NIGERIA OPL 245: Abuja tries new angle and takes JP Morgan to court

摘要

The Nigerian government has won a first victory in its legal battle with American bank JPMorgan Chase, which it has accused of negligence for having transferred $875 million in 2011 to junior Malabu Oil & Gas prior to its sale of block OPL 245 to majors Shell and ENI. On February 21, the UK commercial court ruling on the case accepted Abuja’s complaint filed in late 2017 against the bank for having prevented it from carrying out its duty of care. At the Nigerian officials’ request, JPMorgan made three payments to an escrow account held by Malabu, a company founded by the former minister of petroleum Dan Etete. This escrow account was to be used to transit money to allow the majors to purchase the promising OPL 245 ( AEI 671) that Etete had awarded his firm in 1998 at the time he was still oil minister. Nigeria accuses JPMorgan of negligence for going ahead with payments while being fully aware that Etete had been convicted in France for money laundering for offenses committed in Nigeria.