By: Economic & Finance Report

The economic powerhouse and most populated country in Africa is suing JP Morgan Chase for negligence, about an oil deal that went bust. Nigeria is suing JP Morgan in Londan on the facts that the prominent bank was negligence in its business handling which had to do with offshore oil blocks in Nigeria, that included Eni and Shell.

The oil block in Nigeria, “OPL 245” is also being brought to litigation in Italy for shady deals as well. Nigeria alleges that JP Morgan Chase was negligent in disbursing funds paid by Eni & Shell to escrow, in the account of the former Nigerian Oil Minister Dan Etete. By allowing the funds to proceed in Mr. Etete escrow account, Nigeria has stated that JP Morgan was negligent in allowing the transaction to occur, and that JP Morgan had a fiduciary obligation as a global banking institution, to halt the transaction from actually being transmitted into the escrow.

The case is a civil matter and is being trialed in the London, UK. -SB

Image Source: The Edge Markets

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