{"id":196164,"date":"2022-06-14T13:33:25","date_gmt":"2022-06-14T12:33:25","guid":{"rendered":"https:\/\/www.withinnigeria.com\/news\/?p=196164"},"modified":"2022-06-14T13:33:25","modified_gmt":"2022-06-14T12:33:25","slug":"jp-morgan-wins-1-7-billion-uk-trial-against-nigeria","status":"publish","type":"post","link":"https:\/\/www.withinnigeria.com\/news\/2022\/06\/14\/jp-morgan-wins-1-7-billion-uk-trial-against-nigeria\/","title":{"rendered":"JP Morgan wins $1.7 billion UK trial against Nigeria"},"content":{"rendered":"<p>JP Morgan Chase Bank has defeated the Nigerian government over the transfer of proceeds from the sale of OPL 245 in 2011.<\/p>\n<p>Recall that the Federal government in a $1.7 billion court battle\u00a0had sued JP Morgan on the ground of \u201cQuincecare duty\u201d, alleging that the bank \u201cought to have known\u201d 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.<\/p>\n<p>The Nigerian government\u2019s claim was refuted by the bank, who insisted that all due processes were followed and <a href=\"https:\/\/www.withinnigeria.com\/news\/2021\/07\/23\/tetfund-partners-us-varsity-for-phd-programmes-more-than-80-nigerians-to-benefit\/\">money<\/a> laundering checks were done.<\/p>\n<p>The bank further argued that allegations of fraud only came up after a new government took over in Nigeria.<\/p>\n<p>Nigeria argued that there were enough \u201cred flags\u201d for JP Morgan to have halted the transfers.<\/p>\n<p>However, the presiding judge, Sara Cockerill, ruled today June 14 that the Federal government failed to prove that it was defrauded.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>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\u00a0had sued JP Morgan on the ground of \u201cQuincecare duty\u201d, alleging that the bank \u201cought to have known\u201d that there was corruption and [&hellip;]<\/p>\n","protected":false},"author":5,"featured_media":196171,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"jnews-multi-image_gallery":[],"jnews_single_post":[],"jnews_primary_category":[],"jnews_override_bookmark_settings":[],"jnews_override_counter":[],"footnotes":""},"categories":[2],"tags":[39946,30954,303,39947,2333],"class_list":["post-196164","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-national","tag-billion","tag-jp-morgan","tag-nigeria","tag-uk-trial","tag-wins"],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v27.8 (Yoast SEO v27.8) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>JP Morgan wins $1.7 billion UK trial against Nigeria<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.withinnigeria.com\/news\/2022\/06\/14\/jp-morgan-wins-1-7-billion-uk-trial-against-nigeria\/\" \/>\n<meta property=\"og:locale\" content=\"en_GB\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"JP Morgan wins $1.7 billion UK trial against Nigeria\" \/>\n<meta property=\"og:description\" content=\"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\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.withinnigeria.com\/news\/2022\/06\/14\/jp-morgan-wins-1-7-billion-uk-trial-against-nigeria\/\" \/>\n<meta property=\"og:site_name\" content=\"NEWS PICKS \u2014 WITHIN NIGERIA\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/facebook.com\/withinnigeria\" \/>\n<meta property=\"article:author\" content=\"https:\/\/www.facebook.com\/askteekay\" \/>\n<meta property=\"article:published_time\" content=\"2022-06-14T12:33:25+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.withinnigeria.com\/news\/wp-content\/uploads\/sites\/5\/2022\/06\/chioma_adebiyi\/2022\/06\/14\/4RFZX3TTDFMR7OHMK7M55CDATQ.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"800\" \/>\n\t<meta property=\"og:image:height\" content=\"541\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Adesina .O (Teekay)\" \/>\n<meta name=\"twitter:card\" 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