Nigeria has lost its $1.7 billion claim against JP Morgan.
Newsone reports that 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.
This online news platform understands that the Business and Property Courts of England and Wales Commercial Court In the judgment delivered on Tuesday, June 14, 2022, said there was no proof that Nigeria was defrauded in the deal.
Newsone Nigeria recalls that the Federal Government of Nigeria 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 percent 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, but 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.
Sara Cockerill In the judgment, ruled that the Nigerian government could not prove that it had 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.