The Attorney-General of the Federation (AGF) and Minister of Justice, Lateef Fagbemi, has officially announced that the successful resolution of the long-standing dispute over Oil Prospecting License (OPL) 245 is set to significantly reposition Nigeria’s economy. This landmark statement followed the signing of a crucial legal agreement in Abuja, which effectively brings an end to over two decades of complex legal battles and international arbitration surrounding the prolific oil block.

The settlement was reached between the Nigerian Federal Government and major international energy companies, Eni and Nigerian Agip Exploration Limited. AGF Fagbemi highlighted that this agreement marks a pivotal moment for Nigeria's vital oil and gas sector, concluding years of disputes that had hindered the full development of the asset.

According to the AGF, President Bola Tinubu demonstrated clear vision and deep commitment early in his administration by directing that all disputes related to the OPL 245 oil block be resolved through constructive dialogue. This presidential directive provided the necessary political will to achieve a definitive closure to the protracted dispute. Fagbemi emphasized that the agreement underscores Nigeria's unwavering commitment to principles of transparency, accountability, and the rule of law on the international stage.

The Minister further elaborated on the far-reaching benefits of this resolution, stating that it will lead to a consent arbitral award, thereby terminating all international disputes concerning the oil block. Crucially, this development eliminates the various legal and fiscal impediments that had previously stalled the development and maximization of OPL 245. Fagbemi asserted that this positive step will undoubtedly pave the way for substantial large-scale investments, stimulate crucial job creation across the nation, and significantly reinforce Nigeria's esteemed position as a leading energy producer within the African continent.

Economically, the resolution means that expected revenues generated from the OPL 245 asset can now be confidently incorporated into the country’s medium-term fiscal framework, providing robust support for national budget planning. The AGF also stressed the strong message this settlement sends to the global investment community: that Nigeria is genuinely "open for business" and deeply committed to fairness and upholding contractual obligations.

Fagbemi extended his gratitude to the various institutions and partners whose collaborative efforts were instrumental in resolving the dispute. These include the Ministry of Petroleum Resources, the Nigerian Upstream Petroleum Regulatory Commission (NUPRC), the Nigerian National Petroleum Company Limited (NNPC Limited), and the Economic and Financial Crimes Commission (EFCC). He also acknowledged the vital contributions of international partners such as Eni and Shell plc.

Concluding his remarks, AGF Fagbemi expressed optimism that with this comprehensive agreement now in place, Nigeria can confidently move forward, ensuring that the development of OPL 245 transforms into a significant and sustained source of prosperity for the entire nation.