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Nigeria: Nigeria Loses U.S.$1.7 Billion Oil Suit Against JP Morgan
Premium Times, 14 June 2022
Judge Sara Cockerill ruled Tuesday that the Nigerian government could not show that it had been defrauded in the case. Read more »
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Nigeria: Nigeria Loses $1.7bn Court Case Against JP Morgan
Daily Trust, 15 June 2022
Nigeria has lost a $1.7 billion London court case against JP Morgan Chase & Co for the bank's role in the transfer of millions of dollars to a former oil minister convicted for… Read more »
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Nigeria: UK Judge Rules No Evidence of Fraud in Govt's $1.7bn Case Against JP Morgan
This Day, 15 June 2022
A London High Court yesterday affirmed that there was no evidence of fraud against an American Bank, JPMorgan, in a case of $1.7 billion brought before it by the federal… Read more »
Nigeria Loses U.S.$1.7 Billion Oil Suit Against JP Morgan
Nigeria has lost its court battle against JP Morgan Chase Bank over its role in the transfers of hundreds of millions of dollars to former oil minister Dan Etete, accused of corruption.
In the suit, Nigeria was claiming more than U.S.$1.7 billion for the bank's role in the controversial deal.
In 2011, Shell and Eni paid U.S.$1.3 billion to the Nigerian government for the acquisition of an oil block prospecting licence. However, it was alleged that about U.S.$1.1 billion of that amount ended up in the account of Malabo Oil and Gas, which was owned by Etete. It is alleged that the funds were used to pay political bribes.
JP Morgan in a statement said that the judgment reflects its commitment to acting with high professional standards in every country in which it operates.
The London case dates back to 1998 when Nigerian military ruler Sani Abacha awarded the offshore oilfield licence, OPL 245, to a company that Etete owned.
Shell and Eni have however consistently denied being aware that the money would be used for bribes, but a report alleged that senior Shell executives were informed.
InFocus
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A London high court began hearings on February 23, 2022, of a lawsuit filed by the Nigerian government against U.S. bank JP Morgan Chase in the controversial Malabu oil scandal. In the suit, Nigeria is claiming more than U.S.$1.7 billion for the bank's role in the controversial deal.
In 2011, Shell and Eni, paid U.S.$1.3 billion to the Nigerian government for the acquisition of an oil block prospecting licence. However, it was alleged that about U.S.$1.1 billion of that amount ended
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An U.S.$875 million Nigerian government lawsuit against U.S. bank JP Morgan is clear to move forward after a London-based appeals court rejected the bank's bid to have the case dismissed. The bank had asked the court to quash the Nigerian government's case, arguing that it had no prospect of success. Nigeria is accusing the company of negligence in transferring funds from a disputed 2011 oil field deal to a company controlled by the country's former oil minister, Dan Etete.
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