Tag: JP Morgan

Nigeria’s foreign reserves at an all-time low of $3bn – US firm, JP Morgan reveals

Aminu Imam

Nigeria’s net external reserves declined to an all-time low of $3.7 billion as at the end of last year, according to an August 17 report by American multinational financial services firm, JP Morgan. In its new report, JP Morgan stated: “Based on partial information from the audited financial accounts, we estimate that CBN’s net FX reserves were around US$3.7bn at the end of last year, from US$14.0bn at the end-2021”. In arriving at the estimate, JP Morgan made a few assumptions which include: “FX forwards ($6.84bn), securities lending ($5.5bn) and…

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Judicial Review: UK court authorises SSS victim to seize $21m from CBN account with JP Morgan in New York

Aminu Imam

A court in the United Kingdom (UK) has authorised a British-Nigerian, Louis Williams Emovbira, allegedly abused and defrauded by the State Security Service (SSS) in 1986, to seize $21 million and nearly £20,000 from Nigeria’s central bank account domiciled with the firm, JP Morgan in the United States, according to court filings. By the judgment of Justice Mary Clare Moulder, Mr Emovbira has the UK’s legal backing to approach JP Morgan in New York and seize $21,231,960.74 and £19,763.130 from the Central Bank of Nigeria’s account domiciled in the top…

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