Headline

Malabu: Nigeria Loses $1.7 Billion JP Morgan Case

Published

4 years ago

June 14, 2022

Nigeria on Tuesday lost its $1.7 billion claim against JP Morgan Chase Bank over the transfer of proceeds from the sale of OPL 245 in the controversial Malabu oil deal.

Judge Sara Cockerill ruled Tuesday that the Nigerian government couldn’t show that it had been defrauded in the case.

In the suit, Nigeria is claiming more than $1.7 billion for the bank’s role in the controversial deal. Nigeria also alleges that JP Morgan was “grossly negligent” in its decision to transfer funds paid by oil giants Shell and Eni into an escrow account controlled by a former Nigerian oil minister, Dan Etete.

Earlier in February, Nigerian lawyer, Roger Masefield, argued that the nation’s case rested on proving that there was fraud and JP Morgan was aware of the risk of fraud.

“The evidence of fraud is little short of overwhelming,” the lawyer told the court.

“Under its Quincecare duty, the bank was entitled to refuse to pay for as long as it had reasonable grounds for believing its customer was being defrauded.”

Quincecare refers to a legal precedent whereby the bank should not pay out if it believes its client will be defrauded by making the payment.

Judge Cockerill said Tuesday that by the time of the 2013 payments, the bank was “on notice of a risk” of fraud.

“There was a risk – but it was, on the evidence, no more than a possibility based on a slim foundation,” the judge ruled.

Background
The OPL deal details how Shell and Italy’s Eni in 2011 paid the Nigerian government of then president Goodluck Jonathan a combined $1.3 billion for an oil block. Of that amount $875 million was paid to Malabu Oil & Gas, a company controlled by former oil minister Dan Etete.

Mr Etete had awarded Malabu the rights to the block in 1998 when he was Nigeria’s oil minister.

Within weeks of the deal in April 2011, half of Malabu’s money was allegedly packed into bags and paid out to Nigerian government officials and Western oil executives as cash bribes.

The deal has also spawned further lawsuits, including efforts by a new presidential regime in Nigeria to recover assets. A panel of judges in Milan acquitted the companies and executives, who all denied any wrongdoing, of bribery last March. Prosecutors have however appealed the ruling.

Classified documents from Britain’s financial crime agency seen by this newspaper revealed how it allowed JP Morgan to pay $875 million of suspicious funds to Mr Etete, a former Nigerian oil minister widely known as a convicted money launderer.

The documents, rarely seen Suspicious Activity Reports (SARs), were filed by the banking giant’s London branch as it raised concerns about huge payments it was being asked to make by the Nigerian government to Mr Etete.

The reports were filed in 2011 and 2013 to the UK’s Financial Intelligence Unit (FIU), which at that time sat within the now defunct Serious Organised Crime Agency.

Trial
The trial opened in February with details of the claim by Mr Masefield, who argued that the bank failed in its Quincecare duty.

Damages sought by Nigeria include cash sent to Mr Etete’s company, Malabu Oil and Gas, around $875 million paid in three installments in 2011 and 2013, plus interest, taking the total to over $1.7 billion.

But Bloomberg reports Tuesday that the London High Court judge said no such breach took place.

“The Federal Republic of Nigeria is naturally disappointed by the outcome of the judgment and will be reviewing it carefully before considering next steps,” a spokesman told Bloomberg. He added that the Nigerian government will continue its fight against fraud and corruption and to work to recover funds for the people of Nigeria.

JP Morgan in a statement said that the judgment reflects its commitment to acting with high professional standards in every country it operates in. The bank added that the judgement also shows how “we are prepared to robustly defend our actions and reputation when they are called into question.”

PREMIUM TIMES.

Headline

JAPA: Top Six Countries To Obtain Easiest Citizenship

Published

11 hours ago

December 30, 2025

Editor

As a Nigerian considering relocation plans, interest in countries with clear and less complicated citizenship pathways is a smart way to not just guarantee greener pastures, but also provide you with the opportunity to feel more at home in a foreign land. While some of the programmes are ancestry-based, others allow Nigerians with such a link to try other means.

Contents
1. Dominica
2. Ireland
3. Turkey
4. Portugal
5. Vanuatu
6. Italy
Though rules vary widely across borders, some nations stand out for offering citizenship through investment or family ties with fewer hurdles and faster processing timelines.

Below are the top six countries with the easiest citizenship:

1. Dominica
Dominica operates a citizenship-by-investment programme that allows applicants to qualify through a contribution to the government’s Economic Diversification Fund or by investing in approved real estate. Processing typically takes a few months. Citizens enjoy visa-free or visa-on-arrival access to over 140 countries, including the Schengen Zone. There is no residency requirement, and dual citizenship is permitted.

2. Ireland
Ireland provides a clear citizenship pathway for individuals with Irish ancestry. Those with an Irish-born parent qualify automatically, while people with an Irish-born grandparent can apply through the Foreign Births Register. An Irish passport grants full European Union rights, including freedom of movement across EU countries. Dual citizenship is allowed, and there is no language requirement for applicants applying by descent.

3. Turkey
Turkey offers a fast-track citizenship option through investment. Foreign nationals who purchase qualifying real estate valued at a minimum of $400,000 can obtain citizenship within a few months. The programme does not require residency or renunciation of an existing nationality. Turkish passport holders have visa-free or visa-on-arrival access to several countries, with ongoing efforts to expand travel agreements.

