Business
Rebuttal: Aiteo Debunks Pointblanknews’ Fictitious Report
Rebuttal: Aiteo Debunks Pointblanknews’ Fictitious Report
The attention of Aiteo Group (“Aiteo”) and Mr. Benedict Peters (the Founder/Executive Vice Chairman of Aiteo Group) (“Mr. Peters”) has been drawn to a false, misleading and defamatory media report/publication made on 12th July 2022, by the online news portal, Pointblanknews.com, under the headline “AITEO BOSS, BENEDICT PETERS, LINKED TO MASSIVE INTERNATIONAL FRAUD, MONEY LAUNDERING (PART 1)”, which has been further circulated by other online media platforms.
In the publication, Pointblanknews.com made a number of absurdly spurious and defamatory allegations against Aiteo and Mr. Peters, citing unnamed, unspecific and unverifiable sources (in common with its other publications), in what is ostensibly an orchestrated smear campaign against Mr. Peters and a number of Aiteo entities.
The publication makes several false statements seeking, forlornly, to embellish its headline that Mr. Peters is currently “linked to massive international fraud, money laundering…” and alleges, without any particulars whatsoever, that he is the subject of various indictments within and outside Nigeria. The article offers no facts, information or explanation as to what it says either Mr. Peters or some of the entities that it names has done; done wrong or improperly either in contravention of any laws or business practices.
In short, other than to publish a list of names and throw bare accusations lacking any form of content or credibility, the article represents the worst form of hollow journalism of the sort that the publisher appears to be regularly associated with. The article misguidedly and malevolently derided ours and Mr. Peters’ activities and in so doing, demonstrated irresponsible journalism as it is plainly evident that its writers undertook no proper investigation or inquiry, prior to publication, as they did not even make the professional effort to contact us despite our very well publicised locations and contact details.
Essentially, the article represents outcomes of a maliciously conceived concoction of untruths designed to embarrass, humiliate or disgrace both Aiteo and Mr. Peters, without any foundation whatsoever. These statements are completely false and fabricated; defamatory and highly damaging to our image and reputation, and that of Mr. Peters as an international businessman of considerable repute, in the minds of reasonable and right-thinking members of the society.
Arising only from the undeserved necessity to refute allegations that have no substance whatsoever, we are constrained to confirm that that the basis of the article is a collation of maliciously conjectural fiction. The article pathetically fails to state that any of the transactions represented by the names to which the relate or the contents represent evidence of any inappropriate undertakings.
It is plainly evident that the said words were uttered and published deliberately, maliciously, falsely and willfully with the intent to cause damage to the character, profession, and reputation of the Aiteo entities and Mr Peters.
The publishers knew or ought to know that NONE of these assertions are true because there are no alleged financial crimes considered, proffered or in existence based on any facts or documents involving our client; any companies in which he has any interest, family members in any of the countries that the article mentions or involving the banks named or any other banks whatsoever. The sheer lack of specificity regarding the nature or type of any such gifts given in the documents that you have provided speaks to the incontestable lack of credibility of the allegations.
The truth is that Mr. Peters has been assiduously working in the Oil and Gas industry in Nigeria for over 30 years. Mr. Peters is the founder of the AITEO, an integrated global-focused energy conglomerate comprising a number of corporate entities that provide jobs and enhance meaningful indigenous participation in the energy sector.
The core area of Aiteo’s business, at its inception, was trading and distribution of all kinds of petroleum products but grew to include upstream exploration and production of crude oil condensate and gas, bulk petroleum storage, refining of petroleum products, trading, marketing and supply as well as power generation and distribution. Under Mr. Peters’ leadership, Aiteo has grown rapidly and steadily over the years, becoming a significant player in the Oil and Gas industry in Africa. We have successfully expanded our business footprint into Power, Mining, Real Estate, Agriculture and Health.
Inherently, the overwhelming malice and inaccuracies in the article confirm that the writers’ objectives were undisguisedly spiteful. Many of the statements contain untrue and highly inflammatory comments. Indeed, some of them contain incontrovertible malicious falsehood. These circumstances lead to the inescapable conclusion that the writers have pursued this course specifically with the intent to cause maximum damage and embarrassment. It is not known what writers motivation was.
