By Valentine Amanze, Online Editor
Nigeria may likely wait longer to get justice in its case against JP Morgan over OPL 245 oil deal.
The suit was filed in the English courts in 2017 on the purchase of the offshore OPL 245 oilfield in Nigeria by oil majors – Royal Dutch Shell and Eni in 2011.
The six-week London trial will start after November 1, 2021.
Going by the date, it means that proceedings may not begin until 2022, according to Reuters report.
Besides, the bone of contention in the case is 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.
But JP Morgan has refused to comment on the issue.
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.
“Nigeria is pleased that JP Morgan has agreed it will now confirm all the senior figures at the bank who were involved,” a spokesman for the Nigerian government on this case said, according to Reuters.
“This claim will move forward and Nigeria will hold JP Morgan accountable for its central role in the OPL 245 fraud.”
In the claim, Nigeria alleged that JP Morgan was negligent in its decision to transfer the funds in escrow to a company controlled by the country’s former oil minister, Dan Etete, instead of government coffers.
The damages sought include the monies allegedly sent to Etete, around $875 million paid out in three instalments plus interest taking the total to $1.7 billion.
The decision is also likely to compel the bank to disclose details of its internal processes.
Recall that JP Morgan sought to quash the case last year.
The Milan trial began in 2018. In July 2020, Italian prosecutors asked a Milan court for Eni and Shell to be fined and some of their present and former executive, including Eni CEO, Claudio Descalzi, to be jailed.
