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FG: Our lawyers studying UK’s judgement on oil fraud

The Federal Government has disclosed that its lawyers were still studying the judgment of a United Kingdom Commercial Court that ruled out fraud in the Oil Processing Licence 245 transaction between Nigeria and JP Morgan Chase Bank.

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This was made known on Wednesday by Minister of Information and Culture, Lai Mohammed while answering questions from State House correspondents at the end of the Federal Executive Council meeting presided over by the President Muhammadu Buhari, at the Presidential Villa, Abuja.

He noted that government’s lawyers will study the judgment after which they would decide whether to appeal or not.

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According to report, the Commercial Court of England and Wales, on Tuesday, ruled on the issue in Case No CL-2017-000730 as contained in its 137-paged judgement.

The ruling had stated that the Federal Government lost its $1.7bn claim against banking giant, JPMorgan Chase, over the transfer of proceeds from the sale of OPL 245 in 2011.

The government also suffered a similar fate in March 2021, when its application before a Milan court failed.

The application was for an order compelling ENI and Royal Dutch Shell to pay $1.092bn as an immediate advance payment for damages it was claiming, in one of the oil industry’s biggest-ever corruption cases.

In his reaction to a question on the issue, the minister said: “I also read the judgment on Malabu oil. I think, strangely enough, the judge said we were not able to establish that we lost $1.7bn. But I also read further that the lawyer said that they are studying the judgment and they will take the appropriate step on whether to appeal or not.”

The post FG: Our lawyers studying UK’s judgement on oil fraud appeared first on NEWS.

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