OPL 245 dispute resolution repositions Nigeria’s economy — AGF

Abdullateef Fowewe

The Attorney-General of the Federation and Minister of Justice, Lateef Fagbemi (SAN), has hailed the resolution of the long-standing OPL 245 dispute as a game-changer for Nigeria’s economy, crediting President Bola Tinubu’s leadership for the breakthrough.

This was obtained in a statement issued by Bayo Onanuga, Special Adviser to the President on Information and Strategy on Sunday.

Speaking after the signing of a legal agreement in Abuja that ended over two decades of legal battles with Eni and Nigerian Agip Exploration Limited (NAEL), Fagbemi described the deal as “a 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,” he stated.

The settlement, which will lead to a Consent Arbitral Award, clears legal and fiscal hurdles that stalled the oil block’s development.

Fagbemi emphasised its broad benefits, including boosted investments, job creation, and Nigeria’s status as Africa’s top energy producer.

Early in President Tinubu’s administration, he directed an amicable resolution “in the best interests of the Nigerian people.”

Fagbemi praised this as providing “the political will required to bring closure to this protracted dispute,” underscoring Nigeria’s commitment to transparency and the rule of law.

Key gains include integrating projected revenues into the medium-term fiscal framework for better budget stability and debt management.

“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 added.

He commended collaborators like the Ministry of Petroleum Resources, Nigerian Upstream Petroleum Regulatory Commission, NNPC Limited, EFCC, Eni, and Shell.

The negotiated outcome highlights Nigeria’s preference for dialogue.

“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.

Fagbemi concluded optimistically: “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.”