US EditionNigeria: What Resolution of 30-Year OPL 245 Dispute Means for Nigeria
The settlement ends over 20 years of legal battles and will allow projected revenues from OPL 245 to be included in Nigeria’s medium-term fiscal framework, officials said.
- On March 5, the presidency announced a settlement between the federal government, Eni, and Nigerian Agip Exploration Limited that ended the OPL 245 dispute.
- Driven by presidential political will, negotiations were prioritized, and President Bola Tinubu directed early in his administration that disputes over the oil block be resolved amicably, ending more than two decades of litigation.
- Removing legal uncertainty will allow projected revenues from OPL 245 to be included in the medium‑term fiscal framework, supporting budget stability and enabling investments for investors and jobseekers in Nigeria.
- The settlement restores Nigeria’s credibility in global business, with Fagbemi commending the Ministry of Petroleum Resources, NUPRC, NNPC Ltd., EFCC, Eni, and Shell.
- Resolving the dispute positions Nigeria to strengthen the Federal Government’s fiscal capacity and reposition Nigeria’s economy, while the settlement will be recorded as a Consent Arbitral Award.
14 Articles
14 Articles
Nigeria: What Resolution of 30-Year OPL 245 Dispute Means for Nigeria
The federal government has said the resolution of the long-running dispute over OPL 245 marks a significant turning point for Nigeria's economy, the oil and gas sector, and the country's reputation in the global investment community.
OPL 245 Deal To Strengthen Economy, Fiscal Planning — Fagbemi
The Attorney-General of the Federation and Minister of Justice, Lateef Fagbemi, said resolving the dispute over Oil Prospecting Licence (OPL) 245 will reposition Nigeria’s economy and strengthen the country’s fiscal capacity. According to a statement issued 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…
Resolution of OPL 245 dispute will lead to economic boom - AGF Fagbemi
THE Attorney-General of the Federation, AGF, and Minister of Justice, Lateef Fagbemi, SAN, has said that resolving the longstanding dispute over OPL 245 will reposition the economy and strengthen the country's fiscal muscle.
OPL 245: Resolution of dispute will reposition Nigeria’s economy - AGF Lateef Fagbemi
The Attorney-General of the Federation and Minister of Justice, Lateef Fagbemi, SAN, has said that resolving the longstanding dispute over OPL 245 will reposition the economy and strengthen the country’s fiscal muscle. Fagbemi praised President Bola Tinubu’s visionary leadership, which enabled the breakthrough. The AGF, who spoke after the signing of the legal agreement that brought the dispute to an end in Abuja, described the development as a …
Justice Minister Asserts OPL 245 Settlement Will Reposition Nigeria’s Economy
Justice Minister Asserts OPL 245 Settlement Will Reposition Nigeria’s Economy The Attorney-General of the Federation and Minister of Justice, Lateef Fagbemi, has said that resolving the longstanding dispute over OPL 245 will reposition the economy and strengthen the country’s fiscal muscle. He praised President Bola Tinubu’s visionary leadership, which enabled the breakthrough. The Attorney-General and Minister of Justice, who spoke after the si…
OPL 245 Settlement Will Reposition Nigeria’s Economy - AGF Fagbemi - Voice of Nigeria Broadcasting Service
The Attorney-General of the Federation and Minister of Justice, Lateef Fagbemi, says the resolution of the long-standing dispute over Oil Prospecting Licence (OPL) 245 will significantly reposition Nigeria’s economy and strengthen the country’s fiscal capacity. Fagbemi, who spoke in Abuja after the signing of the legal agreement concluding the dispute, described the development as a major milestone for Nigeria’s oil and gas sector. The AGF added…
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