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JP Morgan wins $1.7 billion UK trial against Nigeria

JP Morgan Chase Bank has defeated the Nigerian government over the transfer of proceeds from the sale of OPL 245 in 2011.

Recall that the Federal government in a $1.7 billion court battle 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.

The Nigerian government’s claim was refuted by the bank, who insisted that all due processes were followed and money laundering checks were done.

The bank further argued that allegations of fraud only came up after a new government took over in Nigeria.

Nigeria argued that there were enough “red flags” for JP Morgan to have halted the transfers.

However, the presiding judge, Sara Cockerill, ruled today June 14 that the Federal government failed to prove that it was defrauded.

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