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Tag: Benedict Peters

  • Benedict Peters’ song of victory

    Benedict Peters’ song of victory

    Benedict Peters is a prominent pan-African magnate in the mining and hydrocarbons sectors, with his net worth estimated between $3 and $7 billion. His extensive and diversified portfolio encompasses operations in a multitude of countries, including Ghana, Nigeria, Zimbabwe, the Democratic Republic of Congo, Zambia, Tanzania, Mozambique, Côte d’Ivoire, Sierra Leone, Guinea-Bissau, Namibia, Libya, South Africa, and Switzerland.

    Despite his significant wealth, Peters is known for his aversion to media attention and maintains a relatively low public profile. His foray into the oil and gas industry began in the early 1990s, when he joined Ocean and Oil Limited (now known as Oando) and MRS Oil Nigeria Plc, ultimately serving as managing director. In 1999, he founded Sigmund Cummunecci, which later transformed into Aiteo. Under his leadership, Aiteo grew into a leading global supplier of refined oil and gas products and established itself as Africa’s foremost independent indigenous oil producer.

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    In 2016, at the request of the then Federal Government, Peters faced a legal battle when the UK’s Crown Prosecution Service (CPS) imposed restraining orders on three properties and several bank accounts in London that were linked to him. The CPS claimed these assets belonged to Diezani Alison-Maduekwe, the former Nigerian Minister for Petroleum, alleging that she had used the properties for meetings during her visits to the UK. However, this assumption was based on circumstantial evidence rather than definitive proof.

    The case dragged on until mid-2024, when the CPS’s shifting arguments came under scrutiny in court. Judges overturned the restraining orders, citing a complete lack of evidence connecting the properties to the former minister. With the ruling in his favour, Peters not only reclaimed his assets but also experienced a vindicating moment, asserting that he had the last laugh in this legal saga.

    Despite the challenges he has faced, Peters is known for his philanthropic spirit and dedication to helping those in need. Sources indicate that, even after the incident, he continues to provide financial assistance wherever possible. The legal turmoil has not diminished his commitment to philanthropy, and he remains steadfast in his desire to contribute positively to society whenever the opportunity arises.

  • Benedict Peters: How envy-fuelled fiction tried—and failed!

    Benedict Peters: How envy-fuelled fiction tried—and failed!

    The tides of history have a way of singling out men whose visions are too grand to be confined within borders. Indeed, like an indefatigable mariner, Benedict Peters rides the storms, bolstered by a tenacious spirit and mulish resolve to excel and arrive with his dreams intact, on pliant coasts. Today, that unyielding spirit of his has paid off. It has seen him through the teething and oft tumultuous stages of the cut-throat world of global commerce till he emerged unhurt and stronger in spirit and resolve like a champ.  

    Yet, from the pit of envy, some have chosen to forge a false crown of controversy for a man whose very life’s work is founded on service, not scandal.

    Benedict Peters does not trade in noise. He builds—quietly, consistently, powerfully. He builds bridges between nations, breathes life into economies, and etches his legacy not in the temporary ink of media spin but in the iron permanence of infrastructure, investment, and human impact. Still, mischief masquerading as media seeks to reduce this African lion to a footnote of sensationalism.

    Let it be said without stammer: the tales being peddled around are not revelations; they are distortions. They are not journalism; they are echoes from a chamber of resentment. This is not scrutiny; it is sabotage. And this, this very moment, demands the loud clarity of truth and the lyrical audacity of justice.

    For Peters is no stranger to trials. Like the oil his empire refines, he has endured pressure, fire, and filtration. And what has emerged is a man as rare as platinum, as steady as an African sunrise—an unflinching symbol of what African capital can become when wielded with vision, integrity, and grace. Let those who misunderstand greatness learn quickly: Benedict Peters is not the problem. He is the promise.

     Beyond the Frantic Melodrama 

    Recent reports circulating within the Ghanaian media ecosystem have attempted, with unfortunate vigour, to paint Benedict Peters in hues of controversy. Chief among these accusations is a tale of his supposed arrest over an alleged deployment of an “armed militia” that obstructed access to a luxury estate near the Jubilee House in Accra. This sensational claim is not only false but wholly unfounded.

