An appeals court in Milan, Italy has rejected Nigeria’s $1.1 billion compensation request against Italian energy group Eni and British oil and gas company Shell in civil proceedings relating to the controversial Malabu oil deal.
Reuters reports that the court decision was read out on Friday.
Recall that in June, Nigeria lost its $1.7 billion claim against JP Morgan Chase Bank over the transfer of proceeds from the sale of OPL 245 in the controversial Malabu oil deal.
Judge Sara Cockerill ruled that the Nigerian government couldn’t show that it had been defrauded in the case.
In the suit, Nigeria is claiming more than $1.7 billion for the bank’s role in the controversial deal. Nigeria also alleges that JP Morgan was “grossly negligent” in its decision to transfer funds paid by oil giants Shell and Eni into an escrow account controlled by a former Nigerian oil minister, Dan Etete.
