Lateef Fagbemi, the attorney-general of the federation and minister of justice, says resolving the dispute over oil prospecting licence (OPL) 245 will reposition Nigeria’s economy and strengthen the country’s fiscal muscle.
According to a statement on Sunday by Bayo Onanuga, special adviser to the president on information and strategy, Fagbemi spoke after the signing of the legal agreement that brought the dispute to an end in Abuja.
On March 5, the presidency announced the successful conclusion of a settlement agreement between the federal government, Eni, and Nigerian Agip Exploration Limited (NAEL).
The attorney-general said President Bola Tinubu’s visionary leadership enabled the breakthrough.
He also described the development as a milestone in repositioning Nigeria’s economic landscape.
“The agreement marks a turning point for Nigeria’s oil and gas sector after more than two decades of legal battles and international arbitration,” he said.
The minister said resolving the dispute will recalibrate the national economy and bolster the federal government’s fiscal position.
According to Fagbemi, the president had early in his administration, directed that all disputes over the oil block be resolved amicably in the best interests of Nigerians.
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,” he said.
The minister said 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 partner in global business.
A consent arbitral award is a final, binding decision issued by an arbitrator that formally records a settlement agreement reached between parties during arbitration.
