Nigeria AG Defends OPL 245 Settlement Against Atiku Critique

Nigeria's Attorney General and Minister of Justice, Lateef Fagbemi, has defended the federal government's recent resolution of the decades-long dispute over the OPL 245 oil block, dismissing criticisms from former Vice President Atiku Abubakar as misleading and motivated by self-interest. The clash, which erupted this week, centers on whether the agreement truly settles claims involving the lucrative offshore asset, located about 150 kilometers from the coastline.

Fagbemi, in a statement issued Wednesday, described the settlement as a landmark achievement under President Bola Tinubu's administration, aimed at unlocking the block's potential after nearly three decades of litigation. The oil prospecting license was originally awarded to Malabu Oil and Gas Limited in April 1998, revoked in July 2001, and reallocated to Shell Nigeria Ultra-Deep Limited, now succeeded by Shell Nigeria Exploration and Production Company Limited (SNEPCo), in May 2002. These actions sparked extensive legal battles and public scrutiny.

A key development came in 2011 with a resolution agreement among the federal government, Malabu, SNEPCo, and Nigerian Agip Exploration (an Eni entity). Under the deal,...