AITEO’s Ben Peters Pays $202m Debt To NNPC For Under-Delivering Fuel… As Ben Peters Adopts Low Profile!

Life is all about the changes it brings to an individual. It can change from being a bed of roses to being a path of thorns and vice versa.

Once upon a time, Benny Peters’ name easily pops up on the list of the movers and shakers of the Nigerian oil sector. He commanded affluence and his name caused doors of opportunities to swing wide open. But his reign as one of the princes of the oil and gas business came to a screeching halt when former President Goodluck Jonathan bowed out of office and President Muhammadu Buhari took over.

Since President Buhari became the President of Nigeria, many of the numerous oil barons the Nigerian oil and gas sector once boasted seem to have faded off the socio-economic scene. One of the big boys in the oil and gas sector and boss of Aieto Energy, Benny Peters, has become quite scarce. He seems to have abandoned fame to embrace anonymity.

Back to the main reason for this publication.

The Nigerian National Petroleum Corporation (NNPC) says AITEO group, headed by one of Nigeria’s silent billionaires, Benedict Peters  has paid up its debt.

NNPC  Group General Manager, Group Public Affairs Division, Mr Ndu Ughamadu, announced this  in Abuja on Monday.

AITEO Energy Resource Limited  was one of the three companies the NNPC said were involved in the under-delivery of petroleum products to the corporation,

According to Ughamadu, the update is in line with the corporation’s pledge to provide members of the public with periodic information on its recovery efforts for crude swap under deliveries.

The NNPC had raised an alarm that AITEO, Taleveras Group of Companies and Ontario Oil and Gas owed 184 million dollars in crude swap under-deliveries.

”Following extensive reconciliation between both parties across their business transactions and subsequent agreement by the parties therefrom, the corporation wishes to state that AITEO Group has paid in full all its outstanding indebtedness to our downstream entities amounting to $202.34 million dollars

”The amount includes AITEO’s share of the 184 million dollars total indebtedness by three companies on crude swap obligations plus AITEO’s other downstream liabilities.

”It would be recalled that following its engagement with the NNPC on the issue, AITEO Group has demonstrated cooperation and commitment towards a successful recovery process,” Ughamadu said.

Taleveras had pledged to make a tranche payment of 17.2 million dollars but the NNPC was still engaging Ontario Oil & Gas Limited for mutual settlement.

”The corporation shall continue to provide further update on the recovery process,” Ughamadu said.

Additional report from The elites