The Attorney-General of the Federation and Minister of Justice, Lateef Fagbemi, has said the resolution of the longstanding dispute over OPL 245 will reposition Nigeria’s economy and strengthen the country’s fiscal capacity.
Fagbemi also praised the leadership of President Bola Ahmed Tinubu, noting that the president’s vision and commitment made the breakthrough possible.
Speaking after the signing of a legal agreement in Abuja that formally ended the dispute, the Attorney-General described the development as a major milestone in repositioning Nigeria’s economic landscape.
“The agreement marks a turning point for Nigeria’s oil and gas sector after more than two decades of legal battles and international arbitration,” Fagbemi said.
The Federal Government reached the settlement with Eni and Nigerian Agip Exploration Limited, bringing an end to the protracted dispute surrounding OPL 245.
According to the Attorney-General, resolving the matter will recalibrate the national economy and strengthen the fiscal position of the Federal Government.
Fagbemi disclosed that early in the administration, President Tinubu directed that all disputes relating to the oil block be resolved amicably in the best interest 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,” he said.
He 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.
The Attorney-General highlighted several strategic economic benefits expected from the resolution, including the removal of legal and fiscal uncertainties that previously hindered 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 further noted that projected revenues from the asset 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 resolving the dispute through negotiated settlement rather than prolonged arbitration demonstrates Nigeria’s commitment to alternative dispute resolution and strengthens 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 added.
The Attorney-General also commended institutions and stakeholders that contributed to the resolution, including the Federal Ministry of Petroleum Resources, the Nigerian Upstream Petroleum Regulatory Commission, the Nigerian National Petroleum Company Limited, and the Economic and Financial Crimes Commission.
He also acknowledged the cooperation of international partners such as Eni and Shell in achieving the settlement.
Fagbemi emphasised that the agreement 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,” he stated.
