The Abuja Division of the Court of Appeal has reserved judgment on an appeal by the Economic and Financial Crimes Commission (EFCC) and the Attorney General of the Federation (AGF) to overturn a High Court ruling that halted the prosecution of Aiteo Group CEO Benedict Peters. The case involves allegations of corruption and money laundering tied to properties falsely linked to former Petroleum Minister Diezani Alison-Madueke. The High Court had awarded N200 million in damages to Peters and his companies.
On November 6, 2025, a panel of the Abuja Division of the Court of Appeal, presided over by Justice Oye Oyewumi with Justice Okon Abang, reserved judgment in appeal No: CA/CV/71/2022. The appellants—EFCC, AGF, British National Crime Agency (NCA), and Crown Prosecution Service (CPS)—seek to nullify a High Court decision stopping the prosecution of Benedict Peters, CEO and founder of Aiteo Group, along with respondents Colinwood Ltd and Rosewood Investment.
The underlying suit, marked FCT/HC/CV/0536/17, was filed on May 11, 2017, on behalf of Peters and his companies by lawyers including Chief Mike Ozekhome, SAN, with an amended statement of claim on January 31, 2019. Justice Olukayode Adeniyi of the Federal Capital Territory High Court quashed allegations of corruption, bribery, and money laundering, ruling that the EFCC's case relied on an undated and unsigned document titled “Highly Confidential Attorney Work,” allegedly from Donald Chidi Amangbo.
The High Court declared: “It is hereby declared that the defendants, by fraudulent design, suppressed and misrepresented facts in supposition that the claimants’ properties, legitimately acquired, belonged to Mrs Diezani Alison-Madueke, former Minister of Petroleum in Nigeria, and/or were unlawfully acquired, a fact they knew or ought to know was false, incorrect and baseless, constituting the tort of carousel fraud.” It awarded N200 million in damages jointly and severally against the EFCC, AGF Abubakar Malami, SAN, and five others.
The properties in question—270-17 Street, Unit #4204, Atlanta, Georgia; Flat 5 Parkview, 83-86 Prince Albert Road, St John’s Wood, London; Flat 58 Harley House, Marylebone, London; and Apartments 4 & 5, Arlington Road, London—were legitimately acquired by the claimants but wrongly attributed to Alison-Madueke. The original claim sought $5 billion USD (N1.5 trillion at the time), but the court condemned the defendants' “deceitful sham allegations” and their conspiracy to intimidate and coerce asset forfeiture.
Suleiman Jibrin represented the EFCC and others, while Farouk Abdullah led the AGF's team. The reservation followed adoption of briefs by counsel.