Henry Okah was believed to be a spokesman for the Movement for the Emancipation of the Niger Delta (Mend) before he was arrested in September 2007. He is facing charges of treason.
Okah’s lawyer Femi Falana confirmed his client’s decision on Thursday. "He is worried about his deteriorating state of health in detention and he wants to be released soonest," he said.
Attacks in the southern Niger Delta region have seriously cut Nigeria's oil output, which on 25 June led Yar’Adua to offer an unconditional pardon for armed groups who lay down their weapons before 4 October.
Presidential spokesman Olusegun Adeniyi said Yar’Adua, who is currently in L’Aquila, Italy for the G8 summit, "feels elated" by Okah's acceptance of the amnesty offer.
Given his health problems, Mend said they supported Okah’s decision to accept any deal that would secure his early release.
The militants have been fighting for an increased share of the significant oil wealth in the Niger Delta. Hundreds of workers have been kidnapped and oil facilities are in the area regularly attacked.
The violence has cut output by more than 30 per cent over the past three and a half years in the world’s eighth largest crude oil exporter.
The state-run Nigerian National Petroleum Corporation says monthly oil revenue this year has dropped to around $1 billion (719 million euros) from an average of $2.2 billion (1.6 billion euros) in 2008.
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