Nigeria loses $1.7bn case against JP Morgan as UK judge gives details of ‘corrupt’ OPL 245 payments


Issue 463 - 17 Jun 2022 - By Marc Howard

London’s High Court ruled that JP Morgan did not breach fiduciary rules when it transferred funds stemming from the sale of the controversial oil production licence (OPL) 245. The judgement reveals further details of graft in the long-running saga, as Justice Cockerill found that the original award of the licence was probably corrupt and ex-oil minister Dan Etete had benefitted financially from it. Meanwhile, 25 years after it was first awarded, other disputes continue over the highly prospective OPL 245.

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