The federal government envisions attracting up to $10 billion in investments if the ongoing negotiations successfully resolve the 28-year dispute over the contentious Malabu deal involving Oil Prospecting Licence (245) in the Niger Delta. In response to online allegations of improprieties in the talks, the government categorizes the report as a “compendium of lies.” The report claimed that President Bola Tinubu was driven by personal enrichment, alleging an arrangement facilitated by his associate Gilbert Chagoury. Minister of State, Petroleum Resources, Senator Heineken Lokpobiri, refutes the misleading report, emphasizing that no deal has been finalized.
Lokpobiri acknowledges the government’s exhaustive consideration of options, highlighting the lack of progress in litigations worldwide over 28 years, where Nigeria consistently faced defeat. Resolving issues related to OPL 245, he contends, could attract $10 billion in investments, transforming Nigeria’s oil industry. Expressing frustration over the 28-year deadlock, Lokpobiri underscores the difficulty in obtaining a favorable judgment without detecting criminal liability in the cases. He cites previous attempts by Presidents Olusegun Obasanjo, Umar Yar’Adua, and Goodluck Jonathan to resolve the matter, all resulting in losses despite substantial legal expenses.
The minister stresses the urgency of extracting oil from the soil, noting the challenges of attracting investments to the oil sector beyond 2025 if not addressed promptly. President Bola Tinubu’s directive to resolve the OPL 245 issues signals a commitment to the cause. Lokpobiri details meetings held in the Netherlands, UK, Milan, and other locations to address the pending matter. He clarifies that as of now, no agreement has been signed by the parties, contradicting the report’s claims of a signed agreement followed by a meeting in Paris with the president.
