News
Malabu Scam: FG Adds Negligence Claims to $875m JPMorgan Suit

The federal government has added negligence claims to its $875 million London lawsuit against JPMorgan, alleging that the the bank was “grossly negligent” when it purportedly ignored red flags and transferred state funds to Mr Dan Etete, its former oil minister, a convicted fraudster.

Mr Dan Etete
This disclosure was contained in the ruling of London’s high court last week.
The suit, filed in the English courts in 2017 relates to the purchase of the offshore OPL 245 oilfield in Nigeria by oil majors, Royal Dutch Shell and Eni in 2011, which is the subject of an ongoing trial in Milan.
The federal government had filed a claim against the US lender, accusing the bank of negligence in transferring funds from the disputed oilfield deal to a company controlled by Etete.
A spokeswoman for JP Morgan had dismissed the accusation, saying the firm “considers the allegations made in the claim to be unsubstantiated and without merit.”
At the core of the case is a $1.3 billion payment from Shell and Eni to secure the block that the lawsuit said was deposited into a federal government’s escrow account managed by JP Morgan.
The lawsuit said JP Morgan then received a request from the finance ministry to transfer more than $800 million of the funds to accounts controlled by the previous operator of the block, Malabu Oil and Gas, controlled by Etete.
The court papers also alleged that JP Morgan transferred the funds to two accounts controlled by Etete, without sufficient due diligence to make sure the money did not leave the accounts controlled by the federal government.
The court filing, made in London in November last year on behalf of Nigeria, said JP Morgan acted with gross negligence by allowing the transfer of the money without further checks.
It said JP Morgan should have known that under Nigerian law, the money should never have been transferred to an outside company.
“If the defendant acted with reasonable care and skill and/or conducted reasonable due diligence, it would or should have known or at least suspected … that it was being asked to transfer funds to third parties who were seeking to misappropriate the funds from the claimant and/or that there was a significant risk that this was the case,” the court filing said.
Reuters reported that the London court yesterday ruled that the six-week London trial will start on the first available date after November 1 next year, meaning that proceedings may not begin until 2022.
JP Morgan declined to comment yesterday.
But a lawyer for the American multinational investment bank, Rosalind Phelps, described the federal government’s suit against the bank as a claim with no real prospect of success.
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,” Phelps, had told the court.
As part of the proceedings, JP Morgan will also have to disclose within 21 days which individuals at the bank made the final decision to transfer the funds in question.
“Nigeria is pleased that JP Morgan has agreed it will now confirm all the senior figures at the bank who were involved,” Reuters quoted a spokesman for the Nigerian government on this case, as saying.
“This claim will move forward and Nigeria will hold JP Morgan accountable for its central role in the OPL 245 fraud,” the report said.
The damages sought by Nigeria include the monies allegedly sent to Etete, around $875 million paid out in three instalments, plus interest taking the total to $1.7 billion.
The decision is also likely to compel the bank to disclose details of its internal processes. JP Morgan sought to quash the case last year.
The Milan trial began in 2018.
In July 2020, Italian prosecutors asked a Milan court for Eni and Shell to be fined and some of their present and former executives, including Claudio Descalzi, Eni CEO, to be jailed.
They further requested Eni and Shell to be fined 900,000 euros ($1.06 million) each and sought to confiscate a total of $1.092 billion from all the defendants in the case, the equivalent of the bribes alleged to have been paid.
Final defence arguments from lawyers representing Shell, Eni and its executives are being made to the court.
The next hearing is scheduled for November 25.
News
Moniepoint Launches Second Cohort of DreamDevs Initiative to Double Down on Africa’s Tech Talent Pipeline

Moniepoint Inc, Africa’s leading digital financial services provider, has announced the opening of applications for the second cohort of its flagship DreamDevs initiative, a transformative program designed to bridge the tech talent gap in Africa by equipping recent graduates with industry-ready skills and real-world experience.

