‎AGF Fagbemi: OPL 245 Resolution Repositions Nigeria’s Economy, Lauds Tinubu’s Leadership

By Tgnews Reporter

‎The Attorney-General of the Federation and Minister of Justice, Lateef Fagbemi, SAN, has hailed the resolution of the long-standing dispute over Oil Prospecting Licence (OPL) 245 as a major milestone that will reposition Nigeria’s economy and strengthen its fiscal position.

‎Speaking after the signing of the legal agreement in Abuja, Fagbemi described the settlement as a turning point for the country’s oil and gas sector, ending more than two decades of legal battles and international arbitration.

‎The Federal Government reached the agreement with Italian energy giant Eni and its subsidiary, Nigerian Agip Exploration Limited (NAEL), bringing closure to the protracted dispute.

‎Fagbemi credited President Bola Tinubu’s visionary leadership and political will for enabling the breakthrough. He noted that early in his administration, President Tinubu directed that the dispute be resolved amicably in the best interests of Nigerians.

‎”The clear vision and deep commitment of President Tinubu provided the political will required to bring closure to this protracted dispute,” Fagbemi said. “The agreement demonstrates Nigeria’s commitment to transparency, accountability, and the rule of law.”

‎The settlement, which will result in a Consent Arbitral Award, resolves a complex international dispute and restores Nigeria’s credibility as a reliable partner in global business.

‎The AGF highlighted key economic benefits, including the removal of legal and fiscal uncertainties that had stalled development of the oil block. This is expected to attract large-scale investments, create jobs, and reinforce Nigeria’s status as a leading energy producer in Africa.

‎He added that revenues from the asset can now be factored into the medium-term fiscal framework, supporting budget stability, long-term planning, and debt sustainability.

‎Fagbemi emphasized that opting for a negotiated settlement over prolonged arbitration underscores Nigeria’s preference for alternative dispute resolution and boosts its standing in international commercial 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 stated.

‎The Attorney-General commended stakeholders involved, including the Ministry of Petroleum Resources, the Nigerian Upstream Petroleum Regulatory Commission, the Nigerian National Petroleum Company Limited (NNPC), the Economic and Financial Crimes Commission (EFCC), and international partners such as Eni and Shell.

‎He described the outcome 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,” Fagbemi concluded.

‎The resolution, announced earlier this month under President Tinubu’s oversight, paves the way for the development of one of Nigeria’s most promising deepwater assets, potentially unlocking significant oil production increases.