Abuja, Nigeria – The Attorney-General of the Federation and Minister of Justice, Lateef Fagbemi, has said the resolution of the long-running dispute over Oil Prospecting Licence (OPL) 245 will strengthen Nigeria’s economy and improve the country’s fiscal position.
Fagbemi made the remarks in Abuja after the signing of a legal agreement between the Federal Government and oil companies Eni and Nigerian Agip Exploration Limited, which effectively brings the decades-long dispute over the oil block to an end.
According to him, the settlement represents a major milestone for Nigeria’s oil and gas sector after more than 20 years of legal battles and international arbitration.
The Attorney-General praised President Bola Ahmed Tinubu for providing the political will that made the breakthrough possible. He said the president had earlier directed that all disputes surrounding the oil block be resolved amicably in the best interest of Nigerians.
Fagbemi explained that the agreement, which will culminate in a Consent Arbitral Award, resolves a complex international dispute while restoring Nigeria’s credibility as a reliable partner in global business.
He added that the resolution will remove legal and fiscal uncertainties that had previously slowed the development of the oil block, opening the door for large-scale investments and job creation.
According to the minister, expected revenues from the asset can now be incorporated into Nigeria’s medium-term fiscal framework, helping to support budget stability, long-term economic planning and debt sustainability.
Fagbemi also noted that resolving the matter through negotiation rather than prolonged arbitration demonstrates Nigeria’s commitment to transparency, accountability and alternative dispute resolution.
He commended several institutions that contributed to the resolution, including the Ministry of Petroleum Resources, the Nigerian Upstream Petroleum Regulatory Commission, the Nigerian National Petroleum Company Limited, the Economic and Financial Crimes Commission, as well as international partners such as Eni and Shell.
The minister said the agreement marks a triumph of dialogue over conflict and positions the development of OPL 245 as a potential source of prosperity for Nigeria and future generations.
