Economy
Court Dismisses Fraud Suit against Aiteo’s Benedict Peters
By Modupe Gbadeyanka
The fraud allegations against oil entrepreneur and Executive Vice Chairman of Aiteo Group, Mr Benedict Peters, have been described as baseless by a High Court sitting in the Federal Capital Territory (FCT) Abuja.
Justice Valentine Ashi, while delivering a judgement on Thursday, December 7, 2017, said the earnings of Mr Peters were legitimately acquired.
According to the judge, 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.
This ruling follows a similar ruling squashing multiple money laundering charges and bribery of election officials indictment against Mr Peters.
A suit was filed before Justice Ashi in suit number FCT/HC/CV/ 0091/ 17, where the Plaintiff, Moses Uyah, alleged that Mr Peters’ acquisition of a number of assets was fraudulent because he was unable to account for income or earnings from which such purchases could have been lawfully funded.
In consequence, he asked the court not only to find that Mr Peters’ acquisitions of the properties were illegitimate; that he was also living above his means and that the funds utilized for the purchases were the proceeds of corrupt as well as illegitimate dealings. Given the criminal acquisitions, he asked the court to forfeit the assets to the Federal Government.
Mr Peters, in response, willingly produced to the court evidence to demonstrate his sound business practices over the past 25 years in the oil and gas industry.
As well, he provided evidence from financial institutions for funding raised over several years which allowed him to invest and conduct business that resulted to the considerable success of Aiteo Group.
Justice Ashi found that on said evidence produced to the court, Mr 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.
He established, in the proceedings, that there was no evidence to support the suggestion that any aspect of his business showed any criminal conduct and as such, the plaintiff’s allegations were baseless.
In dismissing the case, Justice Ashi ruled that the “said assets and properties having been legitimately acquired by the defendant cannot be forfeited to the Government under any circumstances.”
The judge further ruled “restraining any person, security agency or authority from disturbing the defendant’s quiet enjoyment of his assets and properties having been found to be legitimately acquired.”
In upholding Mr Peters’ evidence and contention, the learned judge found that there was no merit in the allegations of criminal conduct relied upon by Uyah and the case as a whole. In doing so, the judge observed “…that in the absence of any specific offence and proof of commission of crime, the defendant legitimately and lawfully acquired the assets and properties, the subject matter of this suit…”
The assets listed include 58 Harley House, Marylebone Road, London worth 2,800,000 million pounds, apartment 4, 5, Arlington Street, London worth 11,800,000 million pounds, Flat 5, 83-86, Prince Albert Road, London worth 3,750,000 million pounds and also other assets of Aiteo Energy Resources worth over $4.023billion.
Also listed by and affected by the judgment 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 Ltd, the sum of 36,674.7 pounds held on behalf of defendant in the client Account of Clyde and Co. LLP , London, the sum of 40,620 pounds held in the correspondent Bank Account at Ghana International Bank, London and shares in Walworth Properties Limited, Rosewood Investments and Colinwood Limited.
By Adedapo Adesanya
The NASD Over-the-Counter (OTC) Securities Exchange extended its stay in the south for the fourth consecutive session after it shed 1.18 per cent on Friday, March 13.
The unlisted securities market recorded a loss despite closing without a price decliner, and ending with two price gainers led by Geo Fluids Plc, which gained 1o Kobo to sell at N3.10 per share compared with the previous day’s N3.00 per share. Industrial and General Insurance (IGI) Plc appreciated during the session by 2 Kobo to trade at 54 Kobo per unit versus Thursday’s closing price of 52 Kobo per unit.
When the market closed for the day, the market capitalisation lost N29.83 billion to close at N2.489 trillion compared with the N2.519 trillion it finished a day earlier, and the NASD Unlisted Security Index (NSI) crashed by 49.84 points to 4,160.46 points from 4,210.31 points.
Market activity improved yesterday, as the volume of transactions rose 179.5 per cent to 10.4 million units from 3.7 million units, but the value of trades declined by 68.4 per cent to N29.9 million from N95.0 million, while the number of deals weakened by 11.5 per cent to 46 deals from 52 deals.
Central Securities Clearing Systems (CSCS) Plc remained the most active stock by value on a year-to-date basis with 38.4 million units worth N2.4 billion, Okitipupa Plc followed with 6.4 million units traded at N1.1 billion, and FrieslandCampina Wamco Nigeria Plc transacted 6.3 million units for N584.3 million.
Resourcery Plc ended the trading session as the most traded stock by volume on a year-to-date basis with 1.1 billion units valued at N415.6 million, trailed by Geo-Fluids Plc with 130.8 million units valued at N504.5 million, and CSCS Plc with 38.4 million units worth N2.4 billion.
