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BIG STORY

REVEALED: Aiteo Boss, Benedict Peters, In $2Billion Debt Scandal…How He Sacked Financial Director, Bruce Burrows

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Trading house Aiteo, which had prospered under Goodluck Jonathan’s tenure, has recently had to start making hefty repayments to creditors that had helped the firm buy the giant OML 29, The Capital reports.

Aiteo founder and CEO, Nigerian businessman Benedict Peters, is using this as an opportunity to reorganize the group.

Banks push for payments

To buy the 45% stake of OML 29 from Shell, ENI, and Total for a total $2.58 billion, Peters borrowed nearly $2 billion from various Nigerian banks. Peters forked out the rest of the sum from his own fortune, largely built on extremely lucrative swap contracts won when Diezani Alison-Madueke was the minister of petroleum resources.

When the firm had trouble meeting its repayments in 2016, according to our sources it renegotiated an 18-month grace period with the banks that ended in June this year. Since that date, Aiteo has had to pay out heavy sums and is understood to be trying to negotiate another arrangement. The oil firm had bought OML 29 when crude oil prices regularly peaked over $100 and the sale price matched its market value.

With the sharp downturn in oil prices halfway through 2014, the loan became unworkable. Nearly all of the trader’s revenue from the license goes straight into paying back its creditors. With production dampened by a string of attacks on its pipelines in Niger Delta and the continued lull in oil prices, Aiteo has struggled to meet its reimbursement deadlines.

Peters counters with new financiers

Peters, who has lived in Ghana since 2016, can no longer count on his financial director, Bruce Burrows, hired in 2017 to help work out a new deal with the banks. Burrows, who previously worked for Ernst & Young and Seven Energy and now lives in London, was sacked by Peters in October, though he had never been given much room for maneuver.

Peters delegates very little, except to his older brother Francis Peters who handles the firm’s relations with banks and the government. Since the beginning of the year, the group’s finances have been in the hands of Nigerian financier Razak Shittu, former head of oil & gas for United Bank for Africa (UBA), who will be looking to secure a repayment schedule.

Shell’s stranglehold

Adding to the pressure placed by the banks, Shell – the former owner of OML 29 – had negotiated extremely strict terms with Aiteo for the 2014 sale that are still having repercussions on the trader today. One of the first conditions of the sale was that Aiteo undertook to sell nearly its entire output on the block, which currently produces between 80 and 90,000 bpd, to Shell’s own trading branch.

Indeed, this unit had directly lent several tens of millions of dollars to Aiteo to purchase OML 29. Aiteo accepted to sell such a large volume to Shell that with current output levels it will still have to work with the Anglo-Dutch major’s division for nearly 10 more years. Making the noose all the more tighter, in the formula used for the sale price of OML 29 crude oil, Peters agreed to guarantee Shell a very comfortable margin estimated at more than $1 per barrel.

The firm also accepted to use Shell’s Bonny oil terminal, whose transfer rates sit at just over $2 a barrel. Shortly following the OML 29 sale, one of Shell’s main negotiators for the operation, British expert Humphrey Doody, became a board member of Aiteo. However, according to sources in Lagos, Doody was recently made to step down from this role

BIG STORY

US Sends Troops To Nigeria After December Airstrikes

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The United States has deployed a small team of troops to Nigeria, the first official US military presence on the ground since airstrikes targeted terrorists on Christmas Day 2025.

The deployment of Nigeria follows airstrikes ordered by President Donald Trump in December 2025 on what he described as “Islamic State targets” in the country.

Trump had also indicated that further US military action in Nigeria could follow.

Reuters reports that the US had been conducting surveillance flights over Nigeria from neighbouring Ghana since at least late November 2025, providing intelligence support ahead of the December strikes.

According to a report by Reuters on Tuesday, the deployment follows an agreement between the Federal Government and Washington to deepen cooperation against growing terrorist threats in West Africa

Head of the U.S. Africa Command, General Dagvin R.M. Anderson, said during a press briefing on Tuesday, “That has led to increased collaboration between our nations to include a small US team that brings some unique capabilities from the United States.”

He did not disclose the size or specific role of the team but said it would support Nigeria’s counterterrorism efforts.

According to Reuters, Defence Minister Christopher Musa also confirmed the team’s presence but declined to give further details.

Security sources cited by Reuters said the Americans are likely involved in intelligence gathering and assisting Nigerian forces in targeting groups such as Boko Haram and the Islamic State West Africa Province.

Nigeria has faced intense pressure from Washington over its handling of terrorist attacks, particularly after U.S. President Donald Trump accused the government of failing to protect Christians in the northwest — a claim the Federal Government has rejected.

The FG has stressed that its military operations target all armed groups that attack civilians, regardless of religion.

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BIG STORY

BREAKING: Lagos Assembly Suspends Makoko Demolition

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Following protests by residents and advocacy groups, the Lagos State House of Assembly has ordered an immediate suspension of ongoing demolitions in Makoko.

Rising from a meeting between lawmakers and representatives of the Makoko community at the Assembly Complex in Alausa, Ikeja, on Tuesday, the Majority Leader of the House, Noheem Adams, issued a directive to halt the demolitions.

“On behalf of the Speaker of the Lagos State House of Assembly, Rt. Hon. Mudashiru Ajayi Obasa, and honourable members of this House, we are taking this matter seriously. All ongoing demolitions should be stopped,” Hon. Adams said.

He added that the Assembly would work with relevant ministries and agencies to review issues surrounding the demolitions and ensure all stakeholders are properly engaged.