4. Portugal
Portugal’s Golden Visa programme provides a residency-to-citizenship route for foreign investors. After five years of legal residence and meeting programme conditions, applicants may apply for citizenship. Approved investment options include venture capital funds and other qualifying assets. Successful applicants gain an EU passport, access to the Schengen Area, and dual citizenship, subject to passing a basic Portuguese language test.

5. Vanuatu
Vanuatu runs one of the world’s fastest citizenship programmes. Through its Development Support Programme, eligible applicants can receive citizenship in as little as two months after making the required financial contribution. The country offers visa-free access to over 100 destinations and has no tax on global income or capital gains. Residency requirements are minimal.

6. Italy
Italy grants citizenship by descent to individuals with an Italian parent or grandparent, following a 2025 legal update that tightened eligibility rules. Applicants must provide official documents proving a direct family link to an Italian ancestor. Italian citizenship comes with full EU rights, wide visa-free travel, and the ability to pass citizenship to future generations. Dual nationality is allowed, and no language test is required for descent-based applications.
(Tribune)

Headline

Japa: 5 Affordable European Countries Nigerians Can Relocate To

Published

12 hours ago

December 30, 2025

Editor

As economic pressures continue to mount, many Nigerians are increasingly exploring relocation as a path toward stability, better opportunities, and an improved quality of life. However, traditional destinations such as the United Kingdom, Canada, and the United States are becoming more difficult to access due to rising living costs and stricter visa policies.

Contents
1. Slovakia
2. Latvia
3. Portugal
4. Hungary
5. Georgia

But beyond these popular options, several lesser-known European countries are emerging as affordable and welcoming alternatives. Offering low tuition fees, flexible visa policies, and a reasonable cost of living, these nations are becoming attractive relocation choices for Nigerians seeking balance and opportunity.

In this article, Tribune Online highlights five budget-friendly countries Nigerians can consider for relocation:

1. Slovakia
Located in Central Europe, Slovakia combines stability, safety, and simplicity; three factors often missing in high-pressure relocation destinations.

Though it may not feature prominently on social media relocation lists, Slovakia’s affordability and accessibility make it a hidden gem. Students enjoy low tuition fees, while residents benefit from proximity to major European cities like Vienna and Prague. For Nigerians seeking structure and affordability, Slovakia provides a peaceful yet practical alternative.

2. Latvia
The Baltic nation of Latvia is fast becoming a preferred destination for international students and skilled professionals. Known for its low living costs and straightforward residence procedures, Latvia offers a convenient entry point into the European Union.

Riga, its capital city, blends historic charm with modern infrastructure, providing an ideal environment for studying, working, or gradually transitioning to other parts of Europe.

3. Portugal
Situated on Europe’s western coast, Portugal is one of the continent’s most liveable and affordable countries. Known for its mild weather, safety, and reasonable living costs, Portugal offers a soft landing for Nigerians looking to relocate without excessive financial strain. The country’s friendly visa policies and welcoming atmosphere make it ideal for students, remote workers, and small business owners. Beyond its scenic beauty, Portugal provides what many Nigerians desire: peace of mind and an easier start abroad.

4. Hungary
Hungary has quietly become a top choice for international students, offering quality education at affordable tuition rates. Living costs are significantly lower than in Western Europe, and cities like Budapest, Szeged, and Debrecen provide vibrant yet budget-friendly environments.

For Nigerians looking to relocate through education, Hungary offers a realistic and sustainable path toward long-term settlement in Europe.

5. Georgia
For Nigerians seeking an easy transition abroad, Georgia presents one of the smoothest relocation routes. The country allows Nigerians to stay visa-free for up to one year, eliminating embassy interviews and lengthy paperwork.

Located between Europe and Asia, Georgia offers a blend of natural beauty and affordability. Rent, transport, and food costs remain moderate, making it an excellent base for digital nomads and young professionals.

As migration trends evolve, success now depends on flexibility and strategic planning. While the dream of relocating abroad remains strong, the path doesn’t always have to lead through the UK or Canada. For Nigerians ready to look beyond the familiar, Europe’s quieter corners still offer accessible and rewarding opportunities.

Headline

Insecurity: US Congressman Riley Moore Reveals Trump’s Mission In Nigeria

Published

1 day ago

December 29, 2025

Editor

US Congressman Riley Moore has dismissed insinuations that President Donald Trump is attempting to bring war to Nigeria.

Moore made the remark in a post on his verified X handle on Monday.

His comments followed a US military airstrike on a terrorist enclave in north-west Nigeria on Christmas Day, reportedly carried out on the directive of President Trump.

“President Trump is not trying to bring war to Nigeria, he’s bringing peace and security to Nigeria and to the thousands of Christians who face horrific violence and death.

“The strikes against ISIS on Christmas, in coordination with the Nigerian government, have given hope to the Christians in Nigeria,” he said.

Recall that the lawmaker had previously stated that President Trump is focused on ending the killing of Christians in Nigeria.

It will be recalled that Moore led a US delegation on a fact-finding mission into alleged Christian genocide in Nigeria some weeks ago.

During his brief stay in the country, Moore travelled to Benue State, where he interfaced with religious and traditional leaders, as well as internally displaced persons.