AGF Lateef Fagbemi Declares OPL 245 Dispute Over — Nigerians Ask if the Oil Has Been Waiting Patiently for 20 Years

Lateef Fagbemi, the Attorney-General of the Federation, has declared that the resolution of the long-running dispute over the oil block OPL 245 will significantly reposition Nigeria’s economy and strengthen the country’s fiscal capacity. He made the statement in Abuja shortly after the signing of a legal agreement that officially ended the protracted international legal battle surrounding the lucrative oil asset.

According to the Attorney-General, the settlement represents a major turning point for Nigeria, bringing closure to more than two decades of complex legal disputes and arbitration proceedings that had clouded the development of the oil block. He emphasized that resolving the matter would unlock new economic opportunities and improve investor confidence in Nigeria’s energy sector.
Lateef Fagbemi noted that the agreement between the Federal Government and global energy companies marks the end of years of litigation that had previously slowed down progress in the sector. With the dispute now settled, he said Nigeria can focus on maximizing the economic potential of the oil block while strengthening its position in the global energy market.

Tinubu’s Leadership Credited for Ending Two-Decade Legal Battle

Speaking on the breakthrough, Lateef Fagbemi praised the leadership of Bola Ahmed Tinubu, stating that the President’s clear vision and political will played a crucial role in bringing the long-standing dispute to an end. According to him, decisive action from the administration made it possible to resolve an issue that had remained unresolved for more than twenty years.

The Attorney-General explained that the agreement signed between the Federal Government, Eni, and Nigerian Agip Exploration Limited formally concludes the complex legal conflict over ownership and rights related to the oil block. The dispute had previously attracted global attention and involved several court cases and international arbitration proceedings.

Lateef Fagbemi emphasized that the successful resolution demonstrates Nigeria’s commitment to dialogue, legal clarity, and constructive engagement with international investors. He added that the settlement signals a new era of cooperation between Nigeria and global energy partners.

Economic Opportunities and Investment Prospects Expected

According to Lateef Fagbemi, the conclusion of the OPL 245 dispute removes major legal uncertainties that had discouraged investment in the project for years. With the dispute now resolved, the government believes that the oil block can finally attract large-scale investment capable of stimulating economic growth.

He explained that the development could lead to significant job creation, expanded oil production, and increased revenue for the government. These outcomes, he said, would contribute positively to Nigeria’s broader economic agenda and strengthen fiscal planning in the coming years.

Fagbemi further noted that projected revenues from OPL 245 could support debt sustainability, improve government finances, and enhance long-term economic stability. By restoring Nigeria’s credibility in the global business environment, the settlement is expected to encourage more international investors to explore opportunities within the country’s energy sector.