Business
OPL 245: Nigeria loses $1.7bn claim against JP Morgan
Nigeria has lost its $1.7 billion claim against JP Morgan Chase Bank over the transfer of proceeds from the sale of OPL 245 in 2011.
In the judgement delivered on Tuesday, the Business and Property Courts of England and Wales Commercial Court said there was no proof that Nigeria was defrauded in the deal.
The federal government had sued JP Morgan on the ground of “Quincecare duty”, alleging that the bank “ought to have known” that there was corruption and fraud in the transaction which saw Malabu sell its 100 per cent in OPL 245 to Shell and Eni for $1.1 billion.
Nigeria argued that there were enough “red flags” for JP Morgan to have halted the transfers.
However, the bank rejected Nigeria’s claims, maintaining that all due processes were followed and money laundering checks were done, arguing that allegations of fraud only came up after a new government took over in Nigeria.
In the judgement, Sara Cockerill ruled that the Nigerian government could not prove that it been defrauded, saying it may be that with the benefit of hindsight, “JPMorgan would have done things differently” but declared that “none of these things individually or collectively amount to triggering and then breaching” the bank’s duty of care to its client.
More to follow…
-
Latest2 days agoPastor Chris Oyakhilome announces mother’s passing at 88 [VIDEO]
-
Football5 days agoSaka: England still carry World Cup scar
-
Comments and Issues7 days agoSometimes, goodwill finds us through the people we love
-
Latest3 days agoArsenal eye €70-80m move for Real Madrid star
-
Business6 days agoCBN reduces MPR by 350bps to 23% in major monetary policy shift
-
Latest2 days agoHow adulterated palm oil, coloured pepper are putting consumers at risk
-
Crime3 days agoPolice arrest suspect, launch manhunt for 2 others over Delta Education Director’s death
-
Crime2 days agoDeaths in NSCDC Custody: Can Nigeria guarantee the safety of detainees?