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HomeTop NewsMalabu oil deal: Nigeria may appeal case against JPMorgan ~Lai Mohammed

Malabu oil deal: Nigeria may appeal case against JPMorgan ~Lai Mohammed

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Nigeria is considering whether to appeal after losing a London trial against JPMorgan in which it was seeking $1.7 billion in damages from the U.S. bank over a disputed 2011 oilfield deal, Information Minister Lai Mohammed said on Wednesday.

“Government lawyers are studying the judgment. After that a decision will be taken whether to appeal against it or not,” Mohammed said after a cabinet meeting in Abuja.

Nigeria had on Tuesday lost its case against JPMorgan Chase at a London High Court where it was seeking $1.7 billion in damages against the U.S. bank for its role in a disputed 2011 oilfield deal.

READ ALSO: Nigeria’s inflation surges to 17.7% in May vs 16.8% in Apr ~NBS

The civil case, which was heard earlier this year, relates to the purchase by Shell and Eni of Nigeria’s OPL 245 offshore oilfield.

Nigeria had alleged JPMorgan was “grossly negligent” in its transfer of funds paid by the energy majors to a company linked to the country’s disgraced former oil minister Dan Etete, as per instructions received from Nigerian government officials.

Nigeria now says those officials were party to a fraudulent scheme.

According to Nigeria’s legal argument, the transactions put JPMorgan in breach of its Quincecare duty, which obliges banks to disregard a customer’s instructions if following those instructions might facilitate a fraud against that customer.

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