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Fagbemi Slams Atiku Over OPL 245 Dispute, Says Tinubu Deserves Credit.
The Attorney General of the Federation and Minister of Justice, Lateef Fagbemi (SAN), has disputed former Vice President Atiku Abubakar’s claim that disputes surrounding the OPL 245 oil block remain unresolved.....KINDLY READ THE FULL STORY HERE▶
In a statement on Wednesday, Fagbemi questioned Atiku’s motives and urged Nigerians to disregard attempts to misrepresent the facts regarding the resolution of the matter.
Fagbemi explained that the OPL 245 block, originally awarded to Malabu Oil & Gas Ltd in April 1998, was revoked in July 2001 and subsequently allocated to Shell Nigeria Ultra-Deep Limited (SNUD) in May 2002, sparking extensive litigation and National Assembly hearings.
He highlighted that the disputes were addressed through the 2011 Resolution Agreement involving the Federal Government, Malabu, SNUD (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 Federal Government reallocated OPL 245 to SNUD and NAE as joint license holders.
Fagbemi noted that the transactions were scrutinized in multiple criminal and civil proceedings across the United States, United Kingdom, and Italy, with no wrongdoing established against Eni, SNEPCo, or the overall transaction.
He further stated that arbitration proceedings were later initiated at the International Centre for Settlement of Investment Disputes (ICSID) due to delays in converting OPL 245 into an Oil Mining Lease (OML). The arbitration, which commenced in 2020, focused solely on whether Nigeria breached its treaty obligations, not on ownership disputes within Malabu.
Fagbemi emphasized that the current administration, under President Bola Ahmed Tinubu, has decisively resolved the long-standing issues, safeguarding Nigeria from potential liabilities exceeding $2 billion and unlocking OPL 245’s commercial potential. The block is projected to contribute approximately 150,000 barrels per day to national production, with significant economic and social benefits including increased revenue, enhanced energy security, and renewed investor confidence.
He cited the 2025 Court of Appeal ruling in Nigerian Agip Exploration Limited v. Malabu Oil & Gas Ltd, which dismissed Malabu’s challenge as statute-barred and an abuse of court process, underscoring the legal validity of the resolution.
Fagbemi concluded that opposition to the resolution appears driven by self-interest rather than national concern, and warned Nigerians to view such claims critically, noting that the strategic resolution protects national interests and unlocks substantial value for the country.
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Plateau Killings: Mutfwang Meets Former Governors, Stakeholders Over Insecurity.
Governor Caleb Mutfwang of Plateau State has convened a high-level security meeting with former governors and key stakeholders in a renewed effort to address the ongoing wave of violence in the state.....KINDLY READ THE FULL STORY HERE▶
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Brig-Gen Braimah’s Last Conversation With His Twin Brother Before Attack Emerge.
The late Brigadier General Oseni Braimah was reportedly on a phone call with his twin brother moments before he was killed during a terrorist attack on the 29 Task Force Brigade Headquarters in Benisheikh, Borno State.....KINDLY READ THE FULL STORY HERE▶
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