JPMorgan Memo Warned of Nigeria Bribery Risk Days Before Payment – Bloomberg

August 23, 2021

Photographer: NurPhoto/Getty Images
JPMorgan Chase & Co. was warned by its compliance team over the “great risk” of corruption just days before it made the last of three transfers that totaled $875 million to a former Nigerian oil minister.
The internal memo is set to be scrutinized in a London lawsuit brought by the West African nation. The U.S. bank is accused of ignoring red flags when it transferred funds between 2011 to 2013 from government accounts to Dan Etete, who had been convicted of money laundering.

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Nigeria has been caught up in the web of agitation for secession by many citizens, a majority of whom are youths. The Indigenous People of Biafra (IPOB) – a group of young Nigerians in the South East is agitating to break out of the country, some youths in the South West are also calling for a Yoruba Nation.

The Diocese of Anglican Communion, yesterday rose from its 22nd Synod and called for national rebirth, saying that, agitation for break up of Nigeria, were as a result of injustice, Nepotism & Bigotry at the centre. This was also as it said that Nigeria ought not to be poverty capital of the world, when the country is sitting on gold with its abundant resources.