Nigeria and JP Morgan will Litigate Over OPL 245 Oil Deal
Nigeria will move forward with the lawsuit launched by the Nigerian government against U.S. bank JP Morgan Chase, claiming over $1.7 billion for its role in a disputed 2011 oilfield deal, a London high court ruled on Thursday.
According to Reuters, the suit filed in the English courts in 2017 relates to the purchase of the offshore OPL 245 oilfield in Nigeria by oil majors Royal Dutch Shell and Eni in 2011, which is the subject of an ongoing trial in Milan.
The case revolves around a $1.3 billion payment from Shell and Eni to secure the block that was deposited into a Nigerian government escrow account managed by JP Morgan. As part of the proceedings, JP Morgan will also have to disclose within 21 days which individuals at the bank made the final decision to transfer the funds in question.
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