Nigeria sues JP Morgan in London over $1.7b oil deal

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A London high court began to hear a lawsuit yesterday launched by Nigeria against United States bank JP Morgan Chase claiming more than $1.7 billion for its role in a disputed 2011 oilfield deal.

The civil suit filed in the English courts relates to the purchase by energy majors Shell and Eni of the offshore OPL 245 oilfield in Nigeria.

A panel of judges in Milan acquitted the companies and executives, who all denied any wrongdoing, of bribery last March. Prosecutors have appealed the ruling.

The trial opened with details of the claim by Nigeria’s lawyer, Roger Masefield. JP Morgan will present its defence early next week. The trial will end on April 7 and a judgment will likely take several months.

 

– The Nation

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