Nigeria loses $1.7B claim against JP Morgan Chase – P.M. News

Share this post
Ex-minister of petroleum, Dan Etete
14th June, 2022
Nigeria has lost its $1.7 billion claim against JP Morgan Chase over the latter’s role in a disputed 2011 oilfield deal, also known as Malabu oil scandal.
The civil case in London, which was heard earlier this year, relates to the purchase by Shell and Eni of the offshore OPL 245 oilfield in Nigeria.
Nigeria had alleged JP Morgan was “grossly negligent” in its decision to transfer funds paid by the energy majors into an escrow account to a company closely associated with the country’s former oil minister Dan Etete, as per instructions the bank received from authorised government officials.

(adsbygoogle = window.adsbygoogle || []).push({});

According to Nigeria, the transactions put JP Morgan in breach of its Quincecare duty, which obliges banks to disregard a customer’s instructions if following those instructions might actually facilitate a fraud against that customer.
But a London High Court judge said no such breach took place.

Related News

The ruling was published today.
“This judgment reflects our commitment to acting with high professional standards in every country we operate in, and how we are prepared to robustly defend our actions and reputation when they are called into question,” a spokesman for the bank said in an emailed statement.

(adsbygoogle = window.adsbygoogle || []).push({});

The damages sought include cash sent to Etete’s company Malabu Oil and Gas, around $875 million paid in three instalments in 2011 and 2013, plus interest, taking the total to over $1.7 billion.
Nigerian military ruler Sani Abacha had awarded the offshore oilfield licence, OPL 245, to a company Etete owned in 1998.
Subsequent Nigerian administrations challenged Etete’s rights to the field over many years until a deal to resolve the impasse via a sale to Shell and Eni was struck in 2011.

#EkitiDecides: We expect credible, peaceful election – Residents
JAMB begins delivery of medical equipment to 12 health facilities
#EkitiDecides: Ad-hoc staff struggle to find names, postings on INEC’s list
Terrorism: Osinbajo seeks more collaboration between Nigeria, U.S.
Introduced in August 1994 to satisfy a yearning for a fresh, breezy and entertaining afternoon paper in Lagos and its environs, P.M.News is positioned as a paper for everyone.
Email: [email protected]

source

Leave a Comment

Your email address will not be published.