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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

Russia Deploys Navy To Guard Venezuelan Oil Tanker Chased By US In Atlantic

Published

1 hour ago

January 7, 2026

Editor

Russia has deployed naval assets to escort a sanctioned oil tanker across the Atlantic following reported moves by the United States to seize the vessel.

US forces were said to be preparing to board the ship, which has a history of transporting Venezuelan crude oil and was last believed to be sailing between Scotland and Iceland.

CBS News reported that Russia stepped in to protect the tanker, raising the prospect of a direct confrontation between the two powers at sea.

By sending naval ships into the North Atlantic, Russian President Vladimir Putin is signalling to United States President Donald Trump that any US action would carry consequences, coming after the US president threatened that he might use the military to seize Greenland.

The tanker, currently empty, previously operated under the name Bella 1. Last month, the US Coast Guard attempted to board it in the Caribbean with a warrant over alleged breaches of US sanctions and claims that it had shipped Iranian oil.

The vessel later changed course, renamed itself Marinera and reportedly reflagged from Guyana to Russia.

Trump last month said he had ordered a ‘blockade’ of sanctioned oil tankers entering and leaving Venezuela, a policy the government in Caracas branded ‘theft’.

Ahead of the US seizure of ousted Venezuelan leader Nicolás Maduro on Saturday, Trump accused the country’s government of using ships to smuggle drugs into the United States.

Two US officials told CBS News on Tuesday that American forces were planning to board the Marinera, adding that Washington would prefer to seize the tanker rather than sink it.

Russia’s Foreign Ministry said it expects Western countries to respect principles of freedom of navigation.

(Daily Mail News)

Headline

UK Introduces Powers To Seize Phones, SIM Cards From Illegal Migrants

Published

2 days ago

January 5, 2026

Editor

The United Kingdom has rolled out expanded enforcement powers allowing authorities to confiscate mobile phones and SIM cards from migrants who enter the country illegally.

The new measures, which do not require an arrest, came into force on Monday at the Manston migrant processing centre in Kent and represent a significant tightening of border controls.

According to the Home Office, the powers are intended to support intelligence-gathering operations aimed at disrupting criminal networks that organise and profit from dangerous Channel crossings.

Officials at the centre are equipped with technology that enables them to extract and analyse data from seized devices, a move the government says will help track and dismantle smuggling rings.

Under the revised rules, migrants are permitted to be asked to remove outer garments if there is suspicion that phones are being concealed.

In certain circumstances, officers may also check mouths for hidden SIM cards or small electronic items.

The National Crime Agency said information recovered from devices could accelerate investigations and improve the effectiveness of action against organised crime groups.

Border Security Minister Alex Norris said the policy was necessary to regain control of the UK’s borders and confront human trafficking operations.

“We are committed to restoring order and tackling the people-smuggling gangs behind this lethal trade,” Norris said.

Headline

PROPHECY: Primate Ayodele Reveals Trump’s Plot Against Tinubu

Published

3 days ago

January 4, 2026

Editor

Primate Ayodele and Tinubu, Tinubu’s rice palliative, Primate Ayodele to Tinubu
Tinubu and Primate Ayodele
The leader of INRI Evangelical Spiritual Church, Primate Elijah Ayodele, has warned President Bola Ahmed Tinubu that US President Donald Trump is after removing him from office.

This comes amid the removal of Vanezuelan President Nicolás Maduro by Donald Trump.

Primate Ayodele, in a statement signed Sunday by his media aide, Osho Oluwatosin, made it known that the US President has ‘caged’ Tinubu and his plan is to ultimately see that he is removed from office.

He stated that the support the US is giving Nigeria to fight insecurity isn’t for nothing other than ways to penetrate the government.

“Trump is adamant to remove President Tinubu. America will be part of those who will be against Tinubu. You may not see it as I am being shown, and that’s why I am saying Trump is after removing Tinubu, that’s it and nothing more.”

The cleric made it known that, despite US’ help, Nigeria will continue to fight insecurity, but the ulterior motive of the US President isn’t about ending insecurity in the country.

“Nigeria will still continue to fight insecurity, but either they fight it or not, Trump is focused on removing Tinubu from office, but he doesn’t know it yet. He isn’t after ending insecurity in the country, he knows what he wants and won’t stop at nothing towards achieving it.”

He urged the president to take a bold political step to overcome the plans of the US president; otherwise, he will end up succeeding with his plans.

“Tinubu must take a very bold step to overcome the plans of Trump, because he has caged him already. Tinubu must not relent his efforts and bring up strategies for him to succeed otherwise, he would be at the losing end while his defeat would be celebrated,” he added.