The Attorney-General of the Federation and Minister of Justice, Lateef Olasunkanmi Fagbemi, has defended the Federal Government’s resolution of the long-standing dispute over the OPL 245 oil block, describing it as a landmark achievement while accusing critics of pursuing selfish interests.

In a press release issued on Wednesday, Fagbemi dismissed claims by the media office of former Vice-President Atiku Abubakar, saying their position misrepresented the facts surrounding the settlement.

He said the resolution ends a dispute spanning nearly three decades and positions Nigeria to unlock significant economic benefits from the oil block, located about 150 kilometres offshore.

According to the Attorney-General, 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 prolonged litigation and public hearings.

He explained that the disputes were addressed through a 2011 Resolution Agreement involving the Federal Government, Malabu, Shell Nigeria Ultra-Deep Limited—now Shell Nigeria Exploration and Production Company Limited (SNEPCo)—and Nigerian Agip Exploration (NAE)/Eni entities. Under the agreement, Malabu relinquished its claims in exchange for compensation, while the oil block was reallocated to SNEPCo and NAE.

Fagbemi noted that subsequent legal proceedings in multiple jurisdictions, including the United States, United Kingdom, and Italy, did not establish wrongdoing against the companies involved or the transaction.

He added that following delays by the Federal Government in converting the oil prospecting licence into an oil mining lease, Eni and its Nigerian affiliate initiated arbitration proceedings against Nigeria at the International Centre for Settlement of Investment Disputes (ICSID), citing a breach of treaty obligations.

The government, he said, faced potential liabilities exceeding $2 billion before the dispute was resolved.

Fagbemi clarified that the arbitration focused strictly on Nigeria’s obligations under international investment agreements and did not involve ownership disputes related to Malabu.

He further stated that OPL 245 is projected to contribute about 150,000 barrels per day to Nigeria’s oil production and will be developed through a large-scale floating production system with gas export components linked to Nigeria LNG.

He described the resolution, achieved under President Bola Ahmed Tinubu, as a major step toward boosting government revenue, enhancing energy security, and restoring investor confidence.

Citing a recent Court of Appeal judgment in Nigerian Agip Exploration Limited v. Malabu Oil & Gas Ltd (2025), Fagbemi said the court dismissed Malabu’s challenge to the allocation of the oil block, ruling it statute-barred and an abuse of court process.

The Attorney-General, however, criticised ongoing opposition to the settlement, stating that such criticisms are not driven by patriotism but by undisclosed personal interests.

He urged Nigerians to reject attempts to undermine what he described as a lawful and strategic resolution capable of delivering long-term economic benefits to the country.