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Home Energy Nigeria sues Jp Morgan over Malabu deal.

Nigeria sues Jp Morgan over Malabu deal.

Nigeria is suing JP Morgan Chase for more than $875million over the transfer of cash used to buy an oilfield in 2011, a news report said.

JP Morgan said the allegations made in the claim are “unsubstantiated and without merit”, Reuters reported.

The case relates to Shell and Eni’s purchase of offshore block OPL 245 for more than $1billion.

Nigeria’s government has accused JP Morgan of transferring funds to bank accounts controlled by former oil minister Dan Etete, the report said.

Mr Etete led the company which sold the block, Malabu Oil and Gas.

Nigeria alleges that JP Morgan did not take due diligence to ensure the money did not leave Nigerian Government accounts, according to Reuters.

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