Otamere Gladness 
ABUJA, Nigeria – Nigeria reaches a landmark settlement in the long-running dispute over Oil Prospecting Licence (OPL) 245, ending more than two decades of legal battles and international arbitration.
The agreement between the Federal Government and energy firms Eni and Nigerian Agip Exploration Limited is signed in Abuja, according to a State House statement issued Sunday.
Attorney-General of the Federation Lateef Fagbemi says the deal marks a turning point for Nigeria’s oil sector and could strengthen the country’s economic outlook.
“The agreement marks a turning point for Nigeria’s oil and gas sector after more than two decades of legal battles and arbitration,” Fagbemi says.
He credits President Bola Ahmed Tinubu for providing the political will to close the dispute.
“The clear vision and deep commitment of President Tinubu provided the political will required to bring closure to this protracted dispute,” he says.
The settlement will lead to a Consent Arbitral Award, removing legal uncertainties surrounding the offshore oil block.
Officials say the resolution could unlock fresh investment, generate employment and reinforce Nigeria’s position as a leading energy producer in Africa.
Fagbemi adds that expected revenues from the oil asset can now be incorporated into Nigeria’s medium-term fiscal framework, supporting budget stability and long-term economic planning.
Government officials say the agreement also signals Nigeria’s commitment to transparency, accountability and a stable investment environment for international partners.
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Korede Abdullah 
