An agreement was struck under which Malabu would be paid to give up the licence, which would then be sold to Shell and the Italian oil company Eni.
17 Dec 2017
The Nigerian government is suing JP Morgan for $875m (£660m), alleging the Wall Street banking giant acted as the middleman in an illegal oil deal and made payments to a convicted money launderer.
Papers filed with the High Court in London claim that in 2011 the bank transferred money to a company controlled by Dan Etete, a former oil minister in the Nigerian government. He had previously been convicted of money laundering by French courts and is being pursued by Nigerian authorities.