BREAKING: Tinubu resolves OPL 245 dispute, ending Nigeria’s longest-running oil block battle

Africa, Business, Europe-Asia, International, Politics

Abuja, Nigeria — March 8, 2026 — President Bola Ahmed Tinubu has brought closure to Nigeria’s longest-running and most controversial oil block ownership dispute, announcing a landmark settlement over Oil Prospecting Licence (OPL) 245 with ENI and Nigerian Agip Exploration Limited (NAEL).

In a statement issued Sunday by Bayo Onanuga, Special Adviser to the President on Information and Strategy, the resolution was described as a turning point that will reposition Nigeria’s economy and strengthen its fiscal capacity.

Attorney-General and Minister of Justice, Lateef Fagbemi, praised President Tinubu’s leadership, calling the agreement “a milestone in repositioning Nigeria’s economic landscape.”

“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. “The clear vision and deep commitment of President Tinubu provided the political will required to bring closure to this protracted dispute. The agreement demonstrates Nigeria’s commitment to transparency, accountability, and the rule of law.”

According to the Attorney-General, the settlement will culminate in a Consent Arbitral Award, resolving a complex international dispute and restoring Nigeria’s credibility as a responsible global business partner.

Fagbemi emphasized that the deal will pave the way for large-scale investments, stimulate job creation, and reinforce Nigeria’s position as a leading energy producer in Africa. He noted that projected revenues from OPL 245 can now be factored into Nigeria’s medium-term fiscal framework, supporting budget stability, long-term planning, and debt sustainability.

He further highlighted that resolving the matter through negotiation rather than prolonged arbitration underscores Nigeria’s commitment to alternative dispute resolution and enhances its standing 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,” Fagbemi said, commending the Ministry of Petroleum Resources, the Nigerian Upstream Petroleum Regulatory Commission, Nigerian National Petroleum Company Limited, the Economic and Financial Crimes Commission, and international partners including ENI and Shell for their roles in achieving the resolution.

“With this agreement, Nigeria can now move forward with confidence, ensuring that the development of OPL 245 becomes a source of prosperity for the nation and future generations,” he added.

Background on OPL 245

OPL 245 is a deepwater oil block located offshore Nigeria, widely regarded as one of the country’s most valuable reserves. It was originally awarded in 1998 to Malabu Oil and Gas, a company linked to former Petroleum Minister Dan Etete.

Over the years, disputes over ownership, licensing rights, and allegations of bribery involving multinational oil companies ENI (Italy) and Shell (UK/Netherlands) led to decades of litigation in Nigeria and abroad. Former officials, including ex-Attorney General Mohammed Adoke, faced prosecution but maintained their actions were lawful. Adoke recently demanded an apology from the government, claiming he was persecuted despite efforts to resolve the matter.

The prolonged controversy stalled development of the block, preventing Nigeria from exploiting its estimated billions of barrels of crude oil.