With applications open to graduates across Nigeria, DreamDevs is designed as a national talent search for the next generation of world-class engineers. Each year, just 20 high-potential candidates are selected into an intensive bootcamp, with the strongest performers progressing into internship and full-time roles at Moniepoint. Last year’s cohort delivered four hires – three interns and one full-time engineer – validating the programme’s role as a high-impact talent pipeline.
Targeting graduates from technology, computer science, engineering, and related fields with foundational programming knowledge in HTML, CSS, and JavaScript, DreamDevs offers a rigorous nine-week boot camp that immerses participants via hands-on training from leading software engineers. Standout performers will secure six-month internship placements at Moniepoint, with potential progression to full-time employment based on performance.
“The results from our first cohort validated our belief that with the right training and support, Africa’s young tech talent can compete globally,” says Felix Ike, Co-Founder and Chief Technology Officer at Moniepoint Inc. “This year, we’re doubling down on our commitment by aiming to convert half of our participants into full-time employees. For us, DreamDevs is all about creating sustainable career pathways that drive Africa’s digital economy forward.”
The initiative aligns with Moniepoint’s broader vision of using technology to power the dreams of millions and engineer financial happiness across Africa. It complements the company’s existing talent development programs, including HatchDev – a collaboration with NITHub Unilag that produces 500 specialised developers annually across software engineering, intelligent systems, and IoT/embedded systems as well as its hugely popular, Women-in-Tech which is now in its fifth year.
The initiative is also in tandem with the Federal Government’s 3 Million Technical Talent (3MTT) programme, for which Moniepoint serves as a key sponsor. While the 3MTT programme focuses on mass technical skills training across Nigeria, DreamDevs provides a specialised pathway that takes graduates from foundational training through to employment, creating a complete talent development ecosystem.
“We’re proud to support the government’s vision of building three million technical talents while also creating direct employment opportunities through initiatives like DreamDevs. This multi-faceted approach ensures we’re contributing to national goals while simultaneously addressing our industry’s immediate talent needs.
“By investing in young people and providing them with practical experience, startup incubation support, and product development opportunities, we are not only creating high-impact jobs and driving sustainable economic growth across the continent,” Ike said.
For Victor Adepoju, a member of the first cohort and now a Backend Engineer at Moniepoint, “The organisation of the program was top-notch. The training covered a wide range of topics and provided a solid foundation I could continue to build on. I learned a great deal about cloud technologies, particularly Google Cloud Platform. The program also emphasised valuable soft skills, including planning, organisation, and prioritisation, which have been very useful in my day-to-day work.”
Selection will be based on technical aptitude, learning potential, and alignment with Moniepoint’s values of innovation and excellence. Interested and qualified recent graduates are encouraged to apply before the January 20th deadline via the official portal at dreamdevs.moniepoint.com.
News
Nigeria, Others Lag Behind as Egypt Tops Africa in AI Readiness

Nigeria and other Sub-Saharan Africa countries rank ninth out of nine global regions as Egypt has emerged as Africa’s leading country in artificial intelligence readiness, ranking first on the continent and 51st globally in the 2025 Government AI Readiness Index published by Oxford Insights.

The impressive ranking has been lauded as underscoring North Africa’s growing influence in the global AI race.
According to Egypt’s Ministry of Communications and Information Technology (MCIT), the country scored 57.5 points out of 100, climbing 14 places from 65th in 2024.
The Nile nation also ranked fourth in the Middle East and North Africa (MENA) region, behind Saudi Arabia, Israel and the United Arab Emirates.
The Oxford Insights index assesses 195 governments using 69 indicators across six pillars, including policy capacity, governance, AI infrastructure, public sector adoption, development and diffusion, and resilience.
Egypt topped the Policy Capacity pillar globally with a perfect score of 100, tying with the UK, Serbia and Australia, an indicator of strong national AI policymaking and institutional readiness.
Oxford Insights noted that countries such as Egypt are “expanding the use of AI across national priorities while shaping policies to strengthen domestic AI ecosystems,” although gaps in infrastructure and talent development remain in some contexts.
MCIT minister Amr Talaat attributed Egypt’s strong performance to deliberate government action.
“This achievement reflects our efforts to integrate artificial intelligence into public services and accelerate digital transformation through Egypt’s second National AI Strategy. We are positioning Egypt as a regional AI hub while ensuring AI delivers real economic and social value,” he said.
Launched for 2025–2030, Egypt’s National AI Strategy targets sectors such as healthcare, justice and public administration, while aiming to train 30 000 AI specialists by 2030 and raise AI’s contribution to GDP to 7.7%.
Talaat also highlighted Egypt’s cybersecurity credentials when he highlighted that the country ranked among the top 12 globally in the ITU’s Global Cyber security Index.
Regionally, the results expose sharp contrasts across Africa. Sub-Saharan Africa ranks ninth out of nine global regions, with an average score of 28.04, reflecting persistent gaps in AI infrastructure and public sector adoption.
However, countries such as Kenya, South Africa, Mauritius and Nigeria lead the sub-region, while Rwanda and Ethiopia are gaining momentum through innovation hubs and policy reforms.
In contrast, the MENA region ranks fifth globally, buoyed by significant investment in AI infrastructure and policy capacity, particularly in Gulf states.
News
SERAP Sues INEC Over Alleged ₦55.9Bn Election Funds Diversion

