Nigeria sues JP Morgan Chase on Malabu
This is a big chase people. The Nigerian government has sued JP Morgan Chase for $875 million over the Malabu oil scandal. But it goes beyond looking for alpha from the bank. President Buhari is very strategic here: he is taking the fight to the bank so that he can get the special list he wants.
U.S. banking giant, JP Morgan, is being sued by the Federal Republic of Nigeria for $875million (N315 billion) in the London courts over its alleged failure to block payments made from a massive oil deal that is subject to a string of international corruption investigations. ...The Nigerian state ... argu[es that] JP Morgan had been “grossly negligent” when it was banker to a previous government. The claim ... alleges JP Morgan did not act “with the reasonable care and skill to be expected of a bank in compliance with the laws of England and Wales” when it authorised enormous payments resulting from an oil deal in 2011.
I just hope that a British judge does not throw this case out. Now that the government has taken this to the bankers, we could see more documents. I know that banks are good in keeping records. But it is highly unlikely for Nigeria to prevail: banks are good in arguing that they are paid to "process" transactions. Once the President of Nigeria approved the transactions, complying with all the mandates set on the operation of the account, the bank does not have any authority to question it to stop the transactions. Should they do, what do you expect to happen? Government will then take its bank to court for the rights to spend its money. I am not sure any bank will like to be there.
My conclusion is that the Nigerian government wants to trace the funds by looping in the bank. That way it can get more data on what happened. It is not really JP Morgan Chase that is sued here, but those it paid. Hope the bank has kept the records.
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This is the hypocrisy in this government.
I know for sure that Danjuma and Alakija didn't get their prolific blocks through bidding or paying for its value.
If nigeria's buhari is serious about corruption fight and not witch-hunt he should do comprehensive investigation of oil block awards to call those people from abacha and others and not this single prolific block given to a niger-deltan because abacha's son is claiming majority stake in the block and the abacha and buhari are even as at now very close friendly families.
Please,understand me,I'm not trying to defend corruption but,he who comes to equity must come with clean hands.
Danjuma sold part of his illegally awarded block for billions of dollars to the Chinese,while the fashion designer,alakija,was given one of the most prolific oil blocks in nigeria for being friend to the abachas without any qualifications or money to pay for the block which hosts the agbami field and has made her billionaire in dollars.
Problem of nigeria is croynism,nepotism,irresponsible politics,tribalism and buhari is neck deep in all these,I wouldn't know why all corruption fight is around jonathan's government?
Do you know that buhari had been denying that abacha looted money or was corrupt even while countries were returning money stolen by abacha,all because he was a benefactor to him for giving him PTF job.
Abacha too would have gone as a saint if not that fate made obasanjo president after his incarceration by abacha.
As I write now,abacha's son has the gut to be in court claiming ownership of a major junk of that malabu oil block after what they did in nigeria,and evidently he's being supported by Malawi and efcc from their actions.
If anybody should stake any claim to oil blocks in any part of niger delta I should think that Niger delta sons should be the first people.
