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 Adedapo Adesanya
The United Kingdom via the British High Commission in Abuja has launched two flagship economic reform programmes – the Nigeria Economic Stability & Transformation (NEST) programme and the Nigeria Public Finance Facility (NPFF) -as part of efforts to support Nigeria’s economic reform and growth agenda.
Backed by a £12.4 million UK investment, NEST and NPFF sit at the centre of the UK-Nigeria mutual growth partnership and support Nigeria’s efforts to strengthen macroeconomic stability, improve fiscal resilience, and create a more competitive environment for investment and private-sector growth.
Speaking at the launch, Cynthia Rowe, Head of Development Cooperation at the British High Commission in Abuja, said, “These two programmes sit at the heart of our economic development cooperation with Nigeria. They reflect a shared commitment to strengthening the fundamentals that matter most for our stability, confidence, and long-term growth.”
The launch followed the inaugural meeting of the Joint UK-Nigeria Steering Committee, which endorsed the approach of both programmes and confirmed strong alignment between the UK and Nigeria on priority areas for delivery.
Representing the Government of Nigeria, Special Adviser to the President of Nigeria on Finance and the Economy, Mrs Sanyade Okoli, welcomed the collaboration, touting it as crucial to current, critical reforms.
“We welcome the United Kingdom’s support through these new programmes as a strong demonstration of our shared commitment to Nigeria’s economic stability and long-term prosperity. At a time when we are implementing critical reforms to strengthen fiscal resilience, improve macroeconomic stability, and unlock inclusive growth, this partnership will provide valuable technical support. Together, we are laying the foundation for a more resilient economy that delivers sustainable development and improved livelihoods for all Nigerians.”
On his part, Mr Jonny Baxter, British Deputy High Commissioner in Lagos, highlighted the significance of the programmes within the wider UK-Nigeria mutual growth partnership.
“NEST and NPFF are central to our shared approach to strengthening the foundations that underpin long-term economic prosperity. They sit firmly within the UK-Nigeria mutual growth partnership.”
By Aduragbemi Omiyale
A strategic partnership aimed at accelerating the growth, digital capacity, and sustainability of Nigeria’s 40 million Micro, Small and Medium Enterprises (MSMEs) has been signed by MTN Nigeria and the Small and Medium Enterprises Development Agency of Nigeria (SMEDAN).
The collaboration will feature joint initiatives focused on digital inclusion, financial access, capacity building, and providing verified information for MSMEs.
With millions of small businesses depending on accurate guidance and easy-to-access support, MTN and SMEDAN say their shared platform will address gaps in communication, misinformation, and access to opportunities.
At the formal signing of the Memorandum of Understanding (MoU) on Thursday, November 27, 2025, in Lagos, the stage was set for the immediate roll-out of tools, content, and resources that will support MSMEs nationwide.
The chief operating officer of MTN Nigeria, Mr Ayham Moussa, reiterated the company’s commitment to supporting Nigeria’s economic development, stating that MSMEs are the lifeline of Nigeria’s economy.
“SMEs are the backbone of the economy and the backbone of employment in Nigeria. We are delighted to power SMEDAN’s platform and provide tools that help MSMEs reach customers, obtain funding, and access wider markets. This collaboration serves both our business and social development objectives,” he stated.
Also, the Chief Enterprise Business Officer of MTN Nigeria, Ms Lynda Saint-Nwafor, described the MoU as a tool to “meet SMEs at the point of their needs,” noting that nano, micro, small, and medium businesses each require different resources to scale.
“Some SMEs need guidance, some need resources; others need opportunities or workforce support. This platform allows them to access whatever they need. We are committed to identifying opportunities across financial inclusion, digital inclusion, and capacity building that help SMEs to scale,” she noted.
Also commenting, the Director General of SMEDAN, Mr Charles Odii, emphasised the significance of the collaboration, noting that the agency cannot meet its mandate without leveraging technology and private-sector expertise.
“We have approximately 40 million MSMEs in Nigeria, and only about 400 SMEDAN staff. We cannot fulfil our mandate without technology, data, and strong partners.
“MTN already has the infrastructure and tools to support MSMEs from payments to identity, hosting, learning, and more. With this partnership, we are confident we can achieve in a short time what would have taken years,” he disclosed.
Mr Odii highlighted that the SMEDAN-MTN collaboration would support businesses across their growth needs, guided by their four-point GROW model – Guidance, Resources, Opportunities, and Workforce Development.
He added that SMEDAN has already created over 100,000 jobs within its two-year administration and expects the partnership to significantly boost job creation, business expansion, and nationwide enterprise modernisation.
By Adedapo Adesanya
The Nigerian Exchange (NGX) Limited is seeking review of the controversial Capital Gains Tax increase, fearing it will chase away foreign investors from the country’s capital market.
Nigeria’s new tax regime, which takes effect from January 1, 2026, represents one of the most significant changes to Nigeria’s tax system in recent years.
Under the new rules, the flat 10 per cent Capital Gains Tax rate has been replaced by progressive income tax rates ranging from zero to 30 per cent, depending on an investor’s overall income or profit level while large corporate investors will see the top rate reduced to 25 per cent as part of a wider corporate tax reform.
The chief executive of NGX, Mr Jude Chiemeka, said in a Bloomberg interview in Kigali, Rwanda that there should be a “removal of the capital gains tax completely, or perhaps deferring it for five years.”
According to him, Nigeria, having a higher Capital Gains Tax, will make investors redirect asset allocation to frontier markets and “countries that have less tax.”
“From a capital flow perspective, we should be concerned because all these international portfolio managers that invest across frontier markets will certainly go to where the cost of investing is not so burdensome,” the CEO said, as per Bloomberg. “That is really the angle one will look at it from.”
Meanwhile, the policy has been defended by the chairman of the Presidential Fiscal Policy and Tax Reforms Committee, Mr Taiwo Oyedele, who noted that the new tax will make investing in the capital market more attractive by reducing risks, promoting fairness, and simplifying compliance.
He noted that the framework allows investors to deduct legitimate costs such as brokerage fees, regulatory charges, realised capital losses, margin interest, and foreign exchange losses directly tied to investments, thereby ensuring that they are not taxed when operating at a loss.
Mr Oyedele also said the reforms introduced a more inclusive approach to taxation by exempting several categories of investors and transactions.
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