The Attorney-General of the Federation and Minister of Justice, Lateef Fagbemi, has hailed the resolution of the longstanding OPL 245 dispute as a major milestone that will reposition Nigeria’s economy and strengthen the federal government’s fiscal capacity.
Fagbemi spoke after the signing of the legal agreement with Eni and Nigerian Agip Exploration Limited (NAEL) in Abuja, describing the development as transformative for Nigeria’s oil and gas sector after more than two decades of legal battles and international arbitration.
Economic Benefits of OPL 245 Resolution
The Attorney-General emphasised that ending the dispute will:
Remove legal and fiscal uncertainties hindering the development of OPL 245, Attract large-scale investment into Nigeria’s energy sector, stimulate job creation across oil and gas value chains, strengthen Nigeria’s credibility in global business and arbitration, support medium-term fiscal planning, budget stability, and debt sustainability.
“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,”
“This settlement is a triumph of dialogue over conflict and demonstrates Nigeria’s commitment to transparency, accountability, and the rule of law,” Fagbemi said.
Fagbemi credited President Bola Tinubu for providing the political will and vision that enabled the amicable resolution.
“President Tinubu’s clear vision and deep commitment ensured closure to this protracted dispute, signalling to the global community that Nigeria is open for business and committed to fairness in contractual obligations,” he stated.
The settlement, expected to culminate in a Consent Arbitral Award, restores confidence in Nigeria as a responsible international partner and demonstrates the government’s preference for negotiated solutions over prolonged litigation.
Fagbemi also recognised contributions from critical stakeholders, including the Ministry of Petroleum Resources, Nigerian Upstream Petroleum Regulatory Commission, Nigerian National Petroleum Company Limited, and the Economic and Financial Crimes Commission, as well as international partners like Eni and Shell.
“This agreement ensures that OPL 245 can now drive prosperity, sustainable revenue, and long-term economic growth for Nigeria and future generations,” he concluded.
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