Facebook Twitter Instagram Pinterest YouTube Tumblr LinkedIn RSS
    • About
    • Advertise
    • Contribute
    • Donate
    • Forum
    • Contact
    Login
    InfoStride NewsInfoStride News
    • Home
    • Business
    • Celebrity
    • Crime
    • Nigeria
    • Politics
    • Sports
    • Technology
    • More
      • COVID-19
      • Editor’s Picks
      • Health
      • Opinions
      • Press Releases
      • World
    Subscribe
    InfoStride NewsInfoStride News
    Home»Business Matters»Nigeria’s $1.7 billion suit: Why London court ruled in favour of JP Morgan

    Nigeria’s $1.7 billion suit: Why London court ruled in favour of JP Morgan

    Business Matters By Temitope N.Jun 16, 2022No Comments2 Mins Read
    Facebook Twitter WhatsApp Pinterest LinkedIn Tumblr Email Reddit VKontakte

    A London high court on Tuesday ruled in favour of JPMorgan Chase & Co. in a $1.7billion suit over its role in the disputed 2011 Malabo oil deal.

    JPMorgan Chase Co
    JPMorgan Chase Co

    Nigeria alleges that JP Morgan was “grossly negligent” in its decision to transfer funds paid by oil giants Shell and Eni into an escrow account controlled by a former Nigerian oil minister, Dan Etete.

    The court held that there was not sufficient evidence to prove that the Nigerian government was defrauded in the oil deal.

    In 2017, Nigeria had instituted a legal action against American banking and financial service group, JP Morgan Chase, claiming over $1.7 billion in damages over its role in the disputed 2011 Malabo oil deal.

    See also  Nokia Normandy Specifications Leaked; Would Microsoft Actually Release It?

    The suit was in relation to the $1.3 billion acquisition of an oil block prospecting licence OPL 245 by oil majors, Shell and Eni, which has also been at the centre of ongoing legal battle in Milan and the UK.

    The Federal Government accused JP Morgan of gross negligence in its decision to transfer funds paid by Shell and Eni into an escrow account to a company controlled by Nigeria’s former Minister for Petroleum, Dan Etete, instead of paying into government account and without conducting sufficient due diligence.

    Delivering judgement, the presiding judge, Sara Cockerill held that the Nigerian government couldn’t show that it had been defrauded.

    See also  InfiNet Wireless Connects Nigeria To The Technology Generation

    She said that “it may be that with the benefit of hindsight, JP Morgan would have done things differently”

    The court declared that “none of these things individually or collectively amount to triggering and then breaching” the bank’s duty of care to its client.

    She noted that by the time of the 2013 payments, the bank was “on notice of a risk” of fraud. There was a risk but it was, on the evidence, no more than a possibility based on a slim foundation.”

    She held that there was no proof that Nigeria was defrauded in the said deal and consequently, ruled in favour of JP Morgan.

    Support InfoStride News' Credible Journalism: Only credible journalism can guarantee a fair, accountable and transparent society, including democracy and government. It involves a lot of efforts and money. We need your support. Click here to Donate

    Jpmorgan JPMorgan Chase Co
    Share. Facebook Twitter WhatsApp Pinterest Reddit Tumblr VKontakte Email LinkedIn

    Related Posts

    Five Ways To Analyze The Forex Market

    Dec 22, 2022

    Why FG is investigating Mikano, Jubali Brothers, JMG over generator importation

    Dec 15, 2022

    Food Inflation: Average price of tomato rises 30% in one year – NBS

    Oct 28, 2022

    Governors warn that CBN’s proposed loan recovery from FAAC revenue is “suicidal”

    Oct 22, 2022
    Add A Comment

    Leave A Reply Cancel Reply

    Get Social with Us
    • Facebook
    • Twitter 6.5K
    • Pinterest 93
    • Instagram
    • YouTube
    Latest Posts

    It’s Painful To See How Easily Violence Is Provoked Nowadays – Pope Francis

    Feb 8, 2023

    Arsenal Failed To Beat Monaco To Mbappe’s Signature – Gilles Grimandi

    Feb 8, 2023

    My Husband Forced Me To Laugh At His Dry Jokes Before Travelling – Mercy Aigbe

    Feb 8, 2023

    Declan Rice Will Be Worth Every Penny Wherever He Ends Up – Mark Noble

    Feb 8, 2023

    Subscribe to Updates

    Get the latest breaking news straight into your inbox!

    Random News

    Road Crashes In Nigeria Was Reduced By 33% During Christmas Period – FRSC

    Dec 29, 2015

    Nigeria Police Force Arrests 2 Suspected Kidnappers in Ogun State

    Oct 16, 2020

    IZEA Launches IZEA.TV Partnership With Northwest Broadcasting

    Jan 6, 2014

    Olamide’s Street OT album #1 on ITunes world chart

    Nov 17, 2014

    InfoStride News delivers the latest breaking news, Nigeria news, world news and top stories on business, celebrity, entertainment, politics, sports, technology and more. Experience the best of in-depth coverage, special reports, football highlights, political opinions, crime watch, celebrity gossips etc.

    GooglePlay Store Button

    Support InfoStride News' Credible Journalism

    Credible journalism involves a lot of efforts and money; and can guarantee a fair, accountable and transparent society, including democracy and government. We need your support to continue offering free access to our loyal readers and visitors like you.

    Click here to Donate

    Facebook Twitter Instagram Pinterest YouTube Tumblr LinkedIn RSS
    • Our Terms
    © 2023 InfoStride News. All Rights Reserved.

    Type above and press Enter to search. Press Esc to cancel.

    Sign In or Register

    Welcome Back!

    Login to your account below.

    Continue with Facebook
    Continue with Google
    Continue with Twitter
    Lost password?