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Nigeria Loses $1.7bn Court Case Against JP Morgan
Nigeria has lost a $1.7 billion London court case against JP Morgan Chase & Co for the bank’s role in the transfer of millions of dollars to a former oil minister convicted for corruption.
Nigeria had argued that the transactions put JP Morgan in breach of its Quincecare duty, which obliges banks to disregard a customer’s instructions if following those instructions might actually facilitate a fraud against that customer.
But a London High Court judge said no such breach took place in a ruling published on Tuesday.
Nigeria contended in a six-week trial that the US investment bank acted carelessly when it transferred $875 million in payments from government accounts to Dan Etete, a former Minister of Petroleum, who had been convicted of money laundering between 2011 and 2013.
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The case looked into the scope of a bank’s duty of care to its customers and whether it should have stopped payments notwithstanding assurances from government officials.
Nigeria was seeking damages of around $1.7 billion including interest due to JPMorgan alleged ignorance of “glaring” red flags, including “overwhelming” evidence of fraud and stark warnings from its own compliance staff when it authorised the payments.
However, the judge stated that, “With the benefit of hindsight, JPMorgan would have done things differently. But again none of these things individually or collectively amount to triggering and then breaching its duty of care to its client.”
Speaking after the judgement, JP Morgan said, “This judgment reflects our commitment to acting with high professional standards in every country we operate in, and how we are prepared to robustly defend our actions and reputation when they are called into question.”
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NLC insists on withdrawal of Tax Reform Bills
NLC insists on withdrawal of Tax Reform Bills
The Nigeria Labour Congress, NLC, yesterday insisted on the withdrawal of the Tax Reform Bills forwarded by President Bola Tinubu to the National Assembly for passage to enable all key national stakeholders to be part of the process.
Recall that the bills had drawn sharp criticisms from some parts of the country, especially the north, which saw them as anti-growth in the region.
It also implored the government at all levels to prioritise the welfare and well-being of the citizens in 2025.
In its New Year message to Nigerians, especially workers, the President of NLC, Mr Joe Ajaero, equally said organised labour would step up its battle for an upward wage review for workers to mitigate the high costs of living.
The message, titled “In 2025, hope is in our collective resolve,’’ read: “As we step into the year 2025, the Nigeria Labour Congress, NLC, extends warm New Year greetings to every worker and citizen across our great nation.
‘’The challenges of survival we have faced as a people must not hold us down. Instead, let us find inner strength to build a collective resolve to drive Nigeria out of the morass of underdevelopment that has held it captive for far too long.
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“No external power will deliver us from the scourge of economic hardship and stagnation. It is only through our collective effort and determination that we can propel our nation forward.
“We must build inner strength to find this collective resolve across the length and breadth of our great nation. This is our civic responsibility—one we must embrace with unwavering determination.
“We call on the government at all levels to ensure that governance translates into real benefits for the people. The welfare of the citizens remains the primary justification for the existence of any government.
“Access to food and nutrition, better healthcare, quality housing, education, transportation and greater security of lives and properties, including the right to participate in decisions on how they are ruled, are the key expectations of the people and workers.
“Policies must, therefore, reflect transparency, honesty, and inclusivity, devoid of chicanery, nepotism, and strong-arm tactics.
“To create a thriving, democratic nation, we need a system built on the tenets of social dialogue, allowing critical stakeholders to participate actively in nation-building. Such inclusiveness will foster deeper ownership of government policies, ensuring stability and sustainability.
“It is on this premise that we once again call on the federal government to withdraw its present tax bills before the National Assembly so that all key national stakeholders will be part of the process.
‘’As we embark on a national dialogue in Ibadan in January, 2025, we want to join hands in co-creating a new national tax law that would enjoy wider acceptance and fulfill its purpose of propelling national development which we believe is the main objective of government.
“As we move into 2025, we urge the federal government to prioritize industrial peace by taking social dialogue seriously, pursuing pro-human-progress policies, and respecting agreements with trade unions.
NLC insists on withdrawal of Tax Reform Bills
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Wike: Demolition of illegal buildings, shanties in FCT to continue
Wike: Demolition of illegal buildings, shanties in FCT to continue
The Minister of the Federal Capital Territory (FCT), Mr Nyesom Wike has vowed that he will continue his demolition of shanties, illegal buildings and enforcement of payment of ground rent in the territory in the new year without bothering about what anybody will say.
Speaking after he inspected the ongoing construction Outer Southern Expressway (OSEX), Abuja Division of the Court of Appeal and Saburi – Dei Dei road, in Abuja on Tuesday, Wike said he will not be distracted by the controversies that have trailed his ongoing demolition of structures in the FCT.
