JPMorgan Chase & Co., a foremost bank in the United States, has agreed to identify any bank officials who approved $875 million of transfers to Dan Etete; a former Petroleum Minister in Nigeria.
The development comes after the Nigerian government revealed that some of JPMorgan’s managers expressed concerns over the transfers, Bloomberg reports.
Consequently, lawyers for JPMorgan have resolved at the end of a London court hearing held on Thursday to expose everyone involved in the decisions on the payments.
Bloomberg reports that the trial is expected to commence in early 2022.
The Federal Government had indicted the foreign bank in a lawsuit filed in London. Specifically, the FG had accused it of not carrying out due diligence before transferring the suspicious sums to Dan Etete. The funds were transferred between 2011 to 2013 from government accounts to Dan Etete; who had been convicted of money laundering. Indeed, the FG says JPMorgan ignored a number of red flags while approving the transactions.