Malabu OPL245 Scandal: Nigeria sues JP Morgan for $875m over ‘grossly negligent’ payments to money launderer

US banking giant JP Morgan is being sued by the Federal Republic of Nigeria for $875m in the London courts over its alleged failure to block payments made from a massive oil deal that is subject to a string of international corruption investigations.

The Nigerian state quietly issued a civil claim in the High Court in late November, arguing JP Morgan had been “grossly negligent” when it was banker to a previous government.