OPL 245 settlement will strengthen Nigeria’s economy — Fagbemi

Attorney-General of the Federation, Lateef Fagbemi, announced that the settlement of the long-running dispute over Oil Prospecting Licence (OPL) 245 will significantly strengthen Nigeria’s economy and fiscal capacity. The agreement, reached between the Federal Government and Eni and Nigerian Agip Exploration Limited (NAEL), concludes over two decades of legal battles and international arbitration. Fagbemi praised President Bola Ahmed Tinubu’s leadership and political will in resolving the dispute, emphasizing his directive to resolve all related issues amicably to protect national interests.

The settlement demonstrates Nigeria’s commitment to transparency, accountability, and the rule of law, restoring the country’s credibility as a reliable partner in global business. It will eliminate legal and fiscal uncertainties, paving the way for large-scale investments, job creation, and reinforcing Nigeria’s position as a leading energy producer in Africa. Projected revenues from the oil asset will be incorporated into Nigeria’s fiscal framework, improving budget stability and long-term economic planning.

Fagbemi highlighted the importance of alternative dispute resolution, stating that the settlement signals to the global community that Nigeria is open for business and committed to fairness. He also commended the contributions of various institutions and stakeholders, including the Ministry of Petroleum Resources, NUPRC, NNPC Ltd., EFCC, Eni, and Shell, describing the agreement as a triumph of dialogue and national interest.

(Source：The Nation Newspaper)