Nigeria Resolves Over Two Decades of Dispute Over OPL 245; Attorney-General Hails President Tinubu’s Leadership
Abuja, March 10, 2026
The longstanding dispute over OPL 245 has finally been resolved, a development that the Attorney-General of the Federation and Minister of Justice, Lateef Fagbemi, says will strengthen Nigeria’s fiscal capacity and reposition the national economy.
A statement by Bayo Onanuga, Special Adviser to the President on Information and Strategy, noted that Fagbemi described the settlement as a major milestone in Nigeria’s economic landscape, achieved after the signing of a legal agreement in Abuja.
“The agreement marks a turning point for Nigeria’s oil and gas sector after more than two decades of legal battles and international arbitration,” Fagbemi said.
The federal government reached the settlement with Eni and Nigerian Agip Exploration Limited (NAEL), bringing an end to the protracted dispute over the oil block.
Fagbemi highlighted that the resolution of OPL 245 will remove legal and fiscal uncertainties that had previously hindered development of the asset. It will also recalibrate the national economy, bolster the federal government’s fiscal position, and create opportunities for large-scale investment and job creation.
According to the Attorney-General, President Bola Ahmed Tinubu’s visionary leadership and early directive to resolve all disputes over the oil block amicably provided the political will necessary to achieve the settlement.
“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,” Fagbemi stated.
He 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 global business partner. The resolution will allow projected revenues from the asset to be included in the country’s medium-term fiscal framework, supporting budget stability, long-term economic planning, and debt sustainability.
Fagbemi further emphasised that resolving the dispute through negotiation 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 Attorney-General commended key institutions and stakeholders involved in the successful resolution, including the Ministry of Petroleum Resources, Nigerian Upstream Petroleum Regulatory Commission, Nigerian National Petroleum Company Limited, the Economic and Financial Crimes Commission, and international partners such as Eni and Shell.
Fagbemi concluded 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,” he stated.