Nigeria’s anti-corruption agency, the Economic and Financial Crimes Commission (EFCC), has reignited one of the country’s most controversial political finance cases, declaring billionaire oil magnate Benedict Peters wanted over his alleged involvement in a $115 million election bribery scandal.
The case, which dates back to the build-up to Nigeria’s 2015 general elections, centers on accusations that funds were illegally distributed to influence officials of the Independent National Electoral Commission (INEC).
How the $115m Was Allegedly Moved
According to the EFCC, former Minister of Petroleum Resources, Diezani Alison-Madueke, allegedly orchestrated the disbursement of the funds as part of efforts to sway the electoral process.
Investigations suggest that about $60 million of the total amount came from entities linked to Peters, particularly Northern Belt Gas Company Limited. EFCC sources claim Peters was the sole signatory to the company’s account used in the transactions.
The funds were reportedly routed through Fidelity Bank Plc, where its former Managing Director, Nnamdi Okonkwo, allegedly facilitated the conversion of the money into naira before it was distributed to INEC officials.
EFCC: “We Can’t Find Him”
In its official notice signed by spokesperson Wilson Uwujaren, the commission stated that Peters is wanted for criminal conspiracy, diversion of funds, and money laundering.
Sources within the agency say efforts to track him have been unsuccessful.
“All attempts to get him have proved abortive,” an EFCC insider revealed, noting that the businessman’s international movements and access to a private jet have made him difficult to locate.
A Billion-Dollar Oil Empire Under the Spotlight
Peters, founder of Aiteo Group, is one of Africa’s most prominent oil entrepreneurs. His acquisition of an 85% stake in OML 29 from Shell for $2.56 billion remains a landmark deal in Nigeria’s energy sector.
The oil block is estimated to contain billions of barrels of crude and significant gas reserves, positioning him as a key player in the region’s oil and gas industry.
However, his name has also surfaced in past controversies, including the crude oil swap deals involving the Nigerian National Petroleum Corporation (NNPC), arrangements that have faced criticism over transparency concerns.
Peters Responds
In earlier statements, Peters denied any wrongdoing, insisting he had not received any formal invitation from the EFCC regarding the matter.
He maintained that he is a law-abiding businessman and expressed willingness to cooperate with authorities if officially contacted.
Renewed Crackdown on Corruption
The EFCC’s latest move signals a renewed push to revisit unresolved corruption cases linked to the 2015 elections—widely regarded as one of Nigeria’s most financially controversial political cycles.
In a related development, the agency has also declared one Johnson Salako wanted over an alleged ₦1.424 billion fraud involving the Bank of Industry.
Why This Case Matters
For many observers, the revival of the case is more than just another headline—it reflects growing pressure on authorities to ensure accountability in high-profile corruption cases.
With billions of dollars allegedly tied to political influence, the outcome could test the strength of Nigeria’s anti-corruption institutions and their ability to pursue justice across borders.
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