We have referred the matters arising to our lawyers for further decisive action against the publisher and all those who have irresponsibly disseminated the article. In the interim, Aiteo and Mr Peters hereby urge members of the public as well as business partners, associates and well-wishers globally to disregard the as well as any previous and future defamatory reports or publications associated with this article or any comments therein including the re-publication by other online media outlets that used Pointblanknews.com as their source.
We assure the general public that Aiteo and Mr Peters remain committed to upholding the true values of transparency, excellent service delivery and accountability at all times for which we have come to be known.
Signed
Aiteo Group
The Izuogu Z-600: Africa’s Lost Automotive Revolution.
By George Omagbemi Sylvester
In 1997, a remarkable feat of African innovation unfolded in the heart of Imo State, Nigeria. Dr. Ezekiel Izuogu, a brilliant electrical engineer and senior lecturer at the Federal Polytechnic Nekede, unveiled what would become Africa’s first indigenous automobile: the Izuogu Z-600. It was more than a car, it was a symbol of African ingenuity, resilience and ambition. Aptly described by the BBC as the “African dream machine” the Z-600 was designed with 90% of its parts sourced locally. Its estimated retail price of just $2,000 had the potential to revolutionize transportation and economic empowerment across the continent.
A Vision Beyond Engineering
Dr. Izuogu’s dream went beyond building a car. His vision was to catalyze an industrial revolution in Nigeria, particularly in Igboland. The Z-600 was equipped with a self-made 1.8L four-cylinder engine, delivering 18 miles per gallon and reaching top speeds of 140 km/h. Front-wheel drive (FWD) was selected over rear-wheel drive (RWD) to reduce production costs, demonstrating a keen understanding of localized engineering solutions. The car was a marvel not just of machinery, but of determination in the face of overwhelming odds.
According to Dr. Izuogu, “If this car gets to mass production, Nigeria and Africa will no longer be the dumping ground for foreign cars.”
Initial Government Support and the Abandonment
Recognizing the car’s potential, the late General Sani Abacha’s administration constituted a 12-member panel of engineering experts to assess the Z-600’s roadworthiness. The committee gave the car a clean bill of health, recommending only minor cosmetic refinements. At the high-profile unveiling attended by over 20 foreign diplomats, the Nigerian government, represented by General Oladipo Diya, pledged a ₦235 million grant to support mass production.
However, like many well-meaning promises in Nigerian politics, this pledge remained unfulfilled. Not a single naira was released to Dr. Izuogu. Despite having passed official assessments and earning international interest, the Z-600 project was left to languish.
Dr. Izuogu lamented, “This was an opportunity for Nigeria to rise industrially, but it was squandered.”
Economic and Technological Loss
In 2006, a tragedy that seemed almost conspiratorial struck the Izuogu Motors factory in Naze, Imo State. At about 2:00 a.m. on March 11, twelve armed men invaded the facility, making away with vital components: the design history notebook, the Z-MASS design file for mass production, engine molds, crankshafts, pistons, camshafts and flywheels. Over ten years of research and development, worth over ₦1 billion, was effectively erased overnight.
“It seems that the target of this robbery is to stop the efforts we are making to mass-produce the first ever locally made car in Africa,” Dr. Izuogu said.
This was not just a loss to a single man, but a national economic tragedy. The theft of intellectual property on such a scale is rare and the fact that no serious investigation followed speaks volumes about the apathy toward indigenous innovation.
South African Opportunity and Another Betrayal
In 2005, a glimmer of hope emerged. The South African government, after seeing presentations of the Z-600, invited Dr. Izuogu to pitch the vehicle to a panel of top engineers. Enthralled by the innovation, South Africa offered to help set up a plant for mass production. Though flattered, Dr. Izuogu hesitated. His dream was for Nigeria to be the birthplace of an African industrial revolution not merely an exporter of talent.
Nevertheless, facing continuous neglect at home, he reluctantly began exploring the opportunity. Sadly, the robbery of 2006 dealt a final blow to this dream.