    Veteran journalist and Ovation Publisher, Chief Dele Momodu, swiftly and courageously addressed the issue, describing it as an “overblown story”—a caricature of reality. Having spoken directly with Peters, Momodu affirmed that no arrest took place. Instead, what transpired was a moment of misunderstanding, promptly and professionally handled by Ghanaian authorities.

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    Let us be clear: Benedict Peters is not a man of violence. The notion that he would deploy an armed militia is as ridiculous as it is repugnant. Like many distinguished global figures, Peters employs private security for personal safety—none of whom carry arms. In a world where even musicians and movie stars are flanked by bodyguards, it is absurd to vilify a high-profile businessman for doing the same.

    What, then, fuels these attacks? The answer lies not in truth but in envy.

    Interestingly, however, Peters’ businesses provide jobs, pay taxes, and bolster the nation’s energy and economic sectors. His investments are not shackled to politics; they are tied to people—Ghanaian workers, families, communities. To question his presence is to undermine Ghana’s own progress.

     Luxury, Security and the Narrative of Witch-Hunt

    Another thread in the fabric of falsehoods concerns Peters’ lifestyle—particularly claims that he owns over 20 luxury cars. Yet, for a man who has built multi-billion-dollar enterprises across continents, what is a convoy but a small symbol of his success?

    We must resist the impulse to criminalise affluence, especially when it is achieved through diligence, intellect, and the honest grind of enterprise. Peters’ wealth is not stolen; it is sown—across oilfields, business ventures, and economic partnerships. To own luxury cars is not a crime; to lie about a man’s character to suit petty narratives is.

     A Visionary Builder, Not a Villain

    Benedict Peters is not an invader, but an investor. He is not a threat, but a thriving thread in the fabric of African economic renaissance.

    As founder of Aiteo Group, Peters has transformed the energy sector in Nigeria nay Africa. His influence is not confined to balance sheets, but flows into the veins of economies—reviving infrastructures, enabling industrial growth, and empowering the continent’s workforce. His contributions to Ghana’s economic vitality are tangible, traceable, and tremendous.

    To cast aspersions on Benedict Peters is to cast shadows on a continent in dire need of light-bearers. His story is not one of scandal, but of success. From humble beginnings, he has risen to become a symbol of African ingenuity and resilience—a beacon of what is possible when bold dreams meet honest work.

    In a time when Africa must rise above dependency and mediocrity, men like Peters offer more than business acumen—they offer blueprints for transformation. He is not merely an African businessman; he is a continental luminary, a citizen of humanity, and a custodian of tomorrow’s promise.

  • BUSINESSMAN OF THE YEAR 2018: BENEDICT PETERS: Oil billionaire and African sports giant

    THE 21st century has been remarkable in many aspects. It witnessed the rise of a global economy and increase in power of private enterprise that gives individuals power to create wealth.

    It is a century where visionary men dared and built businesses from scratch to conglomerates. These are men that succeeded where others feared to try. These few men that controlled the economic power of this age had their roots in technology, energy, banking and even sports.

    Benedict Peters, billionaire businessman and Founder/ Executive Vice Chairman Aiteo Group, is one of such men. With over  30 years of experience in the oil and gas industry, where he has held a number of executive and senior management positions, Peters has grown Aiteo  Group to one of Africa’s fastest-rising energy leaders.

    As of November 2014, Peters had an estimated net worth of $2.7 billion. He is ranked by Ventures Africa as the 17th richest person in Africa and the seventh richest person in Nigeria. The fast-rising oil and gas conglomerate under Peters is delivering Africa’s energy future and fast-tracking its self-sufficiency plan.

    In 2014, Aiteo acquired a controlling stake in Oil Mining Lease (OML) 29 and the Nembe Creek Trunk Line (NCTL) in the Eastern Niger Delta from Royal Dutch Shell Plc. The OML 29 is a large block located in the southeastern Niger Delta. It contains 11 oil and gas fields. The 983-square-kilometre OML 29, onshore in the Niger Delta region, is the site of Nigeria’s first-ever commercial discovery in 1956 at the Oloibiri Oilfield.

    Peters, who is keen on cleaner energy sources, is also rapidly diversifying with his founding of Aiteo Power, where he is the chairman. He leads the Aiteo Consortium and EMA Consortium which has won separate bids to acquire three power generating companies and will be building a 100,000 barrel refinery in Warri, Delta State.