Socio-Economic Rights and Accountability Project (SERAP) has dragged the Independent National Electoral Commission (INEC) to court over the alleged failure to account for ₦55.9 billion reportedly meant for the procurement of election materials for the 2019 general elections.

The grave allegations are documented in the latest annual report published by the Auditor-General on 9 September 2025.
In the suit number FHC/ABJ/CS/38/2026 filed last Friday at the Federal High Court in Abuja, SERAP is seeking: “an order of mandamus to direct and compel INEC to account for the missing or diverted N55.9 billion meant to buy smart card readers, ballot papers, and other election materials for the 2019 general elections.”
SERAP is also seeking: “an order of mandamus to direct and compel INEC to disclose the names of all contractors paid the N55.9 billion for the procurement of smart card readers, ballot papers, result sheets, and other election materials for the 2019 general elections, including the names of their directors and shareholders.”
In the suit, SERAP is arguing that: “INEC must operate without corruption if the commission is to ensure free and fair elections in the country and uphold Nigerians’ right to participation.”
SERAP is also arguing that, “INEC cannot ensure impartial administration of future elections if these allegations are not satisfactorily addressed, perpetrators including the contractors involved are not prosecuted and the proceeds of corruption are not fully recovered.”
According to SERAP, “INEC cannot properly carry out its constitutional and statutory responsibilities to conduct free and fair elections in the country if it continues to fail to uphold the basic principles of transparency, accountability and the rule of law.”
SERAP is also arguing that, “These allegations also constitute abuse of public office and show the urgent need by INEC to commit to transparency, accountability, clean governance and the rule of law.”
SERAP also said, “Allegations of corruption in the supply of smart card readers, ballot papers, result sheets and other election materials directly undermine Nigerians’ right to participate in elections that are free, fair, transparent, and credible.”
The lawsuit filed on behalf of SERAP by its lawyers, Kolawole Oluwadare, Kehinde Oyewumi, and Andrew Nwankwo, read in part: “These grim allegations by the Auditor-General suggest a grave violation of the public trust, the Nigerian Constitution 1999 [as amended] and international anticorruption standards.”
“According to the recently published 2022 audited report by the Auditor General of the Federation (AGF), the Independent National Electoral Commission (INEC) ‘irregularly paid’ over N5.3 billion [N5,312,238,499.39] ‘to a contractor for the supply of Smart Card Readers for the 2019 general elections’.
“The contract was awarded without prior approval from the Bureau of Public Procurement (BPP) and the Federal Executive Council. The payment was also ‘made without any document. There was no evidence of supplies to the commission.’”
E-Financial2 days agoWema Bank Upgrades ALAT Banking App
General News2 days agoFirm Launches AI-powered Platform to Simplify New Tax Laws
Telecom2 days agoX Suspends Twitter Account for Rules Violation
E-Business2 days agoStudy Reveals 88.5% of Phishing Attacks Focus on Stealing Account Credentials
News2 days agoNigeria, Others Lag Behind as Egypt Tops Africa in AI Readiness
General News1 day agoPalmPay, Premier Cool to Reward 10,000 Nigerians with ₦100m in “10k for 10k Campaign”
E-Business1 day agoKaspersky Warns Telecom Threats from 2025 will Carry into 2026 as New Technology Adds New Risk
E-Financial1 day agoEcobank Joins Trillion-naira Club for the First Time in 20 Years



















