Lagos, Nigeria — March 2026 — Aluko & Oyebode, in collaboration with Three Crowns LLP, advised Eni on a landmark settlement with the Federal Republic of Nigeria, bringing to a close one of the most significant disputes in Nigeria’s oil and gas sector.
The firm co-represented Eni International BV, Eni Holdings BV, and Nigerian Agip Exploration Limited (“Eni”) as claimants in ICSID arbitration brought under the Netherlands-Nigeria Bilateral Investment Treaty. At the heart of the dispute was Eni’s interests in Oil Prospecting Licence 245 (OPL 245), a prized deep offshore asset with which is one of Nigeria’s largest deepwater reserves with reserves in excess of 500MMbbl.
The resolution of the longstanding dispute unlocks significant economic benefits for Nigeria. Attorney-General and Minister of Justice Lateef Fagbemi SAN called it “a turning point for Nigeria’s oil and gas sector after more than two decades of legal battles.”
Babatunde Fagbohunlu SAN, Head of the Dispute Resolution Practice and lead Aluko & Oyebode partner on the matter, said: “ We are proud to have helped deliver a resolution that serves the long-term interests of all parties and of Nigeria.”
The Firm’s team was led by Babatunde Fagbohunlu SAN, Head of the Dispute Resolution Practice; Joke Aliu, Co-Managing Partner; Oghogho Makinde, Head of the Energy, Natural Resources and Infrastructure Practice; and Inyene Robert, Partner. They were supported by Chizaram Mbah, Senior Associate; Gboyega Oyewole, Senior Associate; and Ife Omotola, Senior Associate.