The Broader African Context
The story of the Z-600 is emblematic of a broader African malaise: the systemic failure to support indigenous innovation. According to Dr. Peter Eneh, a development economist, “Africa’s greatest tragedy is not poverty but the consistent sabotage of local ideas and talents by political inertia.”
In India, the Tata Nano was developed and rolled out in 2008, five years after Nigeria had the opportunity to lead the cheap car revolution. While the Indian government supported Tata Group with infrastructure and policy backing, Nigeria allowed politics and indifference to kill its golden goose.
As Prof. Ndubuisi Ekekwe, founder of the African Institution of Technology, noted, “Innovation dies not from lack of talent in Africa, but from institutional hostility.”
Lessons for Africa
The Izuogu Z-600 should be taught in engineering schools and policymaking institutions across Africa. It is a case study in potential wasted due to governance failure, insecurity and lack of strategic investment. The car could have generated thousands of jobs, stimulated related industries and positioned Nigeria as a pioneer in low-cost automobile manufacturing.
Instead, we mourn a lost opportunity. Dr. Izuogu’s death in 2020 closed the chapter on what might have been Africa’s most transformative technological breakthrough.
Lessons from a Forgotten Dream
Africa must learn from this colossal failure, innovation must be protected. Talent must be supported. Local entrepreneurs must be seen as national assets not nuisances.
Dr. Izuogu once said, “Our problem is not brains; our problem is the environment.” That statement still rings painfully true today.
The Tragedy of Unfulfilled Innovation
The Z-600 was not just a car but a movement, it was hope and proof that Africans can dream, design and deliver; but then dreams need nurturing. Ideas need investment. Hope needs a system that works.
Let the Z-600 remind us that the future is not given, it is made. And Africa, despite its challenges, still holds the power to create.
As the Nigerian-American businesswoman Ndidi Nwuneli puts it, “If Africa is to rise, it must learn to trust and invest in its own people.”
Let us never again allow another Z-600 to die.
Business
Global Trailblazers to Be Honoured as Expatriates Business Awards 2025 Unveils Grand Celebration in Lagos
Global Trailblazers to Be Honoured as Expatriates Business Awards 2025 Unveils Grand Celebration in Lagos
The stage is set for the 2025 Expatriates Business Awards (EBA), a prestigious celebration of global enterprise and diversity shaping Nigeria’s economic landscape. Scheduled for Sunday, July 6th, 2025, at the Grand Ballroom of the Oriental Hotel, Victoria Island, Lagos, the event promises to be a night of elegance, culture, and recognition of foreign excellence driving local growth.
Speaking at the unveiling, Miss Odunola Abayomi, Director of Awards, highlighted the event’s bold vision: to honour the transformative contributions of expatriates, foreign businesses, and migrant communities in Nigeria.
“Today, we celebrate a vision that transcends borders,” she said. “This award is a heartfelt ‘thank you’ to those who have invested, innovated, and contributed immensely to Nigeria’s economy.”
Now in its fifth year, the Expatriates Business Awards—originally launched in 2020 as The Ethnic Business Awards (TEBA)—has evolved into a premier platform spotlighting global entrepreneurship within Nigeria’s borders. Past editions have featured high-profile hosts like media personality Daddy Freeze and Ghanaian actress Ella Mensah, setting a benchmark for excellence and inclusivity.
This year’s ceremony will feature a vibrant mix of exhibitions, music, comedy, and cultural performances, fostering cross-cultural dialogue and celebrating shared economic progress. The selection process is already underway, combining public nominations, opinion polls, and independent research to ensure transparent, merit-based recognition.
Powered by Pun Communications Ltd. and presented under the TEBA Foundation for Humanity, the event continues to uphold values of integrity, excellence, and impact.
“Nigeria is not just a destination; it’s a global opportunity hub,” Miss Abayomi added. “We invite the media, diplomatic corps, business leaders, and the international community to join us in celebrating the global heartbeat of Nigerian enterprise.”
For sponsorships, media inquiries, or ticket information, visit: www.theethnicbusinessawards.com
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