Malabu oil scandal: JP Morgan alleges UK government ordered transfer of $875m to Etete
The Serious Organised Crime Agency (Soca) which is the UK anti-money laundering unit has been accused of ordering the transfer of $875 million to Dan Etete, a former minister of oil in the infamous Malabu oil scandal.
- The UK government anti-corruption unit allegedly ordered payment of $875 million to Dan Etete
- Nigeria had reportedly sued U.S. banking giant, JP Morgan Chase Bank, for the transfer of the fund
- President Buhari has been working towards recovering Nigeria’s funds stashed in foreign countries
The Serious Organised Crime Agency (Soca) which is the UK anti-money laundering unit reportedly ordered the transfer of $875 million to Dan Etete, a former minister of oil in the infamous Malabu oil scandal.
According to Premium Times, this revelation was revealed in High Court documents filed by U.S. banking giant, JP Morgan Chase Bank. The bank filed the claim to counter the massive claim filed by the Federal Government of Nigeria.
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Nigeria had sued the bank for $875 million (N315 billion) in the London courts for allegedly failing to block payments made from the massive Malabu oil deal.
It was alleged that JP Morgan did not act “with the reasonable care and skill to be expected of a bank in compliance with the laws of England and Wales” when it authorised enormous payments resulting from the 2011 oil deal.
This is part of the drive by President Muhammadu Buhari to recover Nigeria’s treasure hidden in other countries.
The bank in its claim said it sought approval from Soca before paying out the fund and was granted approval. Documents reportedly showed that the money was paid in two tranches in 2011 and 2013.
NAIJ.com had reported that Abubakar Malami, attorney general of the federation and minister of justice, has stated that Nigeria was paid the sum of $70 million by the United Kingdom, from the controversial Malabu oil deal.
Malami had announced the sum of $85 million as the money expected to be recovered from the UK in respect of the Malabu deal; and the payment made is short of $15 million.
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NAIJ.com gathers that the minister disclosed that only $70 million was paid because there were deductions made by the British government; however, he stated that the federal government was making issues over the balance.
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Source: Naija.ng