A US bank, JP Morgan Chase has won $1.7 billion in lawsuits against Nigeria.
Reports monitored, said that a London High Court has cleared JP Morgan of the civil suit filed against it, which relates to the purchase by energy majors Shell and Eni, of the offshore OPL 245 oilfield in Nigeria.
The trial of the long-running case started four months ago, with details of the claim by Nigeria’s lawyer, Roger Masefield.
The American bank had faulted the allegations levelled against it by the Nigerian government, in the controversial Malabu scandal.
The Nigerian government under the administration of former President Goodluck Jonathan, and a former Nigerian Attorney-General and Minister for Justice, Mohammed Bello Adoke, had claimed more than $1.7 billion from JP Morgan’s role in the controversial deal.
The nation had alleged that the bank was “grossly negligent” in its decision, to transfer funds paid by oil giants Shell and Eni, into an Escrow Account, owned by Malabu, a company controlled by a former Nigerian oil minister, Dan Etete.