By Seun Ibiyemi
The Attorney-General of the Federation and Minister of Justice, Lateef Fagbemi, has said the resolution of the long-running dispute over OPL 245 will strengthen Nigeria’s economy and enhance the federal government’s fiscal capacity.
Fagbemi made the remarks in Abuja following the signing of a legal agreement that formally brought the prolonged dispute over the oil block to an end.
He described the development as a major milestone that will help reposition Nigeria’s economic landscape after more than two decades of legal battles and international arbitration surrounding the oil asset.
According to the Attorney-General, the federal government reached a settlement with Eni and Nigerian Agip Exploration Limited (NAEL), effectively ending the protracted dispute and paving the way for the development of the oil block.
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Fagbemi credited the breakthrough to the leadership of Bola Tinubu, noting that the president had directed early in his administration that the disputes surrounding the oil asset be resolved amicably in the 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, resolves a complex international dispute and restores Nigeria’s credibility as a reliable partner in global business.
The Attorney-General noted that the agreement is expected to remove legal and fiscal uncertainties that previously hindered the development of the oil block.
According to him, the resolution will attract large-scale investments, create jobs and strengthen Nigeria’s position as a leading energy producer in Africa.
Fagbemi also stated that projected revenues from the asset can now be incorporated into Nigeria’s medium-term fiscal framework, 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 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 said.
The Attorney-General commended several institutions that contributed to the resolution, including the Ministry of Petroleum Resources, Nigerian Upstream Petroleum Regulatory Commission, Nigerian National Petroleum Company Limited, and the Economic and Financial Crimes Commission.
He also acknowledged the role of international partners such as Shell and Eni in reaching the agreement.
Fagbemi emphasised that the settlement represents the triumph of dialogue over conflict and ensures that the development of OPL 245 will become a source of prosperity for Nigeria and future generations.