    At inception, Aiteo had centered its operation in the downstream sector of the Nigerian oil and gas industry. It later diversified into a formidable conglomerate that spread its tentacles across the entire value chain. “I pushed my group to start thinking outside the box and told them that it was time to develop more capacity across the entire value chain and that it was time to now play in the Exploration and Production (E&P) sector and not just be leaders in the downstream sector,” Peters said during an interview.

    In 2015, his oil and gas subsidiary, Aiteo Eastern Exploration and Production Company Limited (AEEPCo), won the bid for the largest onshore block in sub-Saharan Africa (OML 29) at US$2.85 billion from Oil Major, Shell following divestment of some of its onshore assets.  Aiteo got the operatorship of a major crude evacuation pipeline.

    Subsequently, Peters utilised the firm’s local content capacity to raise production from 23,000 barrels per day (bpd) to 70,000bpd. In 2018, the company hit a peak production of 100,000 bpd as the largest indigenous producer. The billionaire oil magnate plans to inject US$4.3 billion into the acquisition of additional offshore assets. He also wants to increase oil production capacity to 250,000 bpd in the short term.

    The Aiteo Group boss has since expanded his businesses, extending transformational operations to various countries across Africa and beyond. This includes existing and prospective business operations in Congo, Ghana, Guinea, Liberia, Nigeria, Zambia, Zimbabwe, and offices in Geneva, London and Paris.

    With the aim to provide African industries with the raw materials to advance cleaner energy sources, technology and innovation, he is involved in copper and cobalt production in some parts of Africa.

    He has also invested heavily in floating solar energy power projects within the sub-Saharan region. Aiteo’s downstream business, which is the pioneer subsidiary in the group, is also still very active. Its services across borders include bulk petroleum products storage and trading, marketing and distribution of refined products.

    Through another of his companies, he is exploring the gas-to-power technology to develop a pipeline of power generation projects, leveraging on the available gas resources from his upstream business. He has made some progress, emerging as the preferred bidder for some power generation plants.

    In 1990, Peters co-founded Ocean and Oil, which was the largest privately-owned energy company in Nigeria. It was later renamed Oando. In 1994, Peters went on to serve as Managing Director at MRS Oil and Gas, a Nigerian petroleum company that owns Chevron/Texaco gas stations in West Africa.

    After leaving MRS in 1999 to start his own business, Peters in 2000 founded Sigmund Cummenicci – a company that would focus on downstream oil and gas activities, beginning with tank farms.

    Sigmund Cummenicci’s initial success was followed by a shake-up in the economic markets, leading Peters to restructure the business. He formed the Aiteo Group in 2008, a decade ago. The company has grown rapidly, and not only employs thousands of workers but is also strengthening Nigeria’s capacity to manage its natural resources.

    This billionaire-businessman’s target is to improve Nigeria’s infrastructure and economy by offering multifaceted power solutions that include mining, extraction, production, processing, manufacturing and marketing.

    His vision for the Aiteo Group is built on an integrated business approach that combines many aspects of the energy industry to provide an extensive solution and add value to the resources sector. Under Peters’ leadership, Aiteo Group has created more than 11,000 job opportunities and continues to grow and expand into new fields.

    Beyond the business world, Peters’ support for African football has been massive. He has carved a

  • High Court quashes EFCC’s declaration of Benedict Peters as ‘wanted’

    •Orders removal of declaration from website

    A High Court sitting in Abuja has quashed the declaration of Executive Vice Chairman of Aiteo, Benedict Peters, as ‘wanted’ by the Economic and Financial Crimes Commission (EFCC).

    In a March 22, 2017 judgement, the court said the anti-graft agency had no power to declare Peters or anyone ‘wanted’ without a court order.

    This was in response to a suit by Peters, accusing the EFCC of declaring him wanted on its website without following due process.

    As affirmed by the court, “Peters has never been charged with, nor tried for any criminal offence in any Court, nor has he ever jumped bail for any offence howsoever in Nigeria and so cannot be declared wanted by administrative fiat, without any prior order or leave of Court.”

    The judgment by Justice Othman Musa said: “The very act of declaring the Applicant (Benedict Peters) wanted on the official website of the first Respondent (EFCC) without any prior order or leave of a Court of competent jurisdiction to that effect is unlawful, illegal, wrongful, ultra vires, unconstitutional and constitutes a flagrant violation of the Fundamental rights of the applicant to personal liberty, private and family life, freedom of movement and right to not be subjected to inhuman treatment and degrading treatment as guaranteed under Section 34, 37, 41 and 46 of the 1999 Constitution (As amended) and Articles 2, 3(1) and (2), 4, 5, 6, 7, and 12(1) of the African Charter on Human and Peoples’ Rights (Ratification and Enforcement) Act 2004.”

