By Yinka Giwa
The Presidency has said the Federal Government’s decision to finally resolve the long-running dispute over the oil block OPL 245 has restored Nigeria’s credibility as a responsible and reliable partner in global business.
A press statement by the President’s Special Adviser on Information and Strategy, Bayo Onanuga, yesterday quoted the Attorney-General of the Federation and Minister of Justice, Lateef Fagbemi, as describing the settlement as a landmark step that will reposition Nigeria’s economy and strengthen investor confidence in the country’s oil and gas sector.
According to Onanuga, Fagbemi spoke in Abuja after the signing of a legal agreement between the Federal Government and international energy companies Eni and Nigerian Agip Exploration Limited (NAEL), formally bringing an end to the decades-long dispute over the oil block.
The Attorney-General said the breakthrough reflects the political will and leadership of President Bola Tinubu, who directed early in his administration that the dispute be resolved amicably in the best interests of the Nigerian people.
“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.
He explained that the settlement, expected to culminate in a Consent Arbitral Award, not only resolves a complex international legal dispute but also sends a strong signal that Nigeria respects the rule of law and remains committed to transparency and contractual obligations.
According to the Attorney-General, the resolution removes longstanding legal and fiscal uncertainties that had stalled the development of the oil block for years.
“This development will pave the way for large-scale investments, stimulate job creation, and reinforce Nigeria’s position as a leading energy producer in Africa,” he said.
Fagbemi added that projected revenues from the asset can now be incorporated into Nigeria’s medium-term fiscal framework, supporting budget stability, long-term economic planning, and debt sustainability.
He also stressed that resolving the dispute through negotiation rather than prolonged arbitration underscores Nigeria’s commitment to alternative dispute resolution and strengthens the country’s reputation 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 several institutions and stakeholders that contributed to the resolution, including the Ministry of Petroleum Resources, the Nigerian Upstream Petroleum Regulatory Commission, the Nigerian National Petroleum Company Limited, the Economic and Financial Crimes Commission, and international partners such as Eni and Shell.
He said the agreement represents the triumph of dialogue over prolonged conflict and positions Nigeria to unlock the economic potential of the oil block for the benefit of future generations.
Meanwhile, former Attorney-General of the Federation, Mohammed Bello Adoke, SAN, on Friday welcomed the Federal Government’s decision to finally implement the OPL 245 resolution agreements, saying the move validates the efforts made during the administration of former President Goodluck Jonathan to settle the dispute.
Adoke, who oversaw the negotiations during his tenure as justice minister, said the resolution demonstrates that the current administration recognises the strategic importance of the oil block and the need to unlock its value for the national economy.
He also commended President Tinubu for bringing closure to a dispute that had lingered for more than a decade.
However, the former minister said the development also exposes what he described as the unjust actions of the administration of former President Muhammadu Buhari, which he accused of criminalising and scandalising the earlier settlement efforts.
Adoke argued that the prolonged controversy surrounding OPL 245 stemmed largely from the unilateral revocation of the oil block by former President Olusegun Obasanjo in 2002, a move he said triggered years of litigation and stalled development of the asset.
The former justice minister lamented that despite working in what he believed was the national interest, he endured nearly a decade of prosecution, reputational damage, and personal hardship both in Nigeria and abroad.
“It is most unfortunate that I was subjected to humiliation and defamation at home and abroad for the patriotic role I played as Attorney-General of the Federation and Minister of Justice in resolving the dispute to get this vital national asset working,” he said.
Adoke insisted that the ordeal he faced for almost nine years warrants an apology from the Federal Government.
“I strongly believe that I deserve an unreserved apology from the Federal Government for the persecution and humiliation I was subjected to for nine years and the scar I still bear in my body simply because I advised the Goodluck Jonathan administration to do the right thing on the oil block,” he said.
Despite the experience, he said he has chosen to forgive those he believes were involved in damaging his reputation.
“I forgive all those who connived to smear my name across the world. I take it as part of the burden of service to my fatherland. I remain steadfast and unshaken in my belief in Nigeria,” Adoke had said.