Attorney-General of the Federation and Minister of Justice, Lateef Fagbemi, don talk say the settlement of the long-running dispute over OPL 245 go help reposition Nigeria economy and strengthen government finances.
For statement wey presidential spokesman, Bayo Onanuga, release on Sunday, Fagbemi say the breakthrough happen because of the leadership and political will of Bola Tinubu.
The attorney-general talk shortly after the federal government sign legal agreement for Abuja to end the long legal dispute over the strategic offshore oil block, OPL 245.
The Federal Government reach settlement with Eni and Nigerian Agip Exploration Limited (NAEL), bringing to an end many years of court cases and international arbitration over the oil asset.
Fagbemi describe the agreement as turning point for Nigeria oil and gas sector after more than two decades of legal battles.
According to am, the resolution go help stabilise the country economy and improve the fiscal strength of the federal government.
He explain say early in the administration, President Tinubu instruct say all disputes around the oil block must be resolved peacefully in the best interest of Nigerians.
“The clear vision and commitment of President Tinubu provide the political will wey make it possible to finally end this long dispute,” Fagbemi talk.
He add say the agreement show Nigeria commitment to transparency, accountability and respect for the rule of law.
Fagbemi also explain say the settlement, wey go lead to Consent Arbitral Award, no only resolve complicated international dispute but also restore Nigeria reputation as responsible partner in global business.
According to the attorney-general, the agreement go open door for large-scale investments, create jobs and strengthen Nigeria position as one of the major energy producers in Africa.
He say the settlement also remove the legal and financial uncertainties wey previously delay development of the oil block.
Fagbemi add say projected revenue from OPL 245 fit now be included in Nigeria medium-term fiscal planning to support budget stability, long-term economic planning and debt sustainability.
He also highlight say resolving the issue through negotiation instead of prolonged arbitration show Nigeria commitment to alternative dispute resolution and boost the country credibility in international business environment.
“This settlement send strong signal to the global community say Nigeria ready for business and committed to fairness and respect for agreements,” Fagbemi talk.
The attorney-general also commend institutions wey contribute to the resolution, including the Ministry of Petroleum Resources, Nigerian Upstream Petroleum Regulatory Commission (NUPRC), Nigerian National Petroleum Company Limited (NNPC Ltd), Economic and Financial Crimes Commission (EFCC), as well as international partners like Eni and Shell.
Fagbemi conclude say the agreement show the power of dialogue over conflict and put Nigeria national interest first.
