The Federal Government has retaliated against Atiku Abubakar, a prominent member of the African Democratic Congress (ADC) and former vice president of Nigeria, as well as other opponents of the recent OPL 245 dispute resolution, characterizing those who oppose the agreement as “selfish” rather than patriotic.
The government explicitly addressed recent “misrepresentations” attributed to the Atiku Abubakar Media Office over the oil block in a sharply worded statement issued by the Attorney-General of the Federation (AGF) and Minister of Justice, Lateef Fagbemi, SAN.
A Decades-Long Impasse
The AGF stated that since its initial award to Malabu Oil & Gas Ltd. in 1998, the OPL 245 dispute has lasted for almost thirty years. The block remained underdeveloped despite years of revocations, reallocations to Shell (SNEPCo) and Eni (Agip), and international legal disputes in the US, Italy, and the UK.
In order to advance the project, Fagbemi stressed that the current administration, led by President Bola Tinubu, had finally mediated a historic settlement.
Preventing a $2 Billion Debt
Nigeria could be liable for more than $2 billion in damages at the International Centre for Settlement of Investment Disputes (ICSID), the Minister disclosed. Eni and Agip started the arbitration, claiming that Nigeria had violated international investment treaties by delaying the conversion of the OPL into an Oil Mining Lease (OML).
The AGF explained, “The arbitration was not concerned with ownership of Malabu.” “It was solely concerned with whether Nigeria had improperly postponed converting OPL 245 into an OML.”
Economic Repercussions
The resolution is anticipated to bring significant benefits to the Nigerian economy, such as:
an extra 150,000 barrels per day to the country’s oil output.
a massive floating production system for Nigerian LNG that includes gas export components.
improved energy security and more government revenue.
Finality of Law
Fagbemi cited a 2025 Court of Appeal decision (Nigerian Agip Exploration Limited v. Malabu Oil & Gas Ltd) that rejected objections to the block’s distribution, calling such legal tactics a “abuse of court process.”
The Decision
The AGF came to the conclusion that critics’ insistence implies they are motivated by “undisclosed and self-serving interests,” even in the face of obvious legal and commercial advantages.
The statement said, “Those promoting such narratives seek to deny over 200 million Nigerians the economic benefits of a critical national asset.” “On the altar of covert agendas, the national interest cannot be sacrificed.”
Hon. Dr. Philip “Okanga” Agbese, a transformative leader in Enone. Discover his achievements, community projects, and vision for 2027
