The Attorney-General of the Federation and Minister of Justice, Lateef Fagbemi (SAN), has dismissed recent claims by the Atiku Abubakar Media Office regarding the resolution of the long-running OPL 245 dispute, describing them as misleading.

In a statement issued on March 25, 2026, Fagbemi said the settlement of the dispute represents a landmark achievement by the current administration, bringing closure to a protracted legal and commercial issue spanning nearly three decades.

He explained that OPL 245 was originally awarded to Malabu Oil & Gas Limited in 1998, revoked in 2001, and later allocated to Shell Nigeria Ultra-Deep Limited in 2002, leading to extensive litigation and public controversy.

According to the Attorney-General, the disputes were addressed through a 2011 Resolution Agreement involving the Federal Government, Malabu, Shell entities, and Nigerian Agip Exploration, under which Malabu relinquished its claims while the block was reallocated to Shell and its partners.

Fagbemi noted that subsequent legal challenges in multiple jurisdictions, including the United States, United Kingdom, and Italy, did not establish any wrongdoing in the transaction.

He added that arbitration proceedings initiated in 2020 by Eni and Nigerian Agip Exploration at the International Centre for Settlement of Investment Disputes (ICSID) exposed Nigeria to potential liabilities exceeding $2 billion due to delays in converting the oil block into an Oil Mining Lease.

The Attorney-General clarified that the arbitration focused strictly on Nigeria’s treaty obligations and did not involve disputes over ownership of Malabu.

He emphasised that the Tinubu administration’s intervention has resolved these issues, avoided significant financial exposure, and paved the way for the development of the asset.

Fagbemi described OPL 245 as one of Nigeria’s most commercially viable offshore assets, projected to contribute about 150,000 barrels per day to national production capacity, alongside significant gas export potential.

He also cited a recent Court of Appeal judgment affirming the allocation of the oil block, which dismissed Malabu’s claims as statute-barred and an abuse of court process.

The Attorney-General warned that continued opposition to the resolution suggests vested interests, rather than genuine concern for national development.

He urged Nigerians to disregard attempts to undermine the agreement, stressing that the resolution would enhance investor confidence, boost government revenue, and strengthen energy security. (Arisenews TV)

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