RismadarVoice Reporters
March 8, 2026
The Federal Government has announced the resolution of the longstanding dispute over Oil Prospecting Licence (OPL) 245, describing the development as a major step toward strengthening Nigeria’s economy and boosting investor confidence.
Attorney-General of the Federation and Minister of Justice, Lateef Fagbemi, disclosed this after the signing of a legal agreement in Abuja that formally brought the protracted dispute to an end.
Fagbemi said the resolution followed a settlement reached between the Federal Government and Eni and Nigerian Agip Exploration Limited (NAEL), effectively ending over two decades of legal battles and international arbitration surrounding the oil block.
He described the agreement as a significant milestone for Nigeria’s oil and gas sector, noting that it would help reposition the country’s economic landscape.
According to him, resolving the dispute will recalibrate the national economy and strengthen the Federal Government’s fiscal position by removing legal and financial uncertainties that had previously hindered the development of the oil asset.
The Attorney-General also credited President Bola Ahmed Tinubu for providing the political will that led to the breakthrough.
He explained that at the beginning of the administration, President Tinubu directed that all disputes relating to the oil block 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 said.
He noted that the settlement, which will culminate in a Consent Arbitral Award, not only resolves a complex international dispute but also restores Nigeria’s credibility as a reliable partner in global business.
Fagbemi further highlighted several expected economic benefits from the resolution, including increased investments, job creation and renewed development of the oil block, which could reinforce Nigeria’s position as a leading energy producer in Africa.
He added that projected revenues from the asset could now be incorporated into the country’s medium-term fiscal framework, helping to support budget stability, long-term economic planning and debt sustainability.
According to him, resolving the matter through negotiation rather than prolonged arbitration also demonstrates Nigeria’s commitment to alternative dispute resolution and strengthens the country’s standing 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.
The Attorney-General also commended institutions and stakeholders involved in the process, including the Ministry of Petroleum Resources, the Nigerian Upstream Petroleum Regulatory Commission (NUPRC), the Nigerian National Petroleum Company Limited (NNPCL), the Economic and Financial Crimes Commission (EFCC), as well as international partners such as Eni and Shell.
He described the agreement as the triumph of dialogue over conflict and national interest over narrow considerations, expressing confidence that the development of OPL 245 would now contribute significantly to Nigeria’s prosperity.
“With this agreement, Nigeria can move forward with confidence, ensuring that the development of OPL 245 becomes a source of prosperity for the nation and future generations,” Fagbemi added.
