The Attorney-General of the Federation and Minister of Justice, Lateef Fagbemi (SAN), has defended the Federal Government’s resolution of the long-standing dispute over OPL 245, describing it as a landmark achievement while accusing critics of pursuing selfish interests rather than national good.
In a press statement issued on March 25, 2026, the Attorney-General said comments attributed to the media office of former Vice-President Atiku Abubakar misrepresented the facts surrounding the settlement. He noted that the dispute over OPL 245, which dates back to 1998, had involved multiple allocations, revocations, and years of litigation both locally and internationally before its eventual resolution.
Fagbemi explained that the 2011 Resolution Agreement between the Federal Government, Malabu Oil & Gas, Shell Nigeria Ultra-Deep Limited (now Shell Nigeria Exploration and Production Company Limited), and Nigerian Agip Exploration (NAE)/Eni entities settled ownership claims and paved the way for the conversion of the oil block into an Oil Mining Lease. He added that subsequent legal proceedings in jurisdictions including the United States, United Kingdom, and Italy did not establish wrongdoing against the companies involved or the transaction.
The Attorney-General further disclosed that Nigeria faced potential liabilities exceeding $2 billion following arbitration proceedings initiated at the International Centre for Settlement of Investment Disputes by Eni and its affiliates, citing delays in converting the block. He emphasized that the arbitration focused strictly on treaty obligations and not on ownership disputes related to Malabu.
Highlighting the economic importance of OPL 245, located offshore and considered one of Nigeria’s most valuable hydrocarbon assets, Fagbemi said the resolution would unlock significant benefits. He projected that the oil block could contribute up to 150,000 barrels per day to national production and support gas exports linked to Nigeria LNG, boosting government revenue and investor confidence.
He also referenced a recent Court of Appeal ruling in Nigerian Agip Exploration Limited v. Malabu Oil & Gas Ltd (2025), which dismissed Malabu’s claims as statute-barred and an abuse of court process, reinforcing the legality of the current arrangement.
Fagbemi warned that continued opposition to the resolution, despite legal and commercial clarity, suggests motives driven by undisclosed personal interests. He urged Nigerians to disregard such criticisms, describing them as attempts to undermine a strategic national achievement.
According to him, the Tinubu administration’s intervention has finally transformed OPL 245 from a symbol of stalled potential into a viable asset capable of delivering economic growth and energy security for the country.