    On August 15 2016, Peters was declared wanted by EFCC without an order of Court and in the absence of a valid charge in a Court of law. The said declaration was published in some newspapers, online medium, and EFCC’s official website.

    EFFC said Peters was summoned on severally before he was declared wanted. However, evidence presented in court showed that Peters was out of the country on health grounds and this was communicated to EFCC by his legal representatives and so he requested for a rescheduling.

    But a day before his court appearance, armed men and policemen, at the behest of EFCC, invaded his company premises and arrested some people.

    EFCC’s claimed it acted based on an arrest warrant issued by a Magistrate Court.

    After scrutinising the contents of the document constituting the warrant, the Judge discovered that the document was dated August 5 2016, suggesting that it was made or signed by the issuing Magistrate on that date. But, curiously, EFCC endorsed it as having been received on August 4, 2016, at 10.32am.

    This inconsistency flawed EFCC’s defence and Justice Othman Musa said:

    “I am left with no option but to conclude that the first respondent (EFCC) has presented to this Court an absurd and unimaginable case of receiving a signed document a day before it was actually signed. I am afraid such a thing is not possible in our physical world. Perhaps, it is possible in the spirit world. This renders the circumstances surrounding the procurement of this document doubtful.

    “Since EFCC’s declaration was not within the ambit of the laws, and did not comply with the conditions precedent to the said declaration, the court dismissed the case thus:

    -An order is hereby made directing the first respondent (EFCC) to remove from its website the purported declaration made against the applicant forthwith.”

     

  • High Court quashes EFCC’s declaration of Benedict Peters as ‘wanted’

    •Orders removal of declaration from website

    A High Court sitting in Abuja has quashed the declaration of Executive Vice Chairman of Aiteo, Benedict Peters, as ‘wanted’ by the Economic and Financial Crimes Commission (EFCC).

    In a March 22, 2017 judgement, the court said the anti-graft agency had no power to declare Peters or anyone ‘wanted’ without a court order.

    This was in response to a suit by Peters, accusing the EFCC of declaring him wanted on its website without following due process.

    As affirmed by the court, “Peters has never been charged with, nor tried for any criminal offence in any Court, nor has he ever jumped bail for any offence howsoever in Nigeria and so cannot be declared wanted by administrative fiat, without any prior order or leave of Court.”

    The judgment by Justice Othman Musa said: “The very act of declaring the Applicant (Benedict Peters) wanted on the official website of the first Respondent (EFCC) without any prior order or leave of a Court of competent jurisdiction to that effect is unlawful, illegal, wrongful, ultra vires, unconstitutional and constitutes a flagrant violation of the Fundamental rights of the applicant to personal liberty, private and family life, freedom of movement and right to not be subjected to inhuman treatment and degrading treatment as guaranteed under Section 34, 37, 41 and 46 of the 1999 Constitution (As amended) and Articles 2, 3(1) and (2), 4, 5, 6, 7, and 12(1) of the African Charter on Human and Peoples’ Rights (Ratification and Enforcement) Act 2004.”

    On August 15 2016, Peters was declared wanted by EFCC without an order of Court and in the absence of a valid charge in a Court of law. The said declaration was published in some newspapers, online medium, and EFCC’s official website.

    EFFC said Peters was summoned on severally before he was declared wanted. However, evidence presented in court showed that Peters was out of the country on health grounds and this was communicated to EFCC by his legal representatives and so he requested for a rescheduling.

    But a day before his court appearance, armed men and policemen, at the behest of EFCC, invaded his company premises and arrested some people.

    EFCC’s claimed it acted based on an arrest warrant issued by a Magistrate Court.

    After scrutinising the contents of the document constituting the warrant, the Judge discovered that the document was dated August 5 2016, suggesting that it was made or signed by the issuing Magistrate on that date. But, curiously, EFCC endorsed it as having been received on August 4, 2016, at 10.32am.

