NIGERIA V. JP MORGAN: NIGERIA RETREATS WITH BLEEDING NOSE

A complex and prolonged case, Nigerian Public Interest lawyers and concerned groups expressed disappointment when the UK court delivered judgment on this case, Tuesday14 June, 2022. Anti-Money laundering suit between Nigeria and JP Morgan on "fraudulent" money transfer during 2011 to 2013. As a legal practitioner, I must state from a neutral standpoint that proving "fraud" against a defendant is an uphill task. BACKGROUND: FG sued df to recover a total of $1.7 billion, alleging "gross negligence" for failure to pay $875 million realized from oil sales into Federal government account, instead to escrow account of Malabu Oil & Gas company owned and controlled by former Petroleum Minister, Dan Etete. Earlier around 1998 off-shore oil field license, OPL 245 had been awarded to Dan Etete's company by the late Head of state, Gen. Sani Abacha. Nigeria, in the suit claimed that JP Morgan being responsible bankers owed a duty of care, and averred that the defendant was aware of the fraud and it's implications, therefore shouldn't have transferred the funds against the bank's compliance officer's warning. The case has generated huge public interest and many questions have been, and being asked about the place of corporate social responsibility (CSR)? DUTY OF DUE DILIGENCE The plaintiff, Federal Government of Nigeria who instituted this suit owes a duty of due diligence on behalf of the people of Nigeria. From the commencement of this matter in 2011, what did the various Attorney-Generals and Ministers of Justice and NNPC do to ensure that Nigeria was not short-changed? If the defendant's compliance officer was able to alert its employer about the possibility or risk of fraud, how many times did Nigerian authorities raise eyebrows? What was the justification for the plaintiff's indifference when it mattered? There's clearly absence of corporate social responsibility (CSR) on the part of the plaintiff's legal team and functionaries during the defendant's transfer of the funds. This absence came with collateral damage of $1.7 billion Ikechukwu Odoemelam Esq Legal Practitioners IKECHUKWU O ODOEMELAM & Corporate Attorneys/ Consultants