“Nothing distracts me. I am very focused,” Wike replied when asked by journalists whether the outcries over ongoing demolition and enforcement of ground rent may cause a huge distraction in 2025.
“Even if people are complaining, it is part of governance. You don’t expect that you will superintend over the affairs of people and then you satisfy everybody.
“People must complain, but I can tell you such complaints cannot distract us. I am very focused, and since it is part of our job, we will continue to do what is necessary.
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“Forget about what people say about demolition, demolition must go ahead. We demolish shanties, we demolish illegal buildings. It doesn’t matter what anybody will say.
“At the end of the day, they will still come back to say, ‘you did a good job.’
“So, don’t bother about what people say, be focused and at the end of the day, you will achieve results for a greater number of people, not for a few individuals,” Wike added.
The Minister however said the FCT Administration will do more for the residents of the capital city in 2025.
According to him, things will get better, God willing, for residents of FCT in the coming year.
“All we still require is the support of residents; of business owners, so that we can achieve more than what we have achieved in 2024.
“So, I pray that God Almighty will continue to protect us and give us better security as we experienced in 2024.
“Everybody can see, even within this festive period, security is quite intact, and we believe in 2025, we will get a better Abuja,” he said.
Wike: Demolition of illegal buildings, shanties in FCT to continue
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Police identify woman set on fire in deadly New York City attack
Police identify woman set on fire in deadly New York City attack
Police in New York City have named a woman who was set on fire and burned to death last week on a subway train in Brooklyn.
Debrina Kawam, 57, of New Jersey, has been identified as the victim of the seemingly random 22 December attack that burned her body beyond recognition.
Sebastian Zapeta, 33, is accused of starting the blaze with a lighter while Ms Kawam was asleep. He allegedly fanned the flames with a shirt and then watched the fire grow from a bench outside the subway car.
Last week, a grand jury indicted Mr Zapeta, who claims to have no memory of the incident, on four counts of murder and one count of arson.
Julie Bolcer, a spokesperson for New York City’s Office of Chief Medical Examiner, said the death was ruled a homicide and caused by “thermal and inhalational injuries”. She made the identification public on Tuesday.
“The identity was confirmed by the medical examiner yesterday through fingerprint analysis, following a multi-agency effort with our partners in law enforcement,” she said.
It took authorities more than a week to identify Ms Kawam’s body.
At a press conference on Tuesday, New York City Mayor Eric Adams said that Ms Kawam had recently spent time at a city homeless shelter.
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“It really reinforces what I’ve been saying, people should not be living on our subway system, they should be in a place of care. And no matter where she lived, that should not have happened,” he said.
Eric Gonzalez, the Brooklyn district attorney, said at a press conference early in the investigation that authorities had worked to collect DNA evidence and fingerprints from Ms Kawam’s remains.
“It’s a priority for me, for my office, for the police department to identify this woman, so we can notify her family,” Mr Gonzalez said.
False and unverified information about her, including a fake AI-generated picture, had circulated online in the aftermath of the attack.
There was also an outpouring of support, including a vigil held for the then-unidentified victim last week.
Police say that Ms Kawam was motionless, apparently asleep, on a stationary subway train at the Coney Island-Stillwell Avenue Station in Brooklyn early on 22 December when Mr Zapeta allegedly approached her with a lighter.
The pair never interacted, and police believe they did not know each other.
Jessica Tisch, New York’s police commissioner, said that the smell of smoke drew police officers and Metropolitan Transit Authority personnel to the fire and they extinguished the flames.
“Unbeknownst to the officers who responded, the suspect had stayed on the scene and was seated on a bench on the platform just outside the train car,” Ms Tisch said.
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Authorities declared Ms Kawam dead at the scene.
Ms Tisch described the incident as “one of the most depraved crimes one person could possibly commit against another human being”.
In a preliminary hearing on Tuesday, prosecutor Ari Rottenberg said Mr Zapeta told investigators that he had been drinking and did not remember the incident, but did identify himself in photos and surveillance video showing the fire being lit.
The suspect, who is originally from Guatemala, was deported from the US in 2018 and later re-entered the country illegally, immigration authorities said.
He is due back in court on 7 January, prosecutors said.
Despite a decline in crime rates on New York City’s subway, the incident is one of a string of attacks that has raised concerns for riders on America’s largest mass transit system.
The subway safety issue arose again on Tuesday afternoon when someone was pushed on to the tracks in Manhattan’s Chelsea neighbourhood in front of an oncoming subway, according to New York City police.
The unidentified male victim was admitted to hospital with a head injury, authorities said. Police later detained a suspect, according to local media.
Police identify woman set on fire in deadly New York City attack
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