    This inconsistency flawed EFCC’s defence and Justice Othman Musa said:

    “I am left with no option but to conclude that the first respondent (EFCC) has presented to this Court an absurd and unimaginable case of receiving a signed document a day before it was actually signed. I am afraid such a thing is not possible in our physical world. Perhaps, it is possible in the spirit world. This renders the circumstances surrounding the procurement of this document doubtful.

    “Since EFCC’s declaration was not within the ambit of the laws, and did not comply with the conditions precedent to the said declaration, the court dismissed the case thus:

    -An order is hereby made directing the first respondent (EFCC) to remove from its website the purported declaration made against the applicant forthwith.”

     

  • ‘EFCC can’t declare anyone wanted without court’s permission’

    A High Court of the Federal Capital Territory (FCT) has held that the Economic and Financial Crimes Commission (EFCC) lacks the powers to declare anyone wanted without first obtaining a court order.

    Justice Othman Musa said in a judgment on Thursday that the EFCC could declare wanted anyone who failed to honour its invitation but the power could only be exercised after it has obtained a court order to that effect.

    Justice Musa’s judgment was on a fundamental rights enforcement suit filed by the Chief Executive Officer of AITEO Group, Benedict Peters.

    In the suit marked: FCT/HC/CV/23/2017, Peter accused EFCC of declaring him wanted on its web site without due process.

    The suit had EFCC and the Attorney General of the Federation (AGF) as respondents.

    He said the decision of the EFCC to declare him wanted without a pending charge or a valid court order to that effect was a violation of his fundamental rights.

    The EFCC said Peters was being investigated over his alleged involvement in the 2015 election bribery.

     

  • A SPECIAL PUBLICATION ON NIGERIA’S BUSINESS ICONS(1):Benedict Peters: Business Magnate with a Difference

    A SPECIAL PUBLICATION ON NIGERIA’S BUSINESS ICONS(1):Benedict Peters: Business Magnate with a Difference

    Self-effacing and generally indifferent to publicity, Benedict Peters is a beacon of the Nigerian oil and gas industry and is now commonly mentioned among Africa’s most successful corporate leaders.

    A notable advocate for local content participation in the industry, his primary vision is to transform Nigeria’s economy through deploying cutting-edge, multi – faceted energy solutions.

    Aiteo Group, his company founded in 1999, has adopted this integrated business approach that seeks to continually add value to the nation’s petroleum resources sector, with considerable success.

    Benny Peters, as he is fondly called, has confounded common understanding by consistently pushing the boundaries with innovative ideas driven by commitment and world class professionalism. Under his leadership, Aiteo Group has witnessed phenomenal growth and has now become Nigeria’s pre-eminent energy conglomerate, with interests in various segments of the energy spectrum especially in the oil and gas industry. Subsidiaries operating nationwide -defining interventions in various areas of the energy space, have occurred through Aiteo Exploration and Production, Aiteo Gas, Aiteo Power, Aiteo Trading and Aiteo Marketing.

    Under Benedict Peter’s leadership, Aiteo acquired OML 29, reputedly Shell’s biggest onshore producing asset in Africa following a keenly contested world-class bid.  On assumption of operational control in September 2015, Aiteo grew the facility’s production output from 23,000bpd to a record 90,000bpd within one year by innovation, professionalism and attention to the needs of the host community. Aiteo’s take-over of Shell’s OML 29 has not only generated over 11,000 job opportunities, but also reinforces Aiteo’s position as a leading indigenous oil and gas company with prospects to become a major global player in the medium-to-long term.

     

    Proudly Nigerian

    As a firm believer in Nigeria, Benedict Peters has steered the Group’s strategic focus towards boosting the country’s overall financial capacity. Aiteo’s strategic strides have contributed Foreign Direct Investment (FDI) worth over US$4 billion to the Nigerian economy.

    Benedict Peters is continually diversifying his investments in Nigeria to stimulate national development. This audacious approach led to Aiteo Group’s expansion into the power sector, an initiative that has seen it commit to the ambitious objective of developing a pipeline of power generation projects that will tackle Nigeria’s perennial power challenges. These include successful participation in various bids for the NIPP owned generation companies, transactions that will significantly change the electricity skyline of Nigeria upon completion.

    Evidently, Peters continues to inspire millions of Nigerian entrepreneurs who look to model his accomplishments in achieving global excellence and impacting society.

