tinubu for providing the political will and leadership needed to resolve the dispute in the best interest of the country.
Fagbemi said the President had, early in the administration, directed that all disputes relating to the oil block be resolved amicably to protect national interests.
“The clear vision and deep commitment of President Tinubu provided the political will required to bring closure to this protracted dispute,” he said.
He added that the settlement demonstrates Nigeria’s commitment to transparency, accountability and adherence to the rule of law in its dealings with global partners.
The Attorney-General explained that the agreement, which will culminate in a Consent Arbitral Award, resolves a complex international dispute and restores Nigeria’s credibility as a reliable partner in global business.
According to him, the resolution will eliminate the legal and fiscal uncertainties that had 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,” Fagbemi said.
He noted that projected revenues from the oil asset could now be incorporated into Nigeria’s medium-term fiscal framework, helping to strengthen budget stability, long-term economic planning and debt sustainability.
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Fagbemi further said resolving the dispute through negotiation rather than prolonged arbitration highlights Nigeria’s commitment to alternative dispute resolution mechanisms and strengthens the country’s standing 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 of the dispute, including the Ministry of Petroleum Resources, the Nigerian Upstream Petroleum Regulatory Commission (NUPRC), the Nigerian National Petroleum Company Limited (NNPC Ltd.), the Economic and Financial Crimes Commission (EFCC), as well as international partners such as Eni and Shell.
He described the agreement as a 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 added.
