Money man, Ben Peters and his Aiteo Consortium are in a very tight spot.
Information filtering in indicates contrary to great expectations, wealthy player in the oil sector and his group of Aiteo consortium Ben Peters are experiencing great difficulty.
The Ben Peters led investors had acquired the lucrative Oil block from Shell Petroleum Development Company to much reportage- and increased rating in sphere of operation.
But a couple of weeks down the line, the story line is fast changing.
Insiders disclose Ben Peters and his backers are cash stuck.
‘they are having great difficulty meeting up with payment schedule’ is how an insider put it.
Sources revealed the situation has twisted to such an angle for the Ben Peters Led team that they are presently pleading for a repackaged payment schedule.
‘they have fallen behind on agreed terms’ societynowng.com learnt.
Insiders further disclosed the team had premised attracting more than enough fund to execute the mega purchase on the attractiveness of the downstream sector to investors – especially because of it’s vital role in the nation’s economy.
But snowballing falling prices of oil has pulled the carpet on strength of this strategy- and scared off possible funds providers.
And to compound the issue, sources claim ‘those who have committed funds are exploring ways to pull out to cut possible losses’.