    Career, History and Leadership

    With over 30 years’ cognate experience in the Nigerian oil and gas industry, Benedict Peters has established a profile as Nigeria’s pre-eminent oil and gas and energy tycoon. With an estimated net worth of US$2.7 billion, Peters was ranked by Ventures Africa as the 17th richest person in Africa as at November 2014. His business interests now span commodity trading, banking, mining, agriculture and exploration and production.

    An astute leader with many years of experience in business, Benedict Peters values employee satisfaction. He has impacted his workforce by drawing especially from lessons from a personal perspective.  This influence, infused into his philosophy, has meant he has committed to creating other leaders by investing in their professional growth through career development initiatives, health and well-being programmes, volunteering opportunities and a prominent emphasis on professional training. Across the Group, Aiteo employees are roundly equipped, not only to excel in their roles within the Group, but also to explore, internally, new career opportunities.

     

    Sustainability and Philanthropy

    Passionate about football development, not just in Nigeria but across Africa, Benedict Peters’ interest has translated to Aiteo adopting football sponsorship as one of its core Corporate Social Responsibility (CSR) initiatives. In April 2017, Aiteo announced a five-year partnership agreement with the Nigeria Football Federation (NFF) worth an estimated N2.5billion. This partnership saw the Group emerging as the NFF’s Official Optimum Partner and funding the salaries of coaching staff of the main national team, the Super Eagles, a move which is believed by many as the singular most important factor that led to Nigeria’s emergence as the first African nation to qualify for the FIFA World Cup in Russia.

    In June 2017, Aiteo followed up this sponsorship with a fresh N2.5billion agreement to underwrite the cost of the Federation Cup, now renamed Aiteo Cup. In October 2017, Benedict Peters took his philanthropy and corporate social investment beyond Nigeria’s borders when

    Aiteo announced a partnership agreement with the Confederation of African Football (CAF), to sponsor the Annual CAF Awards 2018. The event, now called the AITEOCAF Awards, honours footballers who have made outstanding contributions to the development of football development on the continent.

    Mr. Peters and Aiteo have also made generous donations to the Adamawa State Emergency Management Agency to help tackle the acute problem of Internally Displaced Persons. At the close of 2015, statistics showed there were over two million internally displaced persons in Nigeria experiencing extreme poverty and challenging living conditions. The severity of this increasing national problem, prompted Benedict Peters and Aiteo to make generous donations to the IDPs in the state and to encourage fellow business people to respond to this national calamity.

    Under Mr. Peters’ leadership and guidance, the Aiteo Group has elevated to the forefront, the circumstances of its host communities and prosecuted a prominent campaign to share economic benefits by providing work opportunities, offering training programmes and supporting local businesses. It has also focused its community interventions on improving educational standards of the local communities, contributing to Nigerian arts and culture, and developing political awareness.

    Beyond the corporate world, Mr. Peters is also involved in several impactful community development initiatives. He is deeply respectful of the rich and diverse culture of Africa in which his companies operate and considers communication and co-operation with the members of those cultures vital to sustainable economic prosperity.  As such, he makes regular donations to charities and to a large number of churches, as well as a number of social investment projects.

    In July 2014, Benedict Peters founded the Joseph Agro Foundation which is focused on improving the lives of rural farmers with tools that can ensure their economic success.  The Foundation supports employment initiatives that improve Nigeria’s school system, while also running a number of awareness programmes to promote responsible water consumption amongst farmers.

  • Benedict Peters’ earnings, assets legitimately acquired – Court

    Benedict Peters’ earnings, assets legitimately acquired – Court

    A Federal Capital Territory (FCT) High Court has declared that earnings and assets acquired by the Chairman of Aiteo Group, Benedict Peters, were from legitimate sources.

    This judgment followed the earlier dismissal of money laundering charges against the businessman.

    Justice Valentine Ashi gave the verdict on December 7 while ruling on a suit challenging the ownership of assets and properties belonging to the Aiteo chief.

    In a suit number FCT/HC/CV/ 0091/ 17, the plaintiff, Moses Uyah alleged that Peters’ acquisition of several assets was fraudulent because he was unable to account for income or earnings from which such acquisitions were made.

    He asked the court to rule that the Aiteo chief’s acquisitions of the properties were illegitimate; that he was also living above his means and the funds utilized for the purchases were the proceeds of corrupt activities.

    Uyah also asked the court to order the forfeiture of the assets to the Federal Government.

