Tinubu’s Leadership Ends Two-Decade OPL 245 Dispute, Boosts Nigeria’s Economic Outlook – AGF Fagbemi

Nigeria has recorded a major breakthrough in its oil and gas sector following the resolution of the long-running dispute over Oil Prospecting Licence (OPL) 245, with the Attorney-General of the Federation and Minister of Justice, Prince Lateef Fagbemi (SAN), describing the development as a landmark step toward strengthening the nation’s economy.
Fagbemi said the resolution, achieved under the leadership of President Bola Ahmed Tinubu, will significantly reposition Nigeria’s fiscal outlook and restore confidence in the country’s investment environment.
Speaking after the signing of the legal agreement that formally brought the dispute to an end in Abuja, the Attorney-General described the settlement as a turning point for Nigeria after more than two decades of legal battles and international arbitration involving the lucrative oil block.
The Federal Government reached the settlement with Eni and Nigerian Agip Exploration Limited (NAEL), effectively closing one of the most complex and prolonged disputes in Nigeria’s petroleum industry.

According to Fagbemi, President Tinubu had early in his administration directed that all lingering disputes surrounding OPL 245 be resolved amicably in the best interest of Nigerians.
He said the President’s decisive leadership and political will were instrumental in bringing the matter to a successful conclusion.
“The clear vision and deep commitment of President Bola Ahmed Tinubu provided the political will required to bring closure to this protracted dispute,” Fagbemi said. “The agreement demonstrates Nigeria’s commitment to transparency, accountability and the rule of law.”
The Attorney-General noted that the settlement, which will culminate in a Consent Arbitral Award, not only resolves a complex international legal dispute but also restores Nigeria’s credibility as a responsible partner in global business and investment.
He explained that the resolution removes the legal and fiscal uncertainties that had long stalled the development of the oil block, paving the way for fresh investments and economic growth.
According to him, the development is expected to unlock large-scale investments, stimulate job creation and reinforce Nigeria’s standing as a leading energy producer in Africa.
Fagbemi further disclosed that projected revenues from the asset can now be incorporated into the country’s medium-term fiscal framework, strengthening budget stability, long-term economic planning and debt sustainability.
He added that the decision to resolve the dispute through negotiation rather than prolonged arbitration reflects Nigeria’s growing commitment to alternative dispute resolution mechanisms 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,” the Attorney-General stated.
Fagbemi also commended several institutions and stakeholders whose efforts made the resolution possible. These include the Ministry of Petroleum Resources, the Nigerian Upstream Petroleum Regulatory Commission, the Nigerian National Petroleum Company Limited, and the Economic and Financial Crimes Commission.
He equally acknowledged the cooperation of international partners, including Eni and Shell, whose engagement helped bring the dispute to a peaceful conclusion.
Describing the agreement as a triumph of dialogue over conflict, Fagbemi said the settlement places Nigeria on a stronger economic footing while safeguarding national interests.
“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 for generations yet unborn,” he said.
The OPL 245 dispute had for years drawn global attention and legal scrutiny, making its resolution a significant moment for Nigeria’s oil and gas sector and a signal of renewed stability in the country’s investment climate.