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NEWS: Nigeria sues JP Morgan for $875m over offshore deal ‘negligence

NEWS: Nigeria sues JP Morgan for $875m over offshore deal ‘negligence

Nigeria’s government has filed an $875 million legal claim against JP Morgan Chase in which it accuses the US investment bank of acting as an intermediary in an illegal offshore oil deal.

The lawsuit filed at the High Court in London claims that JP Morgan was “grossly negligent” in enabling the 2011 transfer of more than $800 million to a company controlled by Dan Etete, a former oil minister who had previously been convicted of money laundering in France. 

The transfer was linked to the purchase of a disputed offshore oilfield by Royal Dutch Shell and ENI, which paid $1.3 billion to secure the property. Read more

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