    Peters, in response, presented to the court evidence to demonstrate his sound business practices of over 25 years in the oil and gas industry.

    Justice Ashi in his ruling said: “There was no evidence to support the suggestion that any aspect of his business showed any criminal conduct and as such, the allegations were baseless.

    “With the evidence produced in court, the respondent (Peters) had established that he had a credible and verifiable means of livelihood, had substantial personal wealth to fund, did legitimately fund the acquisition of the properties identified in the proceedings and therefore could not be accused of living above his means.”

    The judge added that there was no evidence to support the suggestion that any aspect of the respondent’s business showed any criminal conduct and as such, the plaintiff’s allegations were baseless.

    He dismissed the case, saying “said assets and properties having been legitimately acquired by the defendant cannot be forfeited to the government under any circumstances.”

    The judge also restrained the security agencies, any individual or group from disturbing Peters from enjoying his “legitimately acquired” assets.

    The assets in question are – 58 Harley House, Marylebone Road, London (£2.8m),  apartment 4, 5, Arlington Street, London (£11.8m),  Flat 5, 83-86, Prince Albert Road, London (£3.75m), and other assets of Aiteo Energy Resources ($4.023bn.

    Others are monies in Account No 105277 in FBN Bank (UK) in the name of Mr. B and Mrs. N. Peters, monies in Account No 107127 in FBN Bank (UK) of Walworth Properties Limited, the sum of £36,674.7 held on behalf of defendant in the client Account of Clyde and Co. LLP, London, the sum of £40,620 held in the correspondent Bank Account at Ghana International Bank, London and shares in Walworth Properties Limited, Rosewood Investments and Colinwood Limited.

     

  • Much ado about Benny Peters

    By Hezekiah Silas Olu

    “A Leader is best when people barely know he exists, when his work is done, his aim fulfilled, they will say: we did it ourselves” – Lao Tzu

    Indeed, the words of this great Chinese Philosopher continues to impact the affairs of men today, and to him who has understanding and wisdom is considered the greatest of them all. Howbeit, that man is constantly in awe of the amazing feat achieved by his fellow man who has painstakingly submerged himself to the teachings and understanding of life. Little wonder why these men always stand out in their endeavours, having gone through the rigours of manoeuvring through life’s complexities.

    It is, therefore, not surprising that when these great men are found within us today, the inability of the small-minded to fully comprehend their capabilities and prowess will sometimes arise. These people would deliberately, usually by orchestrated prompting by material inducement, rather prefer to fabricate and deliver their own twisted narratives to their gullible audience in a world in which both fake and bad news seems to be the order of the day. Their story of Benedict Peters (CEO AITEO GROUP) in the publication in the Sun Newspaper of Saturday, 11 November 2017 titled: “WHY BILLIONAIRE BENNY PETERS REMAINED ELUSIVE” isn’t far-fetched from the narrative above. It is quite clear that whoever wrote that article had no idea the type of person he was really writing about!

    Benny Peters is a Nigerian billionaire, who founded the Aiteo Group, which has interests primarily in energy and is the largest indigenous oil producing firm in Nigeria by output.

    Calm, composed and armed with a placid demeanour Peters is a sure and unassuming businessman who has overcome considerable odds in his search and quest for service and purposeful living, eschewing flamboyance and definitely humbled by the blessings of the Almighty. It is this humility that ensures that Mr. Peters is usually not visible to those who seek to find successful men flaunting opulence and surrounded by those who would rather worship them as gods to further massage their egos.

    In recent times, however, presumably, because he has continued to record tremendous success and growth in his businesses, Peters has come under attack from those merchants of doom and misery roaming the media space looking for successful people to castigate. Having paid his dues in the Nigerian Oil & Gas industry in a career spanning over 2 decades, it is no surprise, therefore, that consistency and dedication to service have been the pivotal platform upon which his successes have become manifest. These periodically but increasingly frequent image battering by persons hitherto unknown but disguised as freelance journalists have become another desperate approach to earning a dubious living by parading stories riddled with lies to humour those who “pay the pipers”! Let’s look at some examples from the article.

    It is a known fact that following the painstaking process of Aiteo acquiring Shell’s divestment in the OML 29 block, Peters had unknowingly woken up “sleeping powers” who felt it was their birthright to determine the ownership of oil blocks in Nigeria. Those unseen hands have been irked by the impudence of Peters to successfully participate in a process over which they had a complete monopoly without their blessing! How dare he?

