OPL 245 Settlement To Boost Nigeria’s Economy, Revenue — Fagbemi

Attorney-General of the Federation, Lateef Fagbemi, stated that President Bola Tinubu’s decision to resolve the long-standing dispute over OPL 245 demonstrates his leadership and will positively impact Nigeria’s economy and fiscal strength. The settlement with Eni and Nigerian Agip Exploration Limited (NAEL) ends over two decades of legal battles and international arbitration. Fagbemi emphasized that resolving the dispute will recalibrate the national economy and improve the government’s financial position, allowing projected revenues to be included in the medium-term fiscal framework.

This agreement removes 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. The settlement, formalized through a Consent Arbitral Award, also restores Nigeria’s credibility as a responsible partner in global business.

Fagbemi lauded the collaborative efforts of key institutions, including the Ministry of Petroleum Resources and the Nigerian National Petroleum Company Limited, as well as international partners like Eni and Shell. He concluded that the resolution signifies a triumph of dialogue and national interest, positioning Nigeria for prosperity through the development of OPL 245.

(Source：Independentng)