He called for transparency by demanding the full list of taskforce members and the criteria used for engagement, adding, “We want to see the list of the taskforce that was constituted because we want the residents to be duly involved and to be carried along. So we want to have the schedule of those task forces and the criteria for those that we are inviting.”

Hon. Adams assured residents of the affected communities that, “As your representatives, we are giving you all assurances that they will stop demolitions henceforth and there will be compensations for all those whose properties have been demolished.”

Similarly, Hon. Stephen Ogundipe, member of the ad-hoc committee, said there is a need for clear communication, adding that residents targeted for relocation or redevelopment must be informed of the government’s plans in advance.

Babatunde Olajide, Special Adviser to the Governor of Lagos on E-GIS and Urban Renewal, confirmed that $2 million had been earmarked since 2021 to transform Makoko into a modern, internationally compliant water city.

He said enumeration of affected properties is underway and reiterated the administration’s commitment to handling the situation with a human face, prioritising resident safety and fair compensation.

 

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BIG STORY

JUST IN: DSS Arraigns Malami, Son Over Firearms Possession, Terrorism Financing

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The Department of State Services has arraigned former Attorney-General of the Federation, Abubakar Malami, and his son, Abdulazeez Malami, on five-count charges of terrorism financing and illegal firearm possession.

As reported by Channels Television on Tuesday, they were arraigned before Justice Joyce Abdumalik of the Federal High Court, Abuja.

In the charge filed before the Federal High Court in Abuja, Malami is also accused of refusing to prosecute suspected terrorism financiers, whose case files were handed to him while he served as the AGF and Minister of Justice.

Malami and Abdulaziz are equally accused of warehousing firearms in their residence at Gesse Phase II Area, Birain Kebbi LGA, Kebbi State, without lawful authority.

In count one of the charge, the DSS said the Former AGF with knowingly abetting terrorism financing, while the ex-AGF and his son are charged in counts two to five, with unlawful, possession of a Sturm Magnum 17-0101 firearm, 16 Redstar AAA 5720 live rounds of cartridges and 27 expended Redstar AAA 5’20 cartridges, contrary to and punishable under relevant Sections of Terrorism (Prevention and Prohibition) Act, 2022 and Firearms Act, 2004.

Malami and Abdulaziz pleaded not guilty when the counts in the charge sheet were read to them.

Shortly after they pleaded to the charge, prosecuting lawyer, Calistus Eze, prayed the court to order their remand in the custody of the DSS and fix a date for the commencement of trial.

Responding, defence lawyer Shuaibu Aruwan (SAN) orally applied for bail for the defendants, arguing that the defendants have been in DSS custody for over two weeks.

Justice Joyce Abdulmalik rejected the oral bail application, noting that her court is a court of record, and ordered the defence to file a formal application for bail.

She ordered that the defendants be remanded to the custody of the DSS and adjourned the matter till February 20 for the commencement of the trial.

Counts in the charge read:

“That you, Abubakar Malami of Gesse Phase II Area, Birnin Kebbi LGA, Kebbi State, Adult, male, sometime in November, 2022 at Federal Ministry of Justice, Maitama, Abuja, within the jurisdiction of this honourable court, did knowingly abet terrorism financing by refusing to prosecute terrorism financiers whose case files were brought to your office as the Attorney-General of the Federation, for prosecution, and thereby committed an offence contrary to and punishable under Section 26 (2) of Terrorism (Prevention and Prohibition) Act, 2022.

“Abubakar Malami and Abdulaziz Abubakar Malami of Gesse Phase II, Area, Birnin Kebbi LGA, Kebbi State, adults, males, sometime in December, 2025, in your res:dence at Gesse Phase II Area, Birnin Kebbi LGA, Kebbi State, within the jurisdiction of this Honourable Court, did engage in a conduct in preparation to commit act of terrorism by having in your possession and without licence, a Sturm Magnum 17-0101 firearm, Sixteen (16) Redstar AAA 5’20 live rounds of Cartridges and Twenty-Seven (27) expended Redstar AAA 5’20 Cartridges, and thereby committed an offence contrary to and punishable under Section 29 of Terrorism (Prevention and Prohibition) Act, 2022.

“That you, Abubakar Malami and Abdulaziz Abubakar Malami, of Gesse Phase II Area, Birnin Kebbi LGA, Kebbi State, adults, males, sometime in December 2025, in your residence at Gesse Phase II Area, Birnin Kebbi LGA, Kebbi State, within the jurisdiction of this honourable court, without la icence, did have in your possession a Sturm Magnum 17-0101 firearm, and thereby committed an offence contrary to Section 3 of the Firearms Act 2004 and punishable under Section 27 (1) of the same Act.

“That you, Abubakar Malami and Abdulaziz Abubakar Malami, of Gesse Phase II Area, Birnin Kebbi LGA, Kebbi State, adults, males, sometime in December, 2025, in your residence at Gesse Phase II Area, Birnin Kebbi LGA, Kebbi State, within the jurisdiction of this honourable court, without licence, did have in your possession sixteen (16) Redstar AAA 5’20 live rounds of cartridges, and thereby committed an offence contrary to Section 8(1) of Firearms Act 2004 and punishable under Section 27 (1) of the same Act.

“That you, Abubakar Malami and Abdulaziz Abubakar Malami, of Gesse Phase II Area, Birnin Kebbi LGA, Kebbi State, adults, males, sometime in December, 2025, in your residence at Gesse Phase II Area, Birnin Kebbi LGA, Kebbi State, within the jurisdiction of this honourable court, without licence, did have in your possession twenty-seven (27) expended Redstar AAA 5’20 cartridges, and thereby committed an offence contrary to Section 8(1) of Firearms Act 2004 and punishable under Section 27 (1) of the same Act.

 

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