PHOTO: (l-r) Chief Executive Eni, Claudio Descalzi, Attorney-General of the Federation and Minister of Justice, Lateef Fagbemi and Minister of State for Petroleum, Heineken Lokpobiri during the signing of agreement on the resolution of the dispute over OPL 245 in Abuja
By Dennis Okechukwu
Nigeria’s Attorney-General of the Federation and Minister of Justice, Lateef Fagbemi, has said the resolution of the long-running dispute over the oil block OPL 245 will reposition the country’s economy and strengthen its fiscal outlook.
Fagbemi made the remark in Abuja after the signing of a legal agreement that ended the protracted dispute involving international energy firms Eni and Nigerian Agip Exploration Limited.
The minister praised the leadership of President Bola Ahmed Tinubu, saying the breakthrough was made possible by the president’s clear vision and commitment to resolving the issue in the best interest of Nigerians.
According to him, the settlement marks a turning point for Nigeria’s oil and gas sector after more than two decades of legal battles and international arbitration over the oil block.
“The agreement marks a turning point for Nigeria’s oil and gas sector after more than two decades of legal battles and international arbitration,” Fagbemi said.
The federal government reached the settlement with Eni and NAEL, effectively bringing an end to the long-running dispute surrounding OPL 245.
Fagbemi explained that President Tinubu had earlier directed that all disputes related to the oil block be resolved amicably, a move he said demonstrated Nigeria’s commitment to transparency, accountability and the rule of law.
He added 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 resolution would remove legal and fiscal uncertainties that had delayed the development of the oil asset, thereby paving the way for new investments and economic growth.
He said the development is expected to attract large-scale investments, stimulate job creation and strengthen Nigeria’s position as a leading energy producer in Africa.
Fagbemi further stated that anticipated revenues from the oil block could now be incorporated into the country’s medium-term fiscal framework, supporting budget stability, long-term economic planning and debt sustainability.
The minister also said resolving the matter through negotiation rather than prolonged arbitration reflects Nigeria’s commitment to alternative dispute resolution and enhances its credibility in international commercial and arbitration circles.
He commended several institutions that played key roles in resolving the dispute, including the Ministry of Petroleum Resources, the Nigerian Upstream Petroleum Regulatory Commission, the Nigerian National Petroleum Company Limited, and the Economic and Financial Crimes Commission.
International partners such as Eni and Shell were also acknowledged for their contributions to the settlement.
Fagbemi described the agreement as a triumph of dialogue over conflict and national interest over narrow considerations.
“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,” he said.