According to Lateef Fagbemi, the Attorney-General of the Federation and Minister of Justice, settling the protracted conflict over OPL 245 will reorient the economy and bolster the nation’s budgetary power. He commended President Bola Tinubu for his visionary leadership, which made the breakthrough possible.
Speaking following the signing of the deal that ended the conflict in Abuja, the Attorney-General and Minister of Justice characterized the development as a turning point in Nigeria’s economic transformation.
“After more than two decades of legal battles and international arbitration, the agreement marks a turning point for Nigeria’s oil and gas sector,” he stated.
The long-running conflict over OPL 245 was essentially resolved when the federal government agreed this settlement with Eni and Nigerian Agip Exploration Limited (NAEL).
Fagbemi emphasized that settling the OPL 245 conflict will improve the federal government’s fiscal condition and rebalance the country’s economy.
He claims that early in the government, President Tinubu ordered that all disagreements regarding the oil block be settled peacefully and in the Nigerian people’s best interests.
“The political will necessary to resolve this long-running conflict was provided by President Tinubu’s clear vision and strong commitment. Nigeria’s dedication to openness, responsibility, and the rule of law is demonstrated by the agreement.
According to the Attorney-General, the settlement, which will result in a Consent Arbitral Award, not only settles a complicated international issue but also rebuilds Nigeria’s reputation as a trustworthy corporate partner.
He went on to emphasize a number of strategic economic advantages anticipated from the resolution, such as the elimination of financial and legal ambiguities that have previously impeded the oil block’s development.
“This development will encourage job creation, open the door for large-scale investments, and strengthen Nigeria’s position as Africa’s top energy producer,” he stated.
Additionally, according to Fagbemi, the asset’s anticipated income may now be incorporated into the nation’s medium-term fiscal framework, supporting debt sustainability, long-term economic planning, and budget stability.
He continued by saying that settling the conflict through negotiated settlement as opposed to drawn-out arbitration highlights Nigeria’s dedication to alternative dispute resolution and boosts the nation’s reputation in international arbitration and business circles.
He declared, “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 Ministry of Petroleum Resources, the Nigerian Upstream Petroleum Regulatory Commission, the Nigerian National Petroleum Company Limited, the Economic and Financial Crimes Commission, and foreign partners like Eni and Shell were among the important organizations and stakeholders that the Attorney-General praised for their contributions to the successful resolution.
He emphasized that the deal signifies the victory of communication over confrontation and national interest over special interests.
“Nigeria can now proceed with confidence, ensuring that the development of OPL 245 becomes a source of prosperity for the nation and future generations,” Fagbemi said.
