Nigeria’s Attorney-General and Minister of Justice, Lateef Fagbemi, says the resolution of the long-running dispute over the OPL 245 oil block will strengthen Nigeria’s economy and restore investor confidence.
Fagbemi made the remarks after the Federal Government signed a legal agreement in Abuja ending the dispute involving Eni and Nigerian Agip Exploration Limited.
The Attorney-General praised Bola Ahmed Tinubu for providing the political will that led to the settlement.
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According to him, the agreement ends more than two decades of legal battles and international arbitration surrounding the oil block.
He said the resolution will remove uncertainties that previously stalled the development of OPL 245.
Fagbemi noted that resolving the dispute will attract investment, create jobs and strengthen Nigeria’s fiscal outlook.
He added that revenues from the oil asset can now be included in the country’s medium-term fiscal framework.
According to the Attorney-General, the settlement also signals Nigeria’s commitment to transparency, accountability and the rule of law.
The Attorney-General said the agreement demonstrates Nigeria’s readiness to resolve disputes through dialogue rather than prolonged litigation.
He also commended institutions involved in the process, including the Nigerian National Petroleum Company Limited and the Economic and Financial Crimes Commission.
Fagbemi said the settlement positions Nigeria as a credible partner in international business and energy development.
