The Federal Government is studying the London High Court judgment that absolved JP Morgan in the civil suit filed against the bank on the purchase by Shell and Eni of the offshore OPL 245 oilfield in Nigeria.
The judgement delivered Tuesday by Judge Sara Cockerill posited that the Nigerian government could not show that it had been defrauded as it claimed.
The judgment means that the Nigerian government has lost $1.7 billion in claims against JP Morgan Chase Bank over the transfer of proceeds from the sale of OPL 245 in 2011.
Lawyers to the Nigerian government had contended that the contract awarded to former Petroleum Minister Dan Etete, to explore the deep waters off the Gulf of Guinea was corrupt, alleging that the bank “ought to have known” that there was corruption and fraud in the transaction which saw Malabu sell its 100 per cent in OPL 245 to Shell and ENI for $1.1 billion.”
They had argued that JP Morgan Chase Bank ignored “glaring” red flags, including “overwhelming” evidence of fraud and stark warnings from its own compliance staff when it authorised the payments.
Briefing correspondents after Wednesday’s meeting of the Federal Executive Council (FEC) presided over by President Muhammadu Buhari, at the Presidential Villa, Abuja, the Minister of information and culture, Alhaji Lai Muhammed, said the government’s lawyers will study the ruling and decide whether to appeal or not.
