The Attorney-General of the Federation and Minister of Justice, Lateef Fagbemi, SAN, has said that resolving the longstanding dispute over OPL 245 will reposition the economy and strengthen the country’s fiscal muscle.
Fagbemi praised President Bola Tinubu’s visionary
leadership, which enabled the breakthrough.
The AGF, who spoke after the signing of the legal agreement
that brought the dispute to an end in Abuja, described the development as a
milestone in repositioning Nigeria’s economic landscape.
“The agreement marks a turning point for Nigeria’s oil and
gas sector after more than two decades of legal battles and international
arbitration,” he said.
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
will recalibrate the national economy and bolster the federal government’s
fiscal position.
According to him, early in the administration, President
Tinubu directed that all disputes over the oil block be resolved amicably in
the best interests of the Nigerian people.
“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 AGF explained 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 responsible partner in global
business.
He further 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.
“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,” he said.
Fagbemi also noted that projected revenues from the asset
could now be included in the country’s medium-term fiscal framework, thereby
supporting budget stability, long-term economic planning, and debt
sustainability.
He added that resolving the dispute through negotiated
settlement rather than prolonged arbitration underscores Nigeria’s commitment
to alternative dispute resolution and enhances the country’s credibility 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 AGF 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.
“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,” Fagbemi stated.
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