By Adedapo Adesanya
The Naira continued to claw back some gains against the Dollar in the different segments of the foreign exchange (FX) market, as its value was strengthened on Friday.
In the black market, it gained N10 against the United States Dollar yesterday to close at N1,400/$1 compared with the preceding day’s rate of N1,410/$1, and at the GTBank forex counter, it chalked up N6 to close at N1,385/$1, in contrast to the N1,391/$1 it was traded a day earlier.
Similarly, in the Nigerian Autonomous Foreign Exchange Market (NAFEX), it appreciated against the greenback during the session by N5.28 or 0.38 per cent to quote at N1,366.23/$1 versus Thursday’s closing price of N1,371.51/$1.
It also improved its value against the Pound Sterling in the official market on Friday by N21.81 to settle at N1,812.99/£1 compared with the previous day’s N1,834.80/£1, and gained N13.86 against the Euro to sell at N1,568.03/€1 versus N1,581.89/€1.
Pressure eased further on the FX market as the Central Bank of Nigeria (CBN) continued interventionist operations this week, selling Dollars to banks to boost liquidity after a $500 million boost last week.
This was complemented by inflows from foreign investors, exporters and non-bank corporates, among others, while Nigeria’s gross external reserves remained above $50 billion, the highest since 2009.
The Governor of the apex bank, Mr Yemi Cardoso, also eased fears of a Naira devaluation, saying the country’s financial system has been strengthened by reforms.
Regardless, external pressure looms as the US Dollar strengthened globally due to its war with Iran, now ongoing for three weeks.
Meanwhile, the cryptocurrency market was largely down as traders and investors continue to align with current realities.
The market is adapting to the conflict in real time. Early in the war, every headline produced an outsized reaction because nobody could price the tail risk. Now, traders have a framework where strikes happen, oil spikes and bitcoin dips only to recover again.
Cardano (ADA) depreciated by 3.8 per cent to $0.2623, Dogecoin (DOGE) lost 1.7 per cent to finish at $0.0948, Ripple (XRP) slumped 1.5 per cent to $1.39, Solana (SOL) dropped 1.4 per cent to sell for $87.33, Binance Coin (BNB) went down by 1.3 per cent to $653.58, Bitcoin (BTC) declined by 1.1 per cent to $70,670.63, and Ethereum (ETH) decreased by 0.9 per cent to $2,078.78.
However, TRON (TRX) appreciated by 1.7 per cent to $0.2941, while the US Dollar Tether (USDT) and the US Dollar Coin (USDC) remained unchanged at $1.00 apiece.
By Adedapo Adesanya
The price of the major crude oil grade, Brent crude oil, closed above $100 on Friday for the second consecutive session, as the Iran war heads toward its third week, with oil tanker traffic through the Strait of Hormuz still effectively at a standstill.
It gained 2.67 per cent or $2.68 during the trading day to close at $103.14 per barrel, while the US West Texas Intermediate (WTI) crude oil grade appreciated by 3.11 per cent or $2.98 to settle at $98.71 per barrel.
Brent futures were up about 10 per cent for the week following the 27 per cent rise seen last week, which marked the biggest weekly gain in oil prices since the COVID-19 pandemic in 2020. WTI futures, which saw their best week since 1983 last week, ended the week more than 8 per cent higher.
US President Donald Trump said American forces launched a major bombing raid on Iran’s strategic Kharg Island, targeting military facilities on the key Persian Gulf outpost while warning Iran that its vital oil infrastructure could be destroyed if shipping in the Strait of Hormuz is disrupted.
The terminal accounts for roughly 90 per cent of Iranian crude shipments, loading millions of barrels per day onto tankers bound largely for Asian markets.
The US and Israel’s strikes in the conflict have largely targeted Iranian military and nuclear infrastructure. Oil facilities elsewhere in Iran have been hit, but Kharg’s massive storage tanks, jetties, and pipelines had remained untouched until the latest strike.
Iran’s new supreme leader, Mojtaba Khamenei, vowed to keep fighting in a message delivered via state television.
There have been a number of attacks on foreign ships in or near the Strait, feeding into concerns that a prolonged war could translate to a global economic shock.
Prices are rising despite the US and its allies rolling out some measures to keep a lid on energy costs.
The International Energy Agency (IEA) has agreed to release 400 million stockpiled barrels, the largest such action in history.
The US has issued a 30-day waiver for India to purchase sanctioned oil from Russia. President Donald Trump is considering loosening rules under the Jones Act that require American ships to transport goods between domestic ports, including oil and gas, in an effort to lower costs.
Traders are continuing to monitor developments in the Middle East.
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