Nigeria’s legal battle against JP Morgan Chase has been lost following the bank’s alleged role in the transfer of millions of dollars to a former oil minister who was convicted of corruption.
Nigeria contended that the transactions put the American bank in a breach of its Quincecare responsibilities, which obliges it to disregard a customer’s directive if they might facilitate fraud against a client.
No case against JP Morgan But a London High Court judge said JP Morgan committed no breach in a ruling published on Tuesday, June 14, 2022.
According to Nairametrics, Nigeria argued in a trial that lasted six weeks that the US-based investment bank acted negligently when it transferred $875 million in payments from government accounts to Dan Etete, an ex-minister of petroleum resources, convicted of money laundering between 2011 and 2013.
The case examined the scope of the bank’s duty of care to its customers and if it should have stalled payments irrespective of assurances from government officials.
Nigeria is demanding about $1.7 billion in damages including interest due to the bank’s alleged ignorance of obvious dangers including evidence of fraud and apparent warnings from its compliance officers when it gave a go-ahead for the payments.
Dan Etete transfered $875 million from Nigeria’s account Along with the damages, Nigeria is also asking for the forfeiture of cash sent to Etete’s company, Malibu Oil and Gas, out of which $875 million was paid in three tranches in 2011 and 2013, including interest, making the total over $1.7 billion.
The oilfield licence, OPL245 was given to a company owned by Etete by Sani Abacha, a military dictator in 1998. Successive Nigerian administrations have fought Etete’s rights to the field for many years until an agreement was achieved in 2011 to end the deadlock by selling the field to Shell and Eni.
Huge win for EFCC: property, over $228k, N120m linked to ex-Air Force chief finally forfeited to FG However, Legit.ng reported that a property and cash, over $228,000 and N120.5 million, linked to a retired Air Force Chief, Air Vice Marshal Saliu Atwodi and his wife, Winnie, have been forfeited to the federal government.
The Economic and Financial Crimes Commission (EFCC) said in a statement that Justice Emeka Anwuli Chikere of a Federal High Court Sitting in Abuja ordered the final forfeiture on Wednesday, March 16.
Edujandon.com gathers that the property measuring about 57933.69 square metres, controlled by Vector Integrated Services Limited, Bre is located at No 3004 Cadastral Zone E05, Aviation Village District Abuja. The monies include $228,428.16 USD and N120, 546,042.02.
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