    It is important to note that whilst it is rumoured, that Peters benefitted tremendously from the previous government via the erstwhile and embattled former Minister of Petroleum (Dieziani-Madueke) through illicit contracts awards, it is worthy of note that not one alleged indictment of the suggested misconduct on his part has been properly made never mind proven. It is openly verifiable that the process of the disposal by Shell and the acquisition by Aiteo of OML29 has been adjudged by industry watchers as having gone through all the processes of transparency and due diligence.

    Furthermore, it is no secret that having been successful in the downstream petroleum sector, given their considerable storage and trading capacity demonstrated over the years, the AITEO group has grown from strength to strength such that its investment in the upstream sector has obviously caused great concern to some people. It is disheartening that several pull-down tools are being employed to tarnish the image of this employer of labour that has done no wrong. The rejuvenation of the Nigeria’s football by the AITEO Group is a testament to his desire of making an impression on the aspirations of every young talented Nigerian footballer.

    The recent successes recorded already in the management and sponsorship of Football is a success story on the lips of every football stakeholder. The quest to tarnish and malign Benedict Peters seems to be a reoccurring pastime orchestrated by the few who, simply, are jealous and disturbed by his success. Why? we may ask? Who is it that is so troubled by Peters that these public assault has become a visible pre-occupation?

    It is pertinent, therefore, that practice of publishing clumsy and misguided advertorials, through paid columnists must desist forthwith. The notion of castigating anyone associated with the previous government whilst carrying out legitimate business must be done with clarity and sincerity of purpose. This is becoming an embarrassing endeavour by those involved because it seems that the more this occurs, the adverse publicity intended is, in fact, having the opposite effect. Nigerians interested now understanding the position. No one is being fooled anymore.

  • Aiteo records 90kpod output in one year

    … Emerges Nigeria’s leading oil & gas firm

    Integrated energy group, Aiteo, has announced a peak production of 90kpod just one year after its acquisition of sub-Saharan Africa’s largest onshore oil bloc, OML 29.

    Aiteo acquired OML 29 in September 2015 when oil major Shell Petroleum Development Company (SPDC) fully exited the facility.

    At the time of the divestment, average production was 23Kbpod.

    But Aiteo, one of the frontline sponsors of the just-concluded 16th Oil and Gas (NOG) Conference held in the nation’s capital, Abuja, said it has tripled this figure leveraging the diversity and skills of its work force and bona fides as a dynamic international energy conglomerate.

    Aiteo’s Chief Executive Officer, Benedict Peters, said the company grew production from 25kbbl/d upon takeover of operations to a peak of 90Kbbl/d in one year.

    He also highlighted several existing and developing projects that could potentially grow the firm’s asset production to over 150 kbopd and 200mmscf/d.

    Peters said: “Our outlook is bright with three producing oil fields and viable crude exports via Bonny terminal. We also have contingent resources to appraise and prospective ones to explore in the medium-to-long term, including full 3D coverage and 2P NNS reserves at 1.6bn bbl. Put simply, we have a clear vision for the future with the experience and assets crucial to providing oil and gas consistently on a regional and global scale.”Aiteo’s ambitious five-year objectives include tackling the power challenges in Nigeria head-on through its legacy investments in the gas-to-power value chain.

    “This is a testament to our commitment to the transformation of the entire oil & gas value chain into a world-class landscape,” he added.

    The company’s main subsidiary, Aiteo Eastern E&P, is also a major infrastructure provider for Nigeria’s oil industry as the operator of the 97km Nembe Creek Trunk Line, an industry-wide evacuation pipeline for produced fluids covering much of the country’s Eastern Delta region.

    Aiteo’s Group Managing Director, Mr. Chike Onyejekwe, said: “Our growth drivers remain strong leadership, high commitment and motivation, technical and commercial excellence and superior asset base. In the next five years, our operations will continue to be guided by these qualities as we leverage our capabilities comparable to oil majors elsewhere in the world. Indeed, the future is Aiteo.”

    In the interim, Aiteo said it is developing a pipeline of power generation projects across Nigeria. The company is confident that its significant gas resources at OML 29 will transform the country’s oil rich Niger Delta region into a power generation hub of repute before long.

     

     

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