Energy Security: AGF applauds Tinubu for leadership in resolving OPL 245 dispute

*Prince Lateef Fagbemi, SAN, Attorney-General of the Federation and Minister for Justice, says President Bola Ahmed Tinubu administration’s resolution of longstanding dispute over OPL 245 will reposition the Nigerian economy, and strengthen fiscal development

Isola Moses | ConsumerConnect

Prince Lateef Fagbemi, SAN, Attorney-General of the Federation (AGF) and Honourable Minister for Justice, says the administration’s resolving the longstanding dispute over OPL 245 will reposition the Nigerian economy, and strengthen the country’s fiscal development.

Fagbemi commended President Bola Ahmed Tinubu’s visionary leadership, which enabled the breakthrough.

The Attorney-General and Minister of Justice, gave the commendation after signing the official legal agreement that brought the dispute to an end in Abuja, FCT.

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Mr. Bayo Onanuga, Special Adviser to the President on Information and Strategy, who disclosed this development Sunday, March 8, 2026, noted Prince Fagbemi said: “The agreement marks a turning point for Nigeria’s oil and gas sector after more than two decades of legal battles and international arbitration.”

The Federal Government reached this settlement with Eni and Nigerian Agip Exploration Limited (NAEL), effectively ending the protracted dispute over OPL 245.

Fagbemi emphasised that resolving the dispute over OPL 245 would recalibrate the national economy and bolster the Federal Government’s fiscal position.

The statement noted the Minister recalled that early in the life of the current administration, President Tinubu had directed that all disputes over the oil block be resolved amicably in the best interests of the Nigerian people.

He stated: “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.”

The Attorney-General explained that the settlement, which would culminate in a Consent Arbitral Award, not only resolves a complex international dispute but also restores Nigeria’s credibility as a responsible partner in global business.

Fagbemi highlighted several strategic economic benefits expected from the resolution, including the removal of legal and fiscal uncertainties that previously hindered the development of the oil block.

The Minister said: “This development will pave the way for large-scale investments, stimulate job creation, and reinforce Nigeria’s position as a leading energy producer in Africa.”

According to him, projected revenues from the asset could be included in Nigeria’s Medium Term Fiscal Framework, thereby supporting budget stability, long-term economic planning, and debt sustainability.

Fagbemi further explained that resolving the dispute through negotiated settlement rather than prolonged arbitration underscored Nigeria’s commitment to alternative dispute resolution.

The strategy as well enhances the West African country’s credibility in international commercial and arbitration circles.

He averred: “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.”

The Attorney-General of the Federation also commended key institutions and stakeholders that contributed to the successful resolution, including the Ministry of Petroleum Resources, the Nigerian Upstream Petroleum Regulatory Commission, Nigerian National Petroleum Company Limited, the Economic and Financial Crimes Commission, and international partners, such as Eni and Shell.

He emphasised that the settlement represents the triumph of dialogue over conflict and national interest over narrow considerations.

Fagbemi declared: “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.”

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