Amanze Chinonye
The Federal Government has resolved the long-standing dispute over Oil Prospecting Licence (OPL) 245 with Italian energy giant Eni and Nigerian Agip Exploration Limited (NAEL), a development the Attorney-General of the Federation and Minister of Justice, Lateef Fagbemi, says will reposition Nigeria’s economy and strengthen its fiscal outlook.
Fagbemi disclosed this on Sunday in Abuja after the signing of a legal agreement that formally brought the protracted dispute over the oil block to an end.
He described the settlement as a major milestone for Nigeria’s oil and gas sector after more than two decades of litigation and international arbitration.
Join our WhatsApp ChannelAccording to the Attorney-General, the agreement will culminate in a Consent Arbitral Award and is expected to restore investor confidence while removing legal and fiscal uncertainties that previously hindered the development of the oil asset.
Fagbemi praised President Tinubu, for providing the political will that enabled the resolution of the dispute.
“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.
He explained that early in the administration, the president directed that all disputes surrounding OPL 245 be resolved amicably in the best interest of Nigerians.
“The clear vision and deep commitment of President Tinubu provided the political will required to bring closure to this protracted dispute. The agreement demonstrates Nigeria’s commitment to transparency, accountability and the rule of law,” Fagbemi added.
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The minister said the settlement would pave the way for large-scale investments in the oil block, stimulate job creation and reinforce Nigeria’s position as a leading energy producer in Africa.
He also noted that the resolution would enable projected revenues from the asset to be included in the country’s medium-term fiscal framework, thereby supporting budget stability, long-term economic planning and debt sustainability.
According to him, resolving the dispute through negotiation rather than prolonged arbitration highlights Nigeria’s commitment to alternative dispute resolution and strengthens the country’s credibility in international commercial and arbitration 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 said.
Fagbemi further commended several institutions and stakeholders involved in the process, including the Ministry of Petroleum Resources, the Nigerian Upstream Petroleum Regulatory Commission, Nigerian National Petroleum Company Limited, and the Economic and Financial Crimes Commission, as well as international partners such as Eni and Shell.
He said the agreement represents the 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 said.
Amanze Chinonye is a Staff Correspondent at Prime Business Africa, a rising star in the literary world, weaving captivating stories that transport readers to the vibrant landscapes of Nigeria and the rest of Africa. With a unique voice that blends with the newspaper's tradition and style, Chinonye's writing is a masterful exploration of the human condition, delving into themes of identity, culture, and social justice. Through her words, Chinonye paints vivid portraits of everyday African life, from the bustling markets of Nigeria's Lagos to the quiet villages of South Africa's countryside . With a keen eye for detail and a deep understanding of the complexities of Nigerian society, Chinonye's writing is both a testament to the country's rich cultural heritage and a powerful call to action for a brighter future. As a writer, Chinonye is a true storyteller, using her dexterity to educate, inspire, and uplift readers around the world.
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