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

Coup: Guinea-Bissau Junta Releases Six Held Opposition Politicians

Published

20 hours ago

December 24, 2025

Editor

Guinea-Bissau’s ruling junta on Tuesday released six members of the political opposition who had been detained since a coup last month.

The six freed opposition members are said to be close associates of Domingos Simoes Pereira, head of the PAIGC party that led the country to independence in 1974.

Pereira has been in custody since the coup.

In a statement by the High Military Command, the junta’s governing body, the releases are described as a sign of good faith and a step towards the return to constitutional normality and respect for international rights.

The army seized power on 26 November after ousting outgoing President Umaro Sissoco Embalo in the wake of a presidential vote.

After taking over, the military suspended the electoral process and announced it would take control of the West African country for a period of one year.

Recall that another opposition candidate, Fernando Dias, took refuge in Nigeria’s embassy, which granted him asylum, while Embalo fled the country after being briefly detained by the military at the time of the coup.

Meanwhile, Senegal’s Foreign Minister, Cheikh Niang, led a delegation to Guinea-Bissau, where he met with detained opponents and requested their release.

Headline

7 Territories Still Under Colonial Rule

Published

20 hours ago

December 24, 2025

Editor

Even though most nations became independent in the last century, some territories are still ruled by other nations.

Contents
1. Western Sahara
2. Guam
3. American Samoa
4. United States Virgin Islands
5. Falkland Islands / Malvinas
6. Gibraltar
7. Bermuda

Many of them remain on the United Nations list of non-self-governing territories, meaning they have not completed the process of decolonization. These places usually depend on bigger countries for laws, passports, defence, or political control.

In this article, Nigerian Tribune highlights 7 territories still under colonial rule:

1. Western Sahara

Western Sahara remains one of the world’s biggest unresolved colonial issues. Morocco controls most of the territory, but the Polisario Front wants independence for the Sahrawi people. The UN is still trying to help both sides agree on a peaceful solution.

2. Guam

Guam is an important US territory in the Pacific, used heavily for American military operations. The US oversees its defence and foreign relations.

People living there are US citizens, but they cannot vote in presidential elections and do not have full representation in Congress.

3. American Samoa

American Samoa has more local control than Guam, but the United States still decides immigration, defence, and foreign affairs.

Residents are considered US nationals and must apply if they want full citizenship.

4. United States Virgin Islands

The US Virgin Islands have their own legislature, but the United States makes major constitutional and political decisions. The territory depends heavily on US federal support.

5. Falkland Islands / Malvinas

The Falkland Islands remain controlled by the United Kingdom (UK), but Argentina has long disputed this claim, having been in control of the Islands for a few years before 1833.

The people living there voted strongly to stay British, yet the sovereignty dispute continues to appear in the UN.

6. Gibraltar

Gibraltar sits at the Southern tip of Spain. The United Kingdom controls it, but Spain insists the territory belongs to them.

Gibraltarians have repeatedly voted in favour of remaining British, but the dispute is still discussed within the UN Decolonisation Committee.

7. Bermuda

Bermuda is a British Overseas Territory situated in the North Atlantic Ocean. Although it manages most of its own internal affairs and enjoys a strong economy with modern facilities, the United Kingdom still handles its defence and represents it in global matters.

Headline

Russia-Ukraine War: Pope Leo Calls For Global Christmas Truce

Published

20 hours ago

December 24, 2025

Editor

Pope Leo XIV on Tuesday renewed his call for a global truce on Christmas Day, saying he felt “great sadness” after Russia “apparently rejected a request” for a pause in fighting.

Speaking to reporters at his residence in Castel Gandolfo near Rome, the Pope urged all sides involved in conflict to observe at least one day of peace.

“I am renewing my request to all people of goodwill to respect a day of peace — at least on the feast of the birth of our Saviour,” Leo said.

Recall that Russia invaded Ukraine in February 2022 and has repeatedly turned down calls for a ceasefire, arguing that any pause would give Ukraine a military advantage.

“Among the things that cause me great sadness is the fact that Russia has apparently rejected a request for a truce,” the pope said.

Referring to conflicts worldwide, Leo added, “I hope they will listen and there will be 24 hours of peace in the whole world.”

The appeal came as fighting continued in eastern Ukraine. On Tuesday, Ukrainian forces withdrew from a town after heavy battles with Russian troops. Russian strikes killed three civilians and left thousands without power during winter temperatures.

There was no indication of progress toward ending the war after separate meetings last weekend in Miami between the United States officials and negotiators from Russia and Ukraine. The conflict is nearing four years with no settlement in sight.

Earlier this month, Pope Leo met Ukrainian President Volodymyr Zelensky. When asked whether he would accept Zelensky’s invitation to visit Ukraine, the pope said, “I hope so,” while noting that it was not possible to say when such a visit could happen.

Leo also warned that efforts to secure peace without European diplomatic involvement were “unrealistic”, expressing optimism that President Donald Trump’s proposed peace plan could bring a “huge change” to the transatlantic alliance.