metro
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.”
metro
Four vandalised towers disrupt power supply to Gombe, Yola, Jalingo
Four vandalised towers disrupt power supply to Gombe, Yola, Jalingo
The TCN General Manager, Public Affairs, Ndidi Mbah, disclosed this on Monday in a statement shared on the company’s official X handle, along with pictures of the vandalised towers.
According to the statement, the TCN noted that when the 330kV transmission line tripped, its operators attempted to restore it to service but it tripped again, prompting the dispatch of TCN lines men to trace the line to detect and rectify the fault.
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It said, “While fault tracing, TCN’s engineering crew discovered that towers 288, 289, 290, and 291 were vandalised and that some tower members were carted away. Also, the towers had equally collapsed as a result of the incident. Presently, bulk power supply to Gombe, Yola, and Jalingo substations have been disrupted, affecting bulk power supply to parts of Yola and Jos Electricity Distribution Companies’ franchise areas.’’
The TCN however stated that it was trying to first backfeed Gombe through its 132kV transmission line from Bauchi and subsequently Ashaka, Potiskum, Damaturu, and Billiri/Savannah, to mitigate the effect of the incident on electricity consumers affected by the incident.
The company assured that it would do everything to ensure restoration of electricity to the affected areas, while efforts were made to reconstruct the four vandalised towers.
Four vandalised towers disrupt power supply to Gombe, Yola, Jalingo
metro
Updated: Owner of Abuja Chinese supermarket flees with family
Updated: Owner of Abuja Chinese supermarket flees with family
Cindy Liu Bei, owner of an Abuja-based Chinese supermarket accused of discriminating against Nigerians, has fled the premises with her family.
The facility workers disclosed this on Monday when the officials of the Federal Competition and Consumer and Protection Commission (FCCPC) visited the place.
The supermarket situated at the China General Chamber of Commerce is said to only allow Chinese and not Nigerians to shop there.
This has created an uproar since the development was made public on Sunday.
When the FCCPC team visited on Monday, the workers said Bei, a Chinese lady that owns the facility, left the place in the morning around 8:26am with her family.
This was confirmed on the Closed-Circuit Television (CCTV) camera.
The FCCPC officials subsequently shut the supermarket.
Nigerians had expressed outrage over the discriminatory policy implemented by the Chinese supermarket.
The facility manager of the complex Shaibu Sanusi confirmed that Nigerians from outside the complex were not allowed to shop but only those within could access it.
While the supermarket remains shut, the consumer protection agency felt some people were hiding inside in a bid to avoid confrontation with the agency.
metro
How gunmen killed Babcock university lecturer, abducted two – Police
How gunmen killed Babcock university lecturer, abducted two – Police
The police authorities have confirmed the killing of a lecturer with Babcock University, Ilisan-Remo, in the Ikenne Local Government Area of Ogun State, Yinka Olowojobi.
He was said to have been shot dead by some gunmen at a relaxation centre in the Iperu area of Ogun State.
The spokesperson for Ogun State Police Command, Omolola Odutola, said this in a statement.
She said Odutola, Olowojobi was among three persons shot by the gunmen who invaded Ajadeh Event Centre on Sagamu Road, Iperu, around 9.20pm last Friday.
“The lecturer was taken to Babcock University Teaching Hospital, where he was pronounced dead,” he stated.
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She said about eight men dressed in black and armed with guns emerged from an unknown place into the relaxing lounge and opened fire.
Olowojobi was said to have been shot in the chest for refusing to go with the armed men, while a manager of a car stand, simply identified as Dare and another yet-to-be-identified person were abducted.
“Efforts are underway to apprehend the culprits and rescue the kidnapped victims. Further updates will be provided as the situation develops,” the statement added.
How gunmen killed Babcock university lecturer, abducted two – Police
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