Economy
Aiteo Insists Benedict Peters Not Diezani’s Frontman
By Modupe Gbadeyanka
Aiteo Group has reacted to online reports that its Executive Vice Chairman (EVC), Mr Benedict Peters, acted as a frontman for the immediate past Minister of Petroleum Resources, Mrs Diezani Allison-Madueke, to purchase posh property in England and luxury furnishings in return for contracts from the Nigerian National Petroleum Corporation (NNPC).
In a statement issued by the oil firm this week, it said, “The publication contains several untrue and malicious allegations against our EVC and the Aiteo Group.”
“It is obviously directed against the image, reputation and integrity of our EVC and the company in what we have identified as an orchestrated large-scale campaign of calumny which is sponsored and designed to tarnish our image,” it said.
The company noted that, “We have responded to most of the baseless allegations in previous publications but global best practice demands that we tender this rebuttal for the sake of our shareholders, stakeholders, host communities, the many thousands directly or indirectly deriving their livelihood from the company and the public at large.
“It is well known in the Oil, Gas and wider Energy sectors that the Aiteo Group comprises a number of separate, legal and corporate entities whose asset base includes OML 29 and NCTL upstream, and other substantial assets downstream, developed more than 16 years ago.
“The company became a major player in the oil and gas industry especially in importing and exporting petroleum products in Nigeria and was flourishing as a prosperous corporate entity, by any standards, long before Mrs Alison-Madueke was appointed as Minister for Petroleum Resources.
“It is indisputable that our EVC is “experienced” in the oil and gas industry, having worked in the industry in the topmost positions for more than 23 years.
“Similarly, Aiteo Group is neither an inexperienced nor “newly minted” company and we note that while the publication impliedly recognises this position, it does not provide express clarification as should have been done.
“Already, Mr Peters, through his lawyers, has challenged the veracity of the claims made in the article in court. There is a related civil case in the United States which recites matters relevant to the UK and Nigerian court cases in respect of which further comment cannot also be made for the same reason.
“Neither our company nor EVC is a party to the US proceedings. We need hardly remind the publishers that in Nigeria, discussing facts of cases that are pending in court and making prejudicial statements pertaining thereto is a criminal offence. Section 133 of the Criminal Code Act, Cap C38 of the Laws of the Federation of Nigeria 2004, which broadly, defines contempt of court and prescribes punishment for same, provides in Section 133(1&9) that: ‘Any person, who while a judicial proceeding is pending, makes use of any speech or writing, misrepresenting such proceeding, or capable of prejudicing any person in favour of or against any party to such proceeding, or calculated to lower the authority of any person before whom such proceeding is being heard or taken; or commits any other act of intentional disrespect to any judicial proceeding or to any person before whom such proceeding is being heard or taken’ is guilty of an offence.
“In summary, all allegations of impropriety contained in the said publication are expressly and categorically denied. Mr Peters has not been charged with any criminal offence in Nigeria or any other jurisdiction with respect to any of the matters stated in the publication. Like every major player in the oil and gas sector, including international oil companies (IOCs), Mr Peters and the Aiteo Group’s interactions with the Minister of Petroleum Resources as with other Ministers before her, were in accordance to acceptable corporate practice in Nigeria. Other than such interaction, there is no commercial link between them and there is no basis for inferring any.
“We add that our Group’s contribution to the overall financial capacity of the country, over several years predating her appointment as Minister cannot be overemphasised. Aiteo has created significant direct and indirect employment, contributed billions of Naira and millions of US Dollars to the nation’s treasury and led to direct foreign investment worth more than US$4 billion. In addition, the company engages in several other corporate social investment programmes in its host communities and the nation generally.
