Attorney-General of the Federation (AGF) and Minister of Justice Lateef Fagbemi says the resolution of the dispute over OPL 245 will help reposition Nigeria’s economy.
In a statement released on Sunday by the special adviser to the president Bayo Onanuga, AGF Fagbemi spoke in Abuja after the signing of a legal agreement that ended the dispute over the oil block.
The federal government reached the settlement with Eni and Nigerian Agip Exploration Limited.
According to him, the agreement ends more than two decades of legal disputes and arbitration over OPL 245.
“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.
Fagbemi said President Bola Tinubu directed early in his administration that disputes over the oil block should be resolved through dialogue in the interest of Nigerians.
“The clear vision and deep commitment of President Tinubu provided the political will required to bring closure to this dispute. The agreement demonstrates Nigeria’s commitment to transparency, accountability and the rule of law,” he said.
The minister said the settlement will lead to a consent arbitral award and end the international dispute over the oil block.
He added that the move removes legal and fiscal issues that delayed the development of OPL 245.
“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 said.
He also said expected revenue from the asset can now be included in the country’s medium-term fiscal framework to support budget planning.
“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.
Fagbemi thanked institutions that took part in resolving the dispute, including the Ministry of Petroleum Resources, Nigerian Upstream Petroleum Regulatory Commission, Nigerian National Petroleum Company Limited and Economic and Financial Crimes Commission.
He also acknowledged the role of international partners including Eni and Shell plc.
“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,” Fagbemi said.
