The Attorney General of the Federation and Minister of Justice, Lateef Fagbemi, is disputing claims by former Vice President Atiku Abubakar regarding the status of the OPL 245 oil block dispute, insisting that key issues surrounding the matter have been resolved.
The disagreement follows Atiku Abubakar’s assertion that disputes linked to OPL 245 remain unsettled, citing ongoing legal processes and a pre-action notice by Malabu Oil and Gas Limited as evidence that the case is still active.
According to Mediaplusng.com, the Federal Government maintains that the long-standing dispute has been substantially addressed through legal, administrative, and international processes spanning several years.
Atiku raises concerns over due process, warning that excluding major stakeholders from the resolution framework could undermine transparency and fairness in the handling of the oil block.
The former Vice President also references ongoing proceedings before the Supreme Court and the Federal High Court, suggesting that the matter remains subject to judicial determination.
However, Fagbemi questions the basis of these claims, urging Nigerians to disregard what he describes as a misrepresentation of the current legal and administrative status of the OPL 245 dispute.
According to Mediaplusng.com, the Attorney General describes the resolution of the dispute as a significant milestone, emphasizing that it reflects nearly three decades of legal, political, and commercial engagement.
Fagbemi traces the history of OPL 245, noting that the oil block was originally awarded to Malabu Oil and Gas Limited in 1998, revoked in 2001, and subsequently reassigned in 2002, leading to prolonged litigation and controversy.
He explains that efforts to resolve the dispute culminate in a 2011 agreement involving the Federal Government, Malabu, and international oil companies, under which compensation arrangements are made and ownership interests are restructured.
The Attorney General adds that the transactions undergo scrutiny in multiple jurisdictions, including the United States, the United Kingdom, and Italy, with legal proceedings concluding without findings of wrongdoing against the companies involved.
Addressing arbitration concerns, Fagbemi clarifies that proceedings initiated at the International Centre for Settlement of Investment Disputes focus on treaty obligations and not ownership disputes related to Malabu.
He notes that Nigeria faces potential financial exposure exceeding two billion dollars in the arbitration process, making resolution efforts critical to protecting national economic interests.
The Attorney General further explains that individuals currently claiming interests in Malabu are not parties to the arbitration and lack legal standing in the proceedings.
Fagbemi describes OPL 245 as one of Nigeria’s most commercially viable offshore oil assets, located about 150 kilometres offshore, with the potential to significantly boost national oil production.
He states that the oil block is projected to contribute approximately 150,000 barrels per day to Nigeria’s output, supported by advanced offshore production systems and gas export infrastructure linked to Nigeria LNG.
The Attorney General also references a recent Court of Appeal judgment which dismisses challenges to the allocation of the oil block, reinforcing the legal position of the current arrangement.
Fagbemi argues that continued opposition to the resolution raises concerns about underlying motives, suggesting that such criticisms may not align with national interest or economic progress.
He maintains that the government’s approach is aimed at unlocking value, ensuring legal clarity, and attracting investment into Nigeria’s oil and gas sector.
The Attorney General concludes by urging Nigerians to support efforts to resolve legacy disputes in the energy sector, noting that stability and clarity are essential for economic growth and investor confidence.
The ongoing exchange between both parties continues to draw attention to the complexities of oil sector governance, legal processes, and the balance between political accountability and economic strategy in Nigeria.
Observers continue to monitor developments.
