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
Nigeria attracted $10.37 billion in capital importation in the first quarter of 2026, representing an 83.8 per cent increase from the $5.64 billion recorded in the corresponding period of 2025, according to the National Bureau of Statistics (NBS).
The latest Capital Importation Report released by the stats bureau also showed that capital inflows rose by 60.97 per cent from $6.44 billion recorded in the fourth quarter of 2025.
The report stated, “In Q1 2026, total capital importation into Nigeria stood at $10.37bn, higher than $5.64bn recorded in Q1 2025, indicating an increase of 83.83 per cent. In comparison to the preceding quarter, capital importation increased by 60.97 per cent from $6.44bn in Q4 2025.”
Analysis of the inflows showed that portfolio investment remained the dominant source of foreign capital, accounting for $9.86 billion or 95.09 per cent of the total amount imported into the economy.
The stats office disclosed that foreign direct investment stood at $135.08 million, representing only 1.30 per cent of total capital inflows, while other investments accounted for $374.48 million or 3.61 per cent.
“Portfolio Investment ranked top with $9.86bn, accounting for 95.09 per cent, followed by Other Investment with $374.48m, accounting for 3.61 per cent. Foreign Direct Investment recorded the least with $135.08m, representing 1.30 per cent of total capital importation in Q1 2026,” the report added.
A further breakdown showed that money market instruments attracted the largest share of portfolio investments at $6.50 billion, while investments in bonds amounted to $3.23 billion.
Equity investments under the portfolio category stood at $131.81 million.
The banking sector emerged as the biggest destination for foreign capital during the quarter, attracting $7.55 billion, representing 72.79 per cent of total inflows.
The financing sector followed with $2.43 billion or 23.42 per cent, while the production and manufacturing sector attracted $152.27 million, accounting for 1.47 per cent of total capital imported.
Other sectors that received foreign investments included shares, trading, agriculture, information technology services, telecommunications, oil and gas, transport, construction, healthcare, education, and consultancy services.
The United Kingdom remained Nigeria’s largest source of foreign capital, accounting for $5.08 billion or 49.01 per cent of total inflows. The United States followed with $3.18 billion, representing 30.69 per cent, while South Africa accounted for $983.83 million or 9.49 per cent.
Among financial institutions, Standard Chartered Bank Nigeria Limited received the highest capital inflow during the quarter at $4.41 billion, representing 42.56 per cent of the total.
Stanbic IBTC Bank Plc followed with $2.78 billion or 26.79 per cent, while Rand Merchant Bank handled $930.82 million, accounting for 8.97 per cent.
Other banks that facilitated capital inflows into the country during the period included Citibank Nigeria, Access Bank, First Bank of Nigeria, Guaranty Trust Bank, Zenith Bank, FCMB, Ecobank, Fidelity Bank, and United Bank for Africa.
By Aduragbemi Omiyale
The 2026 licensing round for oil fields is expected to commence in the third quarter of 2026, the Nigerian Upstream Petroleum Regulatory Commission (NUPRC) has disclosed.
This followed the approval of President Bola Tinubu, who doubles as the Minister of Petroleum Resources.
A statement issued by the spokesperson of NUPRC, Mr Eniola Akinkuotu, on Wednesday said the authorisation is in compliance with the Petroleum Industry Act (PIA).
“We are also fortunate that the President and Minister of Petroleum Resources has approved the 2026 Licensing Round,” the chief executive of the agency, Mrs Oritsemeyiwa Eyesa, was quoted as saying in the statement when she received representatives of Meren Energy (formerly Africa Oil) in Abuja yesterday.
Mrs Eyesan, who expressed satisfaction with the conduct of the 2025 Licensing Round so far, stated that the commercial bid would take place in July, after which the next licensing round would commence.
The NUPRC boss said the heightened participation in the 2025 Licensing Round was a testament to the fact that Nigeria was headed in the right direction.
She said the rise in investments, coupled with the upswing in production, was evidence that Nigeria’s oil and gas sector, under the leadership of President Bola Tinubu, had become attractive.
“We are in the process of finalising the 2026 launch, which will happen by the third quarter at the latest. So, this is the make-or-break point, and we want to make sure we make it,” she stated.
In his remarks, the chief executive of Meren Energy, Mr Oliver Quinn, said the current reforms had inspired the company to increase its investments in Nigeria, hence its interest in asset divestments and licensing rounds, revealing that his company’s investment priority is Africa, of which Nigeria ranks as number one.
“We have operated in Agbami, Akpo and Egina world-class fields. I think till date, in 20 years, about $11bn in capital from our side has gone into these assets, and about $4bn has gone to tax and royalties,” he said, adding, “Nigeria remains the core of our business today because of the quality of these assets.”
According to Mr Quinn, Meren Energy is pressuring its partners on these assets to deepen their investments and then increase overall production, noting that the energy firm was the first in Nigeria to sell crude oil to the Dangote refinery and will continue to fulfil its Domestic Crude Supply Obligation so long as the price remains right.
By Adedapo Adesanya
The NASD Over-the-Counter (OTC) Securities Exchange extended its gains by 0.91 per cent on Wednesday, June 3, spurred by three price gainers led by FrieslandCampina Wamco Nigeria Plc, which rose by N13.90 to sell N210.41 per share versus the previous day’s N196.51 per share. MRS Oil appreciated by N10 to N190.00 per unit from N180.00 per unit, and Food Concepts Plc added 5 Kobo to sell at N3.00 per share versus N2.95 per share.
As a result, the market capitalisation increased by N23.91 billion to N2.660 trillion from N2.636 trillion, and the NASD Unlisted Security Index (NSI) gained 39.97 points to finish at 4,446.27 points, in contrast to Tuesday’s 4,406.30 points.
The NASD exchange witnessed three price losers at midweek, led by Nipco Plc, which shrank by N21.30 to close at N325.97 per unit compared with the previous session’s N347.27 per unit, Nitrox Industrial Gases Plc went down by N1.20 to quote at N24.30 per share versus the preceding session’s N25.50 per share, and Central Securities Clearing System (CSCS) Plc weakened to by 69 Kobo to N75.41 per unit from N76.10 per unit.
The volume of trades yesterday significantly improved by 71.5 per cent to 527,221 units from Tuesday’s 307,363 units, as the value of transactions soared by 49.9 per cent to N64.2 million from the preceding session’s N49.9 million, and the number of deals surged by 9.5 per cent to 46 deals from 42 deals.
When trading activities ended for the day, Great Nigeria Insurance (GNI) Plc remained the most active stock by value on a year-to-date basis with 3.4 billion units valued at N8.4 billion, followed by Infrastructure Credit Guarantee (Infracredit) Plc with 2.3 billion units worth N6.5 billion, and CSCS Plc with 64.6 million units exchanged for N4.4 billion.
GNI Plc also ended the session as the most traded stock by volume on a year-to-date basis with 3.4 billion units sold for N8.4 billion, followed by Infracredit Plc with 2.3 billion units traded for N6.5 billion, and Resourcery Plc with 1.1 billion units transacted for N415.7 million.
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