The Federal Government’s suit against JPMorgan Chase & Co has been described as a claim with no real prospect of success by Rosalind Phelps, a lawyer for the American multinational investment bank.
The Nigerian government filed a legal action against JPMorgan Chase & Co for the company’s failure to prevent $875 million in corrupt payments. But the lawyer told the UK court to strike out the lawsuit, stating that Nigerian officials approved the transfer of the funds to accounts of former oil minister, Dan Etete.
According to a Bloomberg report, after settling a controversial oil deal in 2011, the money was sent to Malabu Oil & Gas Ltd., a firm controlled by Dan Etete, who’s been convicted of money laundering.
The bank “had no duty to inquire into or investigate the validity or legality of the instructions it received
“The only allegation that’s left is one of negligence.” Rosalind Phelps, a lawyer for JPMorgan, said in court.
Nigeria’s claim against JPMorgan Chase & Co.
JPMorgan was reportedly “on notice” and the bank faced several “red flags” that should have caused it to block the payments, Nigeria stated in its submissions to the court. Adding that the contracts to explore the deep offshore waters of the Gulf of Guinea were tainted by corruption.
The fraud was said to have reached the highest levels of the government of then-President Goodluck Jonathan, who also denied wrongdoing. The bank should have realized it couldn’t trust the senior officials from whom it took the instructions, Nigeria has said.
Shell and ENI’s role in the controversial oil deal
The controversial oil deal — the OPL 245 oilfield — was said to have been signed off to Shell and ENI after both companies allegedly paid bribes to Nigerian officials to the tune of $1.1 billion. The man who is alleged to have received the bribe is former Nigerian Minister of Petroleum, Dan Etete, who reportedly used his company to receive kickbacks from the deal.
Although, Shell and Eni have previously denied any wrongdoing in an Italian criminal case over the block, called OPL 245. The companies said they made the payment into a legitimate government account to settle legal claims related to the block.
JPMorgan Chase is one of the oldest financial institutions in the United States. With a history dating back over 200 years. JPMorgan Chase is a leader in investment banking, financial services for consumers and small businesses, commercial banking, financial transaction processing, and asset management.
The company’s stock is a component of the Dow Jones Industrial Average. With assets of $2.6 trillion, the company has a presence in over 100 markets, with over 250,000 employees serving millions of consumers, small businesses and many of the world’s most prominent corporate, institutional and government clients.
Trump to return to social media with his own platform in 2 months
Over 2 months after he was banned from Twitter, Facebook, others, Donald Trump is working on making a return.
Former US President, Donald Trump, will be back on social media in the near future, over 2 months after he was banned from Twitter, Facebook, and others.
This follows plans by the former President to launch his own social media platform within the next 2 or 3 months.
This disclosure was made by Trump’s Senior Adviser, Jason Miller, on Sunday, March 22, 2021, during a chat with Fox News’ #MediaBuzz.
What Donald Trump’s Senior Adviser is saying
Jason Miller, who was a spokesman for Trump’s 2020 campaign, told the media network that the former President would soon get back to social media space with a new platform of his own that would completely redefine the game.
Miller, while talking to Fox News, said, “I do think that we’re going to see President Trump returning to social media in probably about two or three months here, with his own platform. And this is something that I think will be the hottest ticket in social media; it’s going to completely redefine the game, and everybody is going to be waiting and watching to see what exactly President Trump does.”
Although he did not provide more in terms of details, Miller revealed that Trump had been having high-powered meetings at his Florida resort, Mar-a-Lago, with various teams regarding the venture, and that numerous companies had approached Trump.
Miller said the new platform was going to be big, while also predicting that Trump would draw tens of millions of people.
In case you missed it
- It can be recalled that former President Trump was banned from Twitter after the January 6, attack on the Capitol by his supporters. He was accused of inciting his supporters after he rejected the US Presidential election result which he claimed was a fraud.
- Twitter last week said it would seek public input on when and how it should ban world leaders, saying it was reviewing its policy and considering whether leaders should be held to the same rules as other users.
Tesla investor sues Elon Musk for causing problems with his tweets
An investor in the US electric car maker, Tesla, has sued the company’s founder, Elon Musk over alleged erratic tweets.
Elon Musk, the controversial multi-billionaire is being sued by an investor in his company. Musk is being accused by the investor of unsettling the markets and exposing his investors to high risk with his “erratic tweets”.
Chase Garrity an investor in the US electric car maker, Tesla, has sued the founder of the company for his erratic Twitter messaging which according to him, has exposed the company to high legal risks and billions in price losses.
The 105-page lawsuit was published in the US court of Delaware and it accuses Musk of violating the settlement negotiated with the US Securities and Exchange Commission in 2018.
The lawsuit also includes the entire Tesla board and its supervisory body for not calling Musk to order.
In May 2020 Musk caused a 14 billion dollar loss in market value on a single trading day with a series of unguarded tweets. He tweeted about Tesla’s market value being too high and how he was going to dispose of all physical assets.
The lawsuit stated that any further unbridled tweet from Musk would have dire consequences for Tesla’s future funding opportunities.
What you should know
- Remember Nairametrics posted a story on how Musk tweets once again caused a serious ripple effect in the crypto world. His tweet helped Bitcoin gain $6000. He later invested heavily in Bitcoin.
- Manager Magazine stated that analysts are not comfortable with such a move and view it as some kind of manipulation.
- Musk in April last year posted a joke photo of Tesla going bankrupt. This once again unsettled investors.
- Tesla Management has not released a statement on this fresh lawsuit.
Nairametrics | Company Earnings
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- UACN Property Development Company Plc appoints Ojo Odunayo as new CEO.
- Unilever Nigeria Plc reports a loss of N492 million in Q1 2021.
- Nigerian Breweries publishes names of over 100,000 shareholders who are yet to claim their dividends.
- 2020 FY Results: Sovereign Trust Insurance Plc records a 37% increase in profit after tax.
- CSCS Plc posts profit after tax of N6.93 billion in FY 2020