The Attorney-General of the Federation and Minister of Justice, Lateef Fagbemi, says the resolution of the long-standing dispute over Oil Prospecting Licence (OPL) 245 will significantly reposition Nigeria’s economy and strengthen the country’s fiscal capacity.
Fagbemi, who spoke in Abuja after the signing of the legal agreement concluding the dispute, described the development as a major milestone for Nigeria’s oil and gas sector.
The AGF added that the settlement removes the legal and fiscal uncertainties that had stalled the development of the asset, paving the way for increased investment, job creation and enhanced revenue generation.
Fagbemi commended President Bola Tinubu for providing the leadership and political will that enabled the Federal Government to reach a settlement with Eni and Nigerian Agip Exploration Limited (NAEL), effectively bringing to an end more than two decades of legal battles and international arbitration over the oil block.
The Minister noted that the agreement, which will culminate in a Consent Arbitral Award, also restores Nigeria’s credibility as a reliable partner in global business and underscores the country’s commitment to transparency, accountability and respect for the rule of law.
The Minister further explained that projected revenues from the oil block can now be incorporated into Nigeria’s medium-term fiscal framework, thereby supporting budget stability, long-term economic planning and debt sustainability.
He added that the decision to resolve the dispute through negotiation rather than prolonged arbitration demonstrates Nigeria’s commitment to alternative dispute resolution and strengthens its standing in international commercial and arbitration circles.
In a statement issued by the Presidential Spokesperson, Mr.Bayo Onanuga, Fagbemi commended key institutions and stakeholders that played critical roles in resolving the dispute, including the Ministry of Petroleum Resources, the Nigerian Upstream Petroleum Regulatory Commission, the Nigerian National Petroleum Company Limited and the Economic and Financial Crimes Commission, as well as international partners such as Eni and Shell.
He described the settlement as a triumph of dialogue and national interest, noting that the development of OPL 245 can now proceed in a manner that will benefit the Nigerian economy and future generations.