The Attorney-General of the Federation and Minister of Justice, Lateef Fagbemi, says the resolution of the long-standing dispute over Oil Prospecting Licence (OPL) 245 will strengthen Nigeria’s economy and enhance the federal government’s fiscal position.
Fagbemi spoke following the signing of a settlement agreement in Abuja that ended the dispute between the federal government, Eni, and Nigerian Agip Exploration Limited (NAEL). The agreement was announced on March 5 and concludes more than two decades of legal battles and international arbitration over the oil block.
“The settlement marks a turning point for Nigeria’s oil and gas sector,” Fagbemi said, adding that it will recalibrate the national economy, remove fiscal uncertainties, and pave the way for large-scale investment and job creation. He also noted that projected revenues from OPL 245 can now be incorporated into the country’s medium-term fiscal planning, supporting budget stability and long-term economic growth.
Fagbemi emphasized that the resolution, which will culminate in a binding consent arbitral award, demonstrates Nigeria’s commitment to transparency, accountability, and respect for the rule of law. The agreement also signals to global investors that Nigeria is open for business and values fairness in contractual obligations.
The minister commended the efforts of key stakeholders, including the Ministry of Petroleum Resources, the Nigerian Upstream Petroleum Regulatory Commission, NNPC Limited, the Economic and Financial Crimes Commission (EFCC), and international partners such as Eni and Shell, for their roles in achieving the settlement.
He described the resolution as a triumph of dialogue over conflict and a move that prioritizes national interest, saying the development of OPL 245 will now become a source of prosperity for Nigeria and future generations.
The GCEO of NNPC, Bayo Ojulari, noted that the settlement will facilitate the Zabazaba–Etan project, unlocking production of 150,000 barrels per day.
