Tinubu finally settles Nigeria’s largest untapped oil block dispute after 15 years

President Bola Tinubu has finally settled the protracted dispute over Oil Prospecting License 245 in the Niger Delta after 15 years.

In a statement on Thursday, the Nigerian government announced that Italian energy giant Eni and its subsidiary Nigerian Agip Exploration Limited, NAEL, signed a settlement agreement in Abuja.

The agreement was reached after a meeting between Eni’s Chief Executive Officer, Claudio Descalzi; Managing Director of NAEL, Fabrizio Bolondi; and Tinubu’s Special Adviser on Energy, Olu Arowolo-Verheijen.

Commenting, Tinubu said, “This resolution sends a clear signal to global investors that Nigeria is prepared to address legacy issues transparently, uphold the rule of law, and create a stable environment for long-term capital.”

Arowolo-Verheijen emphasized that the terms improve upon a 2011 agreement, offering better value for Nigeria while providing investors with predictability. “The revised terms strike a balanced outcome… ensuring stronger value accretion and safeguards for the Federation,” she said.

More details coming…