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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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200,000 repentant terrorists surrender, drop arms in North East – CDS
200,000 repentant terrorists surrender, drop arms in North East – CDS
The Chief of Defence Staff, General Christopher Musa, has disclosed that about 200,000 repentant terrorists have so far dropped their arms and surrendered to troops in the North East, noting that the twin strategy of kinetic and non-kinetic operations was responsible for this achievement.
The CDS made this known at the Security and Justice Symposium organised by the Office of the National Security Adviser (ONSA) in collaboration with the British High Commission, which began at the National Counterterrorism Centre in Abuja on Tuesday.
He disclosed that the theme of the symposium, ”Securing Peace, Ensuring Justice, Protection, Conduct, and Accountability,” speaks volumes about the deluge of security challenges the armed forces and security agencies are facing.
His words, “All the challenges we are facing today have to do with fairness, equity, justice, and accountability.
“There will not be peace without justice, equity, fairness, and accountability. In our operations, we are conducting both kinetic and non-kinetic strategies, which have to a large extent yielded significant successes, and we want to particularly thank the National Security Adviser for his great support in this regard.
“Nigeria is going through so many challenges, and we feel we’re able to address this, and everybody has a sense of belonging. A lot of the security challenges we are having, we are sure, will go down. I want to thank the National Security Advisor for all the support he’s given us, both the kinetic and the non-kinetic.
“We have said it; the kinetic aspect is just less than 30%. The non-kinetic has a lot to play. The non-kinetic, because when you have democracy, people must have the evidence of democracy. As long as it tells people to sleep well and be peaceful, and they are hungry, their children cannot eat, and all this creates more problems.
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“The issue of informants. We have to look at how we tackle this issue of informants. Because these are the people who have created the issue.
200,000 repentant terrorists surrender, drop arms in North East – CDS
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Robbers kill two members in shoot-out with Delta police
Robbers kill two members in shoot-out with Delta police
The spokesperson for the police in Delta State, SP Bright Edafe, has confirmed the death of two robbery suspects in the state.
Mr Edafe, who disclosed this to journalists on Tuesday in Warri, said that the deceased were killed from the bullets shot by their gang members.
According to him, the incident occurred on Wednesday at Effurun, Uvwie Local Government Area of the state.
Mr Edafe explained that the deceased were leading the police surveillance team attached to the Ekpan Division to their hideout when they were caught during a shoot-out.
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“The suspects were arrested at Effurun roundabout with a bag containing 57 live cartridges and other items. They were leading the surveillance team to their hideout at Warri/Sapele road when their gang members, on sighting the vehicle of the police team, engaged them in a shootout.During the gun duel, the arrested suspects that were leading the police team were fatally wounded by the gun shot of their colleagues. The two injured suspects were taken to the hospital and later died while receiving treatment,” he said.
Mr Edafe said that items recovered from the hoodlums hideout included: one English pump action gun, one locally made cut-to-size gun and eight live cartridges.
Others were: six iPhones, Smart phones and a Rolex wrist watch.
He said that the command had intensified manhunt on the fleeing members of the gang.
Robbers kill two members in shoot-out with Delta police
(NAN)
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Akwa Ibom businessman abducted, driver killed, police orderly injured
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