The Attorney-General of the Federation and Minister of Justice, Lateef Fagbemi, says the resolution of the long-standing dispute surrounding Oil Prospecting Licence (OPL) 245 will significantly reposition Nigeria’s economy and strengthen investor confidence in the country’s oil and gas sector.
Fagbemi also commended President Bola Ahmed Tinubu for demonstrating decisive leadership in ensuring the amicable settlement of the dispute, which had lingered for years and attracted international attention.
The AGF stated this in Abuja while addressing journalists on the outcome of negotiations that led to the settlement involving key stakeholders in the controversial oil block.
He explained that the resolution marked a turning point in Nigeria’s efforts to address legacy disputes in the petroleum industry and restore credibility in the management of the nation’s natural resources.
According to him, the successful settlement underscores the administration’s commitment to strengthening the rule of law, promoting transparency, and creating a stable investment climate in the oil and gas sector.
“The resolution of the OPL 245 dispute represents a major milestone for Nigeria. It signals the government’s readiness to resolve long-standing disputes through lawful and constructive engagement,” Fagbemi said.
He noted that the dispute over the oil block, which had spanned several administrations and triggered multiple legal battles across jurisdictions, had previously posed reputational and financial risks to Nigeria.
The minister said the settlement would enable the country to refocus on economic growth, attract fresh investment into the petroleum sector, and improve revenue generation.
Fagbemi also stressed that the Federal Government remained committed to protecting Nigeria’s national interest while ensuring fairness and adherence to due process in the management of strategic assets.
He further noted that resolving such disputes was critical to unlocking the full potential of Nigeria’s oil and gas resources and advancing the broader economic reform agenda of the Tinubu administration.
The attorney-general urged stakeholders in the energy sector to support government efforts aimed at improving governance, accountability and investment inflow in the industry.
The OPL 245 oil block, one of Nigeria’s most valuable offshore assets, has been the subject of prolonged legal and diplomatic disputes involving international oil companies and Nigerian authorities.
Analysts say the resolution of the dispute could open new opportunities for exploration and production activities, thereby boosting Nigeria’s crude oil output and government revenue.
Observers also note that the development aligns with ongoing reforms in the petroleum sector aimed at improving regulatory certainty and attracting foreign direct investment.
The Federal Government expressed optimism that the settlement would contribute to long-term stability in the sector and reinforce Nigeria’s position as a key player in the global energy market.