“The case in the United Kingdom is a civil case. An application has already been made to discharge the restraint order which is a mirror order of, and largely relies for its authority on, interim forfeiture orders granted by a Nigerian Court with respect to the same properties. There is incontrovertible evidence in the form of provenance of funds utilised to acquire the property or properties concerned; legal documents of title and documentary proof of rights of ownership from purchase to date that completely confirm that the material purchases were transacted solely by our EVC and his companies; that he irrefutably owns the material property or properties. It is therefore ridiculous, false and highly defamatory to suggest or infer that properties were ‘bought for Mrs Alison-Madueke’. The matters in Nigeria and United Kingdom remain active and extant.
“The US proceedings which refer to United Kingdom properties does not substantiate any wrongdoing on our EVC part. He purchased furniture for one of his United Kingdom properties. This furniture was delivered to and placed in that property. The furniture was for his own use and not purchased for Mrs Alison-Madueke as stated in the publication; and is entirely consistent with his status, stature and financial compass as well as the value and location of the property for which the furniture was bought.
“These comments seem unquestionably designed to injure and damage our EVC and our reputation; destroy the fabric of our commercial objectives and outlook; divert business away from us and create such opprobrium that our entire business is severely prejudiced and undermined.
“We note that the publishers did not seek any verification of the account set out in the publication from us prior to publishing same. Aiteo has a Media and Communications Department, fully staffed by professionals who deal with matters of this nature. It is easy to contact us either through contact details on our website or by phone. But the publishers chose not to do so. Instead, they elected to publish defamatory material in a most irresponsible, reckless and malicious exercise of journalistic licence.
“Finally, we are aware that a certain group has committed considerable resources to this global campaign of hate and denigration. The reason for this mindless and incomprehensible offensive is unclear, but we are confident that sooner than later, our investigations shall reveal the irrepressible truth.
“Regardless of the stories being bandied around by detractors, the facts of this matter are in the public domain and accessible in the courts of law for everyone to see. However, given the potential consequences of this publication, we are considering all options to protect the personal and professional integrity of our company and our Executive Vice Chairman.”
By Aduragbemi Omiyale
The Stanbic IBTC Bank Nigeria Purchasing Managers’ Index (PMI) for the Nigerian private sector in July 2026 contracted to 52.5 points from 53.4 points in June 2026, a statement made available to Business Post has shown.
This occurred despite the business environment sustaining its growth last month, with an increase in new orders experienced, as inflationary pressures softened, and output and employment modestly rising.
The Head of Equity Research West Africa at Stanbic IBTC Bank, Mr Muyiwa Oni, said the PMI indicated that the private sector recorded its slowest since March 2026, as businesses also increased their input purchasing activity to keep up with current demand requirements and prepare for future workloads.
“Nigerian businesses reported improved customer demand in July while better pricing and new product launches also helped them to capture new orders arising from the increase in demand. These factors helped to keep the private sector activity in an expansionary territory, although this moderated when compared to June,” he was quoted as saying.
It was stated that while input costs increased at their slowest pace in five months, panellists reported higher costs for fuel and raw materials. Selling prices also softened in line with the picture for input costs in July.
Headline inflation eased slightly to 15.91 per cent y/y in June from 15.93 per cent y/y in May, snapping three consecutive months of price increases.
Although July inflation is likely to be higher m/m, it is expected to print lower, likely at 15.72 per cent y/y, primarily driven by favourable base effects from the corresponding period of last year, because there are no expectations of the magnitude of m/m inflation witnessed in July 2025 (1.99 per cent) to materialise this year.
“We retain our 2026 growth forecasts at 4.1 per cent as we see the oil sector growing by 3.45 per cent y/y in 2026, from 8.50 per cent y/y in 2025, while the non-oil sector is likely to grow by 4.11 per cent y/y, from 3.71 per cent y/y in 2025.
“The risks to our outlook include country-wide insecurity which may constrain food production, exchange rate pressures resurfacing, extreme-weather related conditions and higher fertiliser prices impacting crop yield, and a volatile global environment which may affect sentiment and constrain capital flows,” Mr Oni noted.
