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Bond Market News
Nigeria Claiming $1.17bn from JP Morgan in Oilfield Deal Lawsuit
February 24, 2022
Nigeria is claiming $1.17bn from JP Morgan in a lawsuit that began hearing in a London high court on Wednesday. The lawsuit is related to a 2011 oilfield deal where majors Shell and Eni bought the offshore OPL 245 oilfield. Nigeria alleged that JP Morgan was “grossly negligent” in transferring proceeds from the deal into an escrow account to a company linked to the country’s former oil minister Dan Etete instead of a government account. The trial will end on April 7 and the decision is expected to take a few months.
Nigeria’s 7.143% 2030s are trading 1.5 points lower this week to trade at 95.22 yielding 7.96%. JP Morgan’s 4.6% Perp traded at 97.88 to yield 3.39%.
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