Corruption suit against Aiteo Group, multi-billion dollar oil firm in Nigeria, dropped


A Nigerian magazine has withdrawn a suit filed against Aiteo Group, a multi-billion dollar indigenous oil exploration firm in Nigeria.

The firm was founded and is being run by international business leader Benedict Peters who was granted Africa’s Oil and Gas Leader of the Year Award at Forbes Headquarters in New York City on 27 September 2018.

Aiteo founder, Benedict Peters

The magazine had sought an order from a Nigerian Federal High Court in the capital Abuja compelling some government agencies to disclose all information and documents regarding the business activities of Aiteo. 

[read_more id="2" more="Read full article" less="Read less"]

It had alleged that the firm was involved in massive corruption but had kept the information private.

Specifically, the media house had sought an Order of Mandamus from the Federal High Court, Abuja, to compel the Nigerian National Petroleum Corporation (NNPC), Economic and Financial Crime Commission (EFCC), Federal Inland Revenue Services (FIRS) and Petroleum Product Pricing Regulatory Agency (PPPRA) to release some vital information and documents regarding the business activities of Aiteo Group.

But in a statement signed Saturday in Abuja, the Editor-in-Chief, National Oracle Magazine, Dr. Blessing Agbomhere, said his media organization has discovered that “the corruption allegations leveled against Aiteo is an alarmist hoax being peddled by a pocket of individuals with vested interest to wear Aiteo Group and its promoters a black garment before the Nigerian and British governments.”

“In furtherance of its investigation, National Oracle Magazine has discovered conspiracy by highly placed individuals against Aiteo Group and its promoters. All corrupt allegations against Aiteo is an alarmist hoax being peddled by a pocket of individuals with vested interest to wear Aiteo Group and its promoters a black garment before the Nigerian and British governments.

“National Oracle Magazine investigation reveals that the Aiteo Group and its promoters have been in the petroleum business about the year 2000, and about same time have invested billions of naira, though borrowed, into the Nigerian oil sector. What Aiteo Group has achieved today is a result of hard work, business intelligence and commitment to growing the Nigerian economy.

“Aiteo Group, an indigenous company, has contributed immensely to the development of the Nigerian oil and gas sector; empowering Nigerians in so many aspects of life. Rather than allowing individuals no matter how highly place to orchestrate clandestine plots to bring down Aiteo Group and its promoters, the Nigerian government must give Aiteo Group the needed support to continue to grow as Nigerians and the Nigerian government are the biggest beneficiaries of Aiteo’s growth,” said Agbomhere.


Benedict Peter celebrated in New York

Last month in New York, in granting the founder of Aiteo Benedict Peters 
Africa’s Oil and Gas Leader of the Year Award, Forbes said the award was an acknowledgement of Peters’ significant contribution to oil and gas development in Africa, especially for his “visionary leadership, distinguished service and transformational realignment of a sector dominated by International Oil Companies”.

The Forbes Award also recognized Peters’ commitment to bettering the lives of people and societies across Africa by philanthropic engagement.

“Recipients are singled out for their work in bringing prosperity to all 55 countries of the African continent,” said Mike Perlis, CEO and Vice-Chairman of Forbes Media.

According to the Editor, Emerging Markets for Forbes, Paul H. Trustfull, “Peters’ ascendancy in Africa’s Oil and Gas sector has been exemplary as well as revolutionary”.


Simon Ateba
Simon Ateba
Simon Ateba covers the White House, the U.S. government, the International Monetary Fund, the World Bank and other financial and international institutions for Today News Africa in Washington D.C. Simon can be reached on


Please enter your comment!
Please enter your name here

Trending Now


Confidential U.S. government report concludes Ethiopia Prime Minister Abiy Ahmed leading ethnic cleansing in Tigray region

A confidential U.S. government report has concluded that the government of Prime Minister Abiy Ahmed in Ethiopia along with allied militia fighters are leading a systematic campaign of ethnic cleansing in Tigray."Whole villages were severely damaged or completely erased," the report, first obtained by The New York Times, says.It adds that fighters from the neighboring Amhara region of Ethiopia who moved to Tigray...

Stay connected


[read_more id="2" more="Read full article" less="Read less"]

error: Alert: Content is protected !!