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Nigerian Oil Co. Fights Banks' Suit Over $1.2B Loan

Law360, London (March 12, 2019, 10:54 PM GMT) -- A Nigerian oil and gas company is fighting claims it owes French investment bank Natixis fees from an underwriting agreement for a $1.2 billion loan. In a London court filing, Famfa Oil Ltd. said that it was harmed by the lender's bad advice after it was forced to withdraw from bidding to buy a Petrobras exploration company.

In a defense filing and counter claims submitted Friday in the High Court case, Famfa Oil Ltd. maintained that due to an "unforeseen development" — the Nigerian government's announced partial takeover of one of its oil mining licences — it had to abandon plans...

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