Fagbemi hails President Tinubu, says resolution of OPL 245 dispute will reposition national economy

…hails President Tinubu for providing leadership

The Attorney-General of the Federation and Minister of Justice, Lateef Fagbemi, has hailed the resolution of the long-standing OPL 245 dispute as a major step toward repositioning Nigeria’s economy and strengthening the federal government’s fiscal capacity.

In a statement by the Special Adviser to President Bola Tinubu on Information and Strategy, Bayo Onanuga, the AGF credited the President’s leadership for enabling the breakthrough.

Speaking after the signing of the legal agreement in Abuja, Fagbemi described the development as a milestone for Nigeria’s oil and gas sector, which had been mired in over two decades of legal battles and international arbitration.

“The agreement marks a turning point for Nigeria’s oil and gas sector after more than two decades of disputes,” he said, adding that it will remove legal and fiscal uncertainties that previously hindered development of the oil block.

The settlement, reached with Eni and Nigerian Agip Exploration Limited (NAEL), ends the protracted conflict over OPL 245 and is expected to pave the way for large-scale investments, job creation, and reinforce Nigeria’s position as a leading energy producer in Africa.

Fagbemi noted that early in his administration, President Tinubu directed that all disputes over the oil block be resolved amicably in the best interests of Nigerians. He described the agreement as a demonstration of Nigeria’s commitment to transparency, accountability, and the rule of law.

“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,” Fagbemi said.

He also highlighted the strategic economic benefits of the resolution, including the inclusion of projected revenues from OPL 245 in the country’s medium-term fiscal framework, supporting budget stability, long-term planning, and debt sustainability.

The Attorney-General commended the contributions of key institutions, including the Ministry of Petroleum Resources, the Nigerian Upstream Petroleum Regulatory Commission, the Nigerian National Petroleum Company Limited, the Economic and Financial Crimes Commission, and international partners such as Eni and Shell.