Nigerian billionaire Benedict Peters wanted by EFCC, over Diezani Alison-Madueke related N23bn fraud
The Economic and Financial Crimes Commission has declared billionaire businessman and Managing Director of Aiteo Group, Mr. Benedict Peters, wanted for his alleged role in the $115m (N23bn) bribe given to officials of the Independent National Electoral Commission by a former Minister of Petroleum Resources, Diezani Alison-Madueke, during the build-up to the 2015 election.
The EFCC said in an official gazette signed by its spokesman, Mr. Wilson Uwujaren, that Peters was wanted for criminal conspiracy, diversion of funds and money laundering.
The notice read in part, “Dark-complexioned Peters is wanted in connection with a case of criminal conspiracy , diversion of funds and money laundering. He hails from Abakaliki Local Government Area of Ebonyi State. His last known address is 8B Agodogba Avenue, Parkview Estate, Ikoyi, Lagos.”
Peters is alleged to have given Diezani about $60m during the build-up to the 2015 presidential election.
The EFCC had alleged that the MD of Fidelity Bank Plc, Mr. Nnamdi Okonkwo, helped Diezani convert $115m to N23bn after which it was disbursed to INEC officials.
Some of the money was said to have emanated from some oil companies including Northern Belt Gas Company Limited which allegedly gave $60m to Fidelity Bank on behalf of Diezani.
An EFCC source told our correspondent that Peters was the person behind Northern Belt Gas Company Limited.
The source said, “We have launched investigations into the companies that gave Diezani money in form of kickbacks. About $60m came from Northern Belt Gas Company Limited. We have not been able to ascertain the directors of the company. However, we found out that Mr. Benedict Peters is the sole signatory to the account at Fidelity Bank.
“All attempts to get him have proved abortive. We currently do not know where he is and he is hardly ever in one place because he has a private jet.”
The oil magnate, who owns oil facilities in several countries, is said to own tank farms in Lagos and Port Harcourt. Under former President Goodluck Jonathan, Peters acquired an 85-per cent stake in block OML 29 from Shell Gas Company for $2.56bn. OML 29 potentially holds up to 2.2 billion barrels of oil and about 300 million standard cubic feet of gas.
He was also alleged to have taken part in the controversial crude oil swap deal involving the exchange of crude oil for refined petroleum products in which the Nigerian National Petroleum Corporation gave out 445,000 barrels of crude per day to nine companies through the Pipelines Product Marketing Company, a subsidiary of the NNPC.
Background:
AITEO boss, Benedict (Benny) Peters may be on his way to jail owing to monumental and alleged criminal frauds he and many other cronies of the former petroleum minister, Diezani Alison-Madueke perpetrated in the oil and gas industry.
President Muhammadu Buhari had last Monday after meeting with state governors in Abuja, reiterated his commitment to fight corruption, which was his main pledge during his campaign.
The President in the statement signed by his media aide, Mr. Femi Adeshina bemoaned the rot in the oil sector that is responsible for the country’s decline economic fortune while assuring Nigerians of positive change.
He said, “The next three months may be hard, but billions of dollars can be recovered, and we will do our best.”
If President Buhari carried out his threat to bring to book corrupt government officials and oil profiteers, Benny Peters who owns top oil company, Aiteo Group may find himself behind bar for stealing Nigerians blind.
A graduate of Geography and Regional Planning from University of Benin, Benny cut his teeth at Aliko Dangote’s cousin, Sayyu Dantata’s company, MRS Oil.
Sources said that he later ran the show when he founded Sigmund Communecci in 1999 after he left MRS Oil but was let down by his limited managerial ability and had to close shop because of financial debt.
But the Sigmund Communecci’s experience allegedly came handy as it made the owner an unscrupulous businessman. With a net worth estimated at $2.7 billion, in 2014, he joined Africa’s billionaires’ list.
However, he grew rich by not playing by the rules. His company, Aiteo, was involved in all the major shenanigans in the oil industry that led to the shortfall in Nigeria’s oil revenue.
The company’s name stuck out like a sore thumb in the oil subsidy scam where unscrupulous marketers fleeced the nation of billions of naira without supplying a drop of petrol.
The federal government under the leadership of ex-President Goodluck Jonatha set up a15-man Presidential Panel headed by Access Bank former MD, Aigboje Aig-Imoukhuede to probe the fuel subsidy administration, and 25 oil marketing firms including Aiteco were indicted for various infraction.
In all, Aiteco has been prominent feature of all high-level frauds perpetrated by ex-petroleum minister Diezani Alison-Madueke and her cronies while the former was in office.
It is worth mentioning that the Petroleum Products Pricing Regulatory Agency (PPPRA) allocated larger volume of fuel importation to Aiteco despite that it was apparent the company has meager filling stations across the country.
Sometime in 2014, in a hushed deal that fell far short of the requirement of the bureau of public enterprise, the company acquired 85 percent stake in OML 29 ,one of the biggest onshore oil blocks from Shell Nigeria for $2.56 billion. The block is believed to have around 2.2 billion barrels of oil and 300 million standard cubic feet of gas.
Despite the economic loss the country incurred due to the crooked sale of the oil block, the government under Jonathan gave tax holiday that is hard to justify to Aiteo, thereby denying government of substantial revenue.
Equipments that are used for oil exploration such as drill bits, drilling pipe, drilling motors, derricks, valves, portable rigs, among others, were imported by Aiteco without paying duty due to the inappropriate relief.
Last Wednesday, the House of Representatives ordered a fresh probe of the Refined Product Exchange Agreement contracts between the Nigerian National Petroleum Corporation and various trading companies.
Also known as SWAP, the scheme involved the exchange of crude oil for refined petroleum products in which the NNPC gave out 445,000 barrels of crude per day to nine companies through the Pipelines Product Marketing Company, a subsidiary of the NNPC.
Those nine companies, which included Aiteco after taken the crude oil out of the country, most times usually returned empty handed without the refined products.
The Economic and Financial Crimes Commission(EFCC) recently began investigation into the SWAP deal and has cast its investigatory net wide.
Efforts by our reporter to speak with the Aiteco boss on the imminent danger of being jailed were futile after he failed to pick his calls or reply to text message sent to his mobile phone.
