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 further appreciated by 0.23 per cent on Thursday, April 23, with the Unlisted Security Index (NSI) adding 8.99 points to close at 3,969.96 points against the previous day’s 3,968 points.
The rise in the share price of Central Securities Clearing System (CSCS) Plc by N2.86 to N69.34 per unit from N66.48 per unit raised the market capitalisation of the NASD bourse by N5.38 billion to N2.380 trillion from N2.375 trillion.
Yesterday, there were two price losers, led by Food Concepts Plc, which lost 29 Kobo to sell at N2.65 per share versus N2.94 per share, while UBN Property Plc dipped by 22 Kobo to N2.03 per unit from N2.25 per unit.
During the session, the volume of securities traded declined by 97.9 per cent to 451,522 units from 21.5 million units on Wednesday, the value of securities depreciated by 52.32 per cent to N23.6 million from N49.5 million, and the number of deals depreciated by 3.6 per cent to 27 deals from 28 deals.
At the close of business, 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 CSCS Plc with 59.5 million units exchanged for N4.0 billion, and Okitipupa Plc with 27.8 million units traded for N1.9 billion.
GNI Plc also closed the day as the most traded stock by volume on a year-to-date basis with 3.4 billion units worth N8.4 billion, trailed by Resourcery Plc with 1.1 billion units transacted for N415.7 million, and Infrastructure Guarantee Credit Plc with 400 million units sold for N1.2 billion.
By Adedapo Adesanya
Fresh foreign exchange (forex) demand pressure saw the Naira depreciate against the United States Dollar in the Nigerian Autonomous Foreign Exchange Market (NAFEX) on Thursday, April 22, by N5.46 or 0.4 per cent to trade at N1,353.91/$1 compared with the preceding day’s value of N1,348.45/$1.
It was the same outcome for the local currency in the official market after it depreciated against the Pound Sterling by N4.13 to close at N1,825.88/£1, in contrast to the preceding session’s N1,821.75/£1, and against the Euro, it dropped 72 Kobo to finish at N1,582.72/€1 versus N1,582.00/€1.
But the Nigerian Naira appreciated against the US Dollar at the GTBank FX desk by N2 during the session to quote at N1,361/$1 compared with Wednesday’s closing price of N1,361/$1, and at the parallel market, it closed flat at N1,375/$1.
FX Pressure came as data showed that NFEM interbank turnover was N28.117 million, lower than the N66.084 million recorded the previous day.
Concerns over liquidity pressures, policy transparency, and confidence in Nigeria’s FX market continue to grip the market while the country’s foreign reserve declines further, even as the Central Bank of Nigeria (CBN) recently said that the recent decline in Nigeria’s external reserves should not be a cause for concern.
Global developments also played a significant role, as rising geopolitical tensions boosted demand for the US Dollar, further weakening emerging market currencies, including the Naira.
As for the cryptocurrency market, there was a mixed outcome as traders reacted to rising geopolitical tensions from the Iran war and fresh inflation data from Japan.
Japanese inflation ticked higher in March, stoking expectations that the Bank of Japan may soon signal rate hikes, which could strengthen the yen and unsettle global risk assets.
The Iran conflict has disrupted oil flows through the Strait of Hormuz, raising energy costs and inflation risks worldwide and potentially complicating efforts by the Federal Reserve to cut interest rates.
Ethereum (ETH) declined by 1.8 per cent to $2,316.53, Bitcoin (BTC) lost 0.6 per cent to sell at $77,935.53, Solana (SOL) fell by 0.5 per cent to $85.67, and Binance Coin (BNB) dropped 0.4 per cent to sell for $634.85.
However, Dogecoin (DOGE) appreciated by 1.4 per cent to $0.0976, Ripple (XRP) grew by 0.7 per cent to $1.43, Cardano (ADA) expanded by 0.6 per cent to $0.2493, and TRON (TRX) improved by 0.2 per cent to $0.3279, while the US Dollar Tether (USDT) and the US Dollar Coin (USDC) traded flat at $1.00 each.
By Aduragbemi Omiyale
The resilience shown by Nigerian Breweries Plc in the 2025 fiscal year, despite a volatile macroeconomic environment, which consumed several businesses, has not got without notice.
Shareholders of the brewery giant applauded the board and management for the strong recovery and improved profitability recorded in the year.
At the company’s 80th Annual General Meeting (AGM) on Wednesday, April 22, 2026, in Lagos, they attributed these achievements to disciplined cost management and a significant reduction in finance expenses.
“We are proud of how the company has withstood the ups and downs of a challenging environment. The return to profitability and the reversal of the negative cash position recorded in the previous two financial years are commendable,” a member of the Noble Shareholders Association, Mr Owolabi Opeyemi, said at the gathering.
Also, the immediate past Secretary of the Independent Shareholders Association of Nigeria (ISAN), Mr Eke Emmanuel, noted that the company’s resilience reflects strong leadership and a sound strategic direction.
“It is good news that we have been here for 80 years. There is no reason why we will not be here for the next 80 years with what we have achieved. To return to this level of profitability and cash position shows the Board has done an enormous amount of work,” he said.
Addressing investors at the AGM, the board chairman, Mrs Juliet Anammah, expressed confidence that the company is firmly on a recovery path following the net losses recorded in the past two years due to macroeconomic pressures and fiscal reforms.
She thanked shareholders for their continued support and reaffirmed that the company will build on its 2025 performance as it accelerates growth ambitions.
“We have a solid foundation built over eight decades, anchored on a strong portfolio of brands, an extensive nationwide sales and supply chain network, ongoing digital transformation, and most importantly, our people. These strengths remain critical to sustaining our leadership position,” the former chief executive of Jumia Nigeria said.
Ms Anammah also addressed the company’s dividend position, noting that the decision not to declare a dividend reflects the need to rebuild retained earnings impacted by prior macroeconomic shocks, particularly foreign exchange-related losses.
“We recognise the importance of dividend payments to our shareholders and sincerely appreciate your continued understanding. While we are not declaring a dividend at this time due to negative retained earnings, we are working diligently to restore the company’s financial position and return to dividend payments as soon as it is sustainable to do so,” she added.
She further noted that the board remains vigilant to external risks, including the Middle East crisis and broader macroeconomic challenges, which may impact the pace of improvement in the 2026 financial year.
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