The Attorney-General of the Federation and Minister of Justice, Lateef Fagbemi, has declared that the resolution of the longstanding dispute over Oil Prospecting License (OPL) 245 will reposition Nigeria’s economy and strengthen its fiscal foundation.
Speaking in Abuja after the signing of the legal agreement that ended the dispute, Fagbemi hailed President Bola Tinubu’s “visionary leadership” for providing the political will that enabled the breakthrough.
“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 said.
The federal government reached the settlement with Eni and Nigerian Agip Exploration Limited (NAEL), effectively closing one of the country’s most protracted oil block disputes.
Fagbemi emphasized that the resolution will recalibrate the national economy, restore investor confidence, and bolster Nigeria’s fiscal position. He noted that projected revenues from OPL 245 can now be factored into the country’s medium-term fiscal framework, supporting budget stability, long-term planning, and debt sustainability.
He added that the settlement, which will culminate in a Consent Arbitral Award, not only resolves a complex international dispute but also enhances Nigeria’s credibility as a responsible global business partner.
According to him, the resolution removes legal and fiscal uncertainties that previously hindered the development of the oil block. It will pave the way for large-scale investments, stimulate job creation, and reinforce Nigeria’s position as a leading energy producer in Africa.
Fagbemi commended the Ministry of Petroleum Resources, the Nigerian Upstream Petroleum Regulatory Commission, NNPC Limited, the EFCC, and international partners such as Eni and Shell for their roles in achieving the resolution.
“This settlement sends a clear signal to the global community that Nigeria is open for business and committed to fairness, transparency, and respect for contractual obligations,” he said.
He concluded that the agreement represents “the triumph of dialogue over conflict and national interest over narrow considerations,” paving the way for OPL 245 to become a source of prosperity for future generations.
By Mathew Dadiya, Abuja
