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Friday, 19 January 2018

FG sues JP Morgan for $875m over Malabu oilfield deal

The Federal Government has filed a claim against a United States lender, JP Morgan Chase , for more than $ 875 m , accusing the bank of negligence in transferring funds from a disputed 2011 oilfield deal to a company controlled by a former Nigerian minister of petroleum resources .

According to a Reuters ’ report, a spokeswoman for JP Morgan dismissed the accusation on Thursday , saying the firm “ considers the allegations made in the claim to be unsubstantiated and without merit . ”

The suit filed in a British court relates to a purchase of the offshore OPL 245 oilfield in Nigeria by oil majors Royal Dutch Shell and Eni in 2011 .



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