The Attorney-General of the Federation and Minister of Justice, Lateef Fagbemi, SAN, has slammed former Vice-President Atiku Abubakar over his criticism of the resolution of disputes surrounding the OPL 245 oil block, insisting that the deal saved Nigeria from a potential liability exceeding $2 billion.
In a statement issued on Wednesday, Fagbemi accused the Atiku Abubakar Media Office of circulating misrepresentations and pursuing a hidden agenda aimed at frustrating a lawful and strategic resolution that stands to unlock immense value for the Nigerian people.
The AGF described the resolution as a landmark achievement of the administration of President Bola Tinubu, noting that it brought to a close a protracted dispute spanning nearly three decades.
“Those advancing such narratives must be understood for what they represent—an attempt to frustrate a lawful and strategic resolution that stands to unlock immense value for the Nigerian people,” Fagbemi said. “Their posture is not only misleading but ultimately inimical to the collective interest, as it seeks to deny over 200 million Nigerians the economic and developmental benefits of a critical national asset.”
Fagbemi explained that following the conclusion of multiple criminal and civil proceedings across the United States, the United Kingdom, and Italy—none of which established any wrongdoing against Eni, SNEPCo, or the transaction—the Federal Government faced a separate arbitration proceeding at the International Centre for Settlement of Investment Disputes (ICSID).
He disclosed that Eni entities and Nigerian Agip Exploration Limited had initiated the arbitration, contending that the Federal Government’s delay in converting OPL 245 into an Oil Mining Lease (OML) constituted a breach of Nigeria’s obligations under the Nigeria–Netherlands Bilateral Investment Treaty.
“As a result, Nigeria faced a potential liability exceeding US$2 billion in damages and associated costs,” the AGF stated.
He emphasized that the arbitration was strictly concerned with whether Nigeria had wrongfully delayed or refused the conversion of OPL 245 into an OML, and not with questions of ownership of Malabu Oil & Gas Ltd or internal disputes within the company.
The Attorney-General highlighted the immense economic potential of the asset, noting that OPL 245, located in deep offshore waters approximately 150 kilometres from Nigeria’s coastline, has long been regarded as one of the country’s most commercially promising hydrocarbon assets.
He stated that the resolution would pave the way for the asset to be fully developed and brought into production, projecting that OPL 245 would contribute approximately 150,000 barrels per day to Nigeria’s oil production capacity.
“For decades, OPL 245 symbolized unrealized national potential. The present resolution, achieved under the leadership of President Bola Tinubu, transforms it into a viable and bankable development opportunity capable of delivering substantial economic and social benefits, including increased government revenue, enhanced energy security, and renewed investor confidence,” Fagbemi added.
Fagbemi also pointed to a recent Court of Appeal judgment to underscore the legal validity of the resolution. He cited Nigerian Agip Exploration Limited v. Malabu Oil & Gas Ltd (2025) 15 NWLR (Pt 2009) 551, in which the Court of Appeal dismissed Malabu’s challenge to the allocation of OPL 245 to Shell Nigeria Exploration and Production Company Limited, holding that the action was statute-barred and constituted an abuse of court process.
The AGF urged Nigerians to view interventions from the former Vice-President’s camp with caution, describing the ongoing opposition as revealing and deeply concerning.
“The persistence of these criticisms, despite clear legal, commercial, and national interest considerations, strongly suggests that they are driven not by patriotism or objective reasoning, but by undisclosed and self-serving interests,” he said.
“Nigerians should, therefore, view such interventions with the caution they deserve and reject efforts aimed at derailing progress for narrow personal or political gain. The national interest must not be sacrificed on the altar of a hidden agenda.”
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