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

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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.

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

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.

 


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Google, UpSkill Universe Relaunch Hustle Academy to Bring Free AI Skills to Africans

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Google and UpSkill Universe, Sub-Saharan Africa’s leading AI and business skills training partner, have announced a major redesign of the Google Hustle Academy programme.

For the first time, the free training initiative is open to everyone, not just business owners. The new curriculum is focused on equipping individuals and entrepreneurs with practical AI skills.

Small businesses are the engine of Africa’s economy, creating over 80% of jobs on the continent. To help them grow, the Hustle Academy was launched in 2022, providing bootcamp-style training on business strategy, digital skills, AI, and leadership. The program has since trained over 18,000 SMEs, with many reporting increased revenue and job creation.

Now, as AI reshapes the job market, the program is evolving. The 2026 edition is built for anyone in Sub-Saharan Africa, including employees, students, and jobseekers, who wants to use AI to advance their career.

To meet the needs of a diverse audience, the new format includes short, 60-minute webinars and more immersive, high-impact bootcamps. These sessions are laser-focused on putting AI to work immediately in areas like digital commerce, marketing, and growth strategy.

Speaking about the academy, Gori Yahaya, Founder & CEO UpSkill Universe said “The 2026 Hustle Academy is designed to close the AI Skills gap with hands-on training that is short, focused, and immediately useful. AI is reshaping how businesses win and how careers are built, right across this continent.

“We’re excited to renew our partnership, now in its fifth year with Google, combining their global AI leadership with our deep regional AI expertise. The next wave of AI leaders will come from this continent. We are making sure they are ready.”

The Hustle Academy initiative has strengthened digital competitiveness across emerging African economies by enabling SMEs to move beyond AI awareness to practical implementation, positioning them for sustained growth in an increasingly AI-driven business environment.

“We believe that the future of Africa’s digital economy lies in the hands of individuals and entrepreneurs alike. Our new strategy focuses on scaling reach by training individuals in the latest AI-centered tools and techniques,” said a Google representative.

 


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Lagos Govt Drags Top Firms to Court Over Billion-Naira Tax Debts

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Lagos State has dragged 45 individuals and firms, including Bi-Courtney Aviation, DAAR Communications and Leaders & Company, to revenue court for tax debts running into billions of naira.

Lagos Govt Drags Top Firms to Court Over Billion-Naira Tax Debts

Lagos Govt

Bi-Courtney, operators of Murtala Muhammed Airport Terminal Two, faces N38.7 million claim; DAAR, behind Africa Independent Television, owes N22.4 million; ThisDay publishers Leaders & Company allegedly skip N67.1 million.

GMT Energy Resources tops corporates at N145.8 million, followed by Sheriff Deputies at N132.1 million; others like Heyden Petroleum, AA Rescue, BRT operator Primero also listed.

Individuals owe N13.5 million to N35 million each.

Attorney-General Lawal Pedro said suits followed ignored notices, aiming to enforce laws and fund infrastructure.

More defendants: IENG Nigeria, James Fisher, V Care Diagnostics, Venture Garden, Saro Africa, Barry Callebaut, Native Media, First Consulting, Eyowo Payments.

Compliant taxpayers post-notice escaped prosecution; defaulters risk penalties, interest, jail.

Pedro urged prompt filings and payments.


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Beware of Fake Cerelac Products – NAFDAC

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National Agency for Food and Drug Administration and Control (NAFDAC) has alerted Nigerians on counterfeit and unregistered Cerelac Mixed Fruits and Wheat products being sold in Lagos.

Beware of Fake Cerelac Products – NAFDAC

NAFDAC said Nestle Nigeria, the genuine Marketing Authorisation Holder of the product, received a complaint of suspected counterfeit purportedly manufactured by Nestlé Spain, bearing Batch Code 308002910.

It said that Nestle Nigeria reported that the complainant described that the counterfeit product emitted an odour suggestive of possible contact with fuel.

NAFDAC said that preliminary review of the product by Nestle Nigeria indicated that it had expired, in spite of the container displaying an expiry date of 10-2026, which suggested that the date coding had been tampered with (revalidated).

Nestle Cerelac Mixed Fruits and Wheat is a nutritious infant cereal, designed to be a delicious first food for infants.

NAFDAC said that its post-marketing surveillance’s directorate officers in Lagos conducted a surveillance visit to Maxland Shopping Centre, 193 Ago Palace, Okota, where the product was purchased by the complainant.

It added that the suspected counterfeit and unregistered Cerelac were found on sale at the premises and subsequently mopped up, while Nestle assisted in identifying the distinguishing features between registered and unregistered product.

According to the regulatory agency, Nestle revealed that the unregistered product used a hyphen (-) to separate the day from the year, while the registered product used a slash (/) to separate the day from the year.

“It is important to note that Nestle Nigeria is not aware of the channels through which the products are supplied into the country.

“Healthcare professionals and consumers are advised to report any suspicion of the sale of substandard and falsified regulated products to the nearest NAFDAC office, call 0800-162-3322, or send an email to [email protected],” NAFDAC said.

The agency warned that counterfeit formula often lacked essential nutrients, vitamins and minerals, leading to stunted growth or developmental issues.

It said that such formula might also contain contaminants that might lead to severe health consequences to infants or even death.

NAFDAC reiterated its commitment to safeguarding public health adding that it would continue surveillance activities to ensure the quality, safety, and efficacy of all NAFDAC-regulated products circulating in Nigeria.

It said that all zonal directors of the agency and state coordinators had been directed to carry out surveillance and mop up the revalidated product, if found within the zones and states.

The agency urged distributors, retailers, healthcare professionals, and caregivers to exercise caution and vigilance within the supply chain, to avoid the distribution, sale, and use of fake products.


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