Nigeria filed a case against the US investment bank JP Morgan for negligence by transferring $875 million in payments from government accounts to Dan Etete, a former Minister of Petroleum. The Minister had been convicted of corruption between 2011 and 2013.
Nigeria filed a case against the US investment bank JP Morgan for negligence by transferring $875 million in payments from government accounts to Dan Etete, a former Minister of Petroleum. The Minister had been convicted of corruption between 2011 and 2013.
In a six-week trial in London High Court, Nigerian government sought damages of $1.7 billion for the bank’s carelessness and alleged that JP Morgan  breached  Quincecare duty. The term Quincecare duty denotes the duty placed on financial institutions to not to follow their customer’s instructions when they are ‘put on enquiry’ that following them might facilitate a fraud on their customer. It accused JPMorgan of ignoring overwhelming evidence of fraud and warnings from its own compliance staff when it authorised the payments.
The London High Court judge refuted the allegation that the bank breached its duty in a ruling published on June 15th.
Also read
https://trendsnafrica.com/crude-oil-theft-and-sabotage-continues-to-burn-nigerias-revenue/
https://trendsnafrica.com/nigeria-exits-the-piracy-list/
https://trendsnafrica.com/foreign-portfolio-investment-inflows-to-nigeria-dip/