By Adedapo Adesanya
Sahara Upstream, a Nigeria-focused crude producer, has deployed a new 380,000-barrel tanker to boost exports from the OML 18 block as part of a wider push by domestic operators to invest in infrastructure and lift output and exports for Africa’s biggest oil producer.
The MT D Adesanya, which can hold more than 62,000 cubic metres of crude, will operate alongside the MT D Bayero, receiving crude from shuttle vessels at Bonny Anchorage, one of Nigeria’s main crude export hubs, before transferring it to the FSO Cawthorne storage facility.
Sahara said the tanker would help cut turnaround times, currently about 30 to 48 hours, and support a planned 50 per cent increase in exports from the block’s current level of about 950,000 barrels per month.
The block currently produces about 36,000 barrels per day, according to data from the Nigerian Upstream Petroleum Regulatory Commission (NUPRC), with Sahara targeting output of 60,000 barrels per day.
OML 18 is one of the Niger Delta’s oldest producing assets. It began production in 1970 and contains an estimated 1.5 billion barrels of oil equivalent in reserves.
Shell, Total and Eni sold their combined interests to Eroton in 2015 as part of a broader shift toward domestic ownership in Nigeria’s upstream sector.
This development comes as Sahara Upstream is deepening its exploration and production footprint through Asharami Energy Limited (AEL), its upstream E&P business, which says it is targeting 350,000 barrels of oil per day by 2030 through its subsidiary, Enageed Resources Limited (ERL).
The growth target comes as AEL also marks a major safety milestone, achieving 6 million Lost Time Injury (LTI)-free man-hours in its OML-148 operations — reinforcing the company’s commitment to operational excellence and safety leadership.
According to Asharami Energy, the milestone reflects its ability to execute complex operations safely, in line with Sahara’s Beyond XXX vision, which builds on the group’s 30-year legacy of responsible enterprise while marking its next chapter of impact, innovation, and sustainable growth.
The developments position Sahara Upstream and its subsidiaries among the domestic operators driving increased investment in Nigeria’s oil and gas infrastructure, as the group works to scale up production and exports for Africa’s biggest oil producer.
By Aduragbemi Omiyale
One of the leading energy firms in Nigeria, Aradel Holdings Plc, has expressed its desire to optimise its enlarged portfolio and improve operational efficiency in the second half of 2026.
The company is planning to build on the success it recorded in the first half of the year, where it grew its revenue by 577 per cent to N2.5 trillion from N368.1 billion in H1 2025.
The significant rise in earnings was driven by higher production volumes together with stronger realised crude oil and gas prices, with the average at $90.4/bbl and $2.08/mmscf, respectively.
In the period under review, the Earnings Before Interest, Taxes, Depreciation, and Amortization (EBITDA) increased by 688 per cent to N1.4 trillion from N176.4 billion in the corresponding period of last year, while the operating profit surged by 789 per cent to N1.1 trillion from N118.6 billion due to higher revenue and crude handling income at N149.8 billion, partly offset by underlift cost and general and administrative costs.
The net cash generated from operations was N975.6 billion between January and June 2026 versus N140.8 billion in the same period of 2025, reflecting the cash generation of the enlarged organisation.
The net debt contracted by 70 per cent on a year-to-date basis to N46.5 billion from N475.1 billion as of December 31, 2025.
Aradel, in the period under consideration, improved its post-tax profit by 30 per cent to N191.0 billion from N146.4 billion, a development that impressed its chief executive, Mr Adegbite Falade, who said, “A firmer price environment supported performance, generating net cash from operating activities of N975.6 billion and a closing cash balance of N1.7 trillion.”
“Our enlarged portfolio provides more opportunities to generate stronger cash flow and returns for shareholders and unlocking that potential is our main focus.
“We reaffirm our full year production guidance of 110 – 140 kboepd and remain committed to operating responsibly in a changing energy landscape and to delivering lasting value for our stakeholders,” he stated.
