Aiteo Group is an integrated, global-focused Nigerian energy conglomerate founded in February 2008. The company is an offshoot to Sigmund Limited, focusing majorly on oil and gas exploration and production; bulk petroleum storage; refining of petroleum products; trading, marketing and supply as well as power generation and distribution. Since its establishment, the Conglomerate has won many feats to the amusement of contemporaries.
Owned by Nigerian Billionaire, Benedict Peters, Aiteo Group is Nigeria’s largest indigenous oil producing firm. As of November 2014, he had an estimated net worth of US$2.7 billion. He is ranked by Ventures Africa as the 17th richest person in Africa and the 7th richest in Nigeria.
Benedict Peters, is a very successful businessman, an innovative entrepreneur and one of the truest oil and gas industry pioneers that Nigeria has produced in recent years. Today, Benedict Peters is best known as the founder of the insurgent Nigerian energy conglomerate Aiteo Group, but he came from more humble origins than you might expect.
In 2017, Aiteo emerged Nigeria’s leading oil & gas company with a record 90kpod output in 1 year. The company is confident that its significant gas resources at OML 29 will transform the country’s oil rich Niger Delta region into a power generation hub of repute before long.
In April 2017, Aiteo Group announced the signing of a five-year partnership agreement with the Nigeria Football Federation worth an estimated N2.9b. In the capacity of Official Optimum Partner of the NFF, Aiteo’s support funded the salaries of Super Eagles boss Gernot Rohr and coaches of all NFF’s national teams. Peters told the media that “Aiteo Group is as passionate about leadership as Nigerians are about football, so we are proud to be working together with the NFF and its coaching staff to reach a shared goal of a more prosperous Nigeria”.
The Company’s CEO and Vice Chairman, Benedict Peters said the company grew production from 23kbbl/d upon takeover of operations to a peak of 90Kbbl/d in one year. He also highlighted several existing and developing projects that could potentially grow Aiteo’s asset production to over 150 kbopd and 200mmscf/d. He said: “Our outlook is bright with 3 producing oil fields and viable crude exports via Bonny terminal. We also have contingent resources to appraise and prospective ones to explore in the medium-to-long term, including full 3D coverage and 2P NNS reserves at 1.6bn bbl. Put simply, we have a clear vision for the future with the experience and assets crucial to providing oil and gas consistently on a regional and global scale”.
Aiteo owns and operates petroleum storage facilities in Lagos and Port Harcourt, including the Abonnema Storage Terminal (“Port Harcourt Tank Farm”), with total capacity of over 110 Million Liters. It constructed a jetty to accommodate growing vessel traffic to the Port Harcourt Terminal, which accommodates up to 30,000 metric tons dead weight.
Born in Abakaliki, Ebonyi State, Peter is an Onicha Olona man in Delta state. His father was a banker and mother a homemaker. He attended Ekulu Primary School, Enugu and Federal Government College Enugu, after which he proceeded to University of Benin, where he obtained a Bachelor of Science (B.Sc) Hons degree in Geography and Town Planning.
In the first quarter of 2011, Aiteo was one of the 32 companies issued permits to import petrol, under the Refined Products Exchange Agreement. Aiteo Group was among the Nigerian companies awarded oil lifting contracts, in the Federal Government’s bid, through the Nigerian National Petroleum Corporation, to award nearly half of 2012/2013 oil lifting contracts worth $40 billion to indigenous companies and in the process, promoting local content on one hand and “downsizing contracts awarded to international oil traders. In its own right and also at the request of Duke Oil, the company entered into a Management and Operation Agreement with Duke Oil ”to operate and manage its Crude and Product Exchange Agreement” with NNPC and Pipelines Product Marketing Company (PPMC)[1] from February 2011; an operation which lasted until December 2014. These were landmark transactions in the Nigerian Oil sector.
Aiteo’s main subsidiary, Aiteo Eastern E&P is the operator of the NNPC-Aiteo Joint Venture. It is also a major infrastructure provider for Nigeria’s oil industry as the operator of the 97 KM Nembe Creek Trunk Line, which serves as an industry-wide evacuation pipeline for produced fluids from Bayelsa to the Bonny Terminal in the eastern delta region.
Aiteo is guided by the principles of sustainability: environmental-consciousness, inclusive operations and superior health and safety policies. It is strategically focused on these business areas, with major prospects for immediate revenue growth and market penetration: Exploration and production Bulk petroleum storage Refining of petroleum products Trading, marketing and supply Power generation and distribution
Each of these areas holds massive potential, with global focus on the future of energy generation, significant oil and gas reserves still to be found throughout Africa, and a large number of alternative revenue streams to be found in the refinement of different petroleum products and derivatives. With a drive towards building a high-quality asset base and significant growth on the horizon, we’re well positioned to deliver long-term value for our stakeholders, as well as for our business partners and customers. The foundation of our growth strategy is the energy and expertise of our employees, who are committed to working with integrity as they engage and build strong links with our stakeholders in order to deliver significant mutual benefits We’re proud of our heritage and the solid reputation of our founders – and of our impeccable track record of safe, reliable and environmentally conscious energy development.
Aiteo Group maintains its headquarters in Lagos, Nigeria and offices in Abuja, Port Harcourt, Warri, London and Geneva.
Benedict Peters Aiteo Group is one of the indigenous Nigerian companies that took advantage of the exit of major international oil companies, like Chevron, ConocoPhillips and Shell that put up their Nigerian onshore licences for sale. In 2014, Aiteo bid for and acquired Shell’s OML29 and Nembe Creek Trunk Line for $2.7 billion.
In 2014, Aiteo acquired a controlling stake in Oil Mining Lease (OML) 29 and the Nembe Creek Trunk Line (NCTL) in the Eastern Niger Delta from Royal Dutch Shell Plc. According to Wood Mackenzie, “OML 29 is a large block located in the southeastern Niger Delta. It contains 11 oil and gas fields”. “The 983-square-kilometre OML 29, onshore in the Niger Delta region, is the site of Nigeria’s first-ever commercial discovery”, in 1956 at the Oloibiri Oilfield.
Peters is also a recipient of many awards including the Marquee Award for Global Business Excellence at the Africa-US Leadership Awards dinner. also rapidly diversifying with his founding of Aiteo Power, of which he is chairman. He leads the Aiteo Consortium and EMA Consortium which has won separate bids to acquire three power generating companies and is set to build a 100,000 barrel refinery in oil-rich Warri in Delta State.
In 2018, the International business leader and founder of Aiteo Group, Benedict Peters, was awarded Africa’s Oil and Gas Leader of the Year at the Forbes Best of Africa Gala which was held at Forbes Headquarters, New York City on September 27, that same year.
The award is an acknowledgement of Mr. Peters’ significant contribution to oil and gas development in Africa by visionary leadership, distinguished service and transformational realignment of a sector dominated by International Oil Companies. The Forbes Award also recognised Mr. Peters’ commitment to bettering the lives of people and societies across Africa by philanthropic engagement.
With its acquisition of Royal Dutch Shell Plc’s 30% stake as well as Total SA of France and Eni of Italy minority stake in OML29 and the Nembe Creek Trunk Line, Aiteo holds the controlling 45% stake in both assets, for which it paid $569 million for Total SA’s stake.
OML 29 includes Nembe, Santa Barbara and Okoraba oil fields. According to Shell, “combined production averaged around 43,000 barrels per day of oil equivalent in 2014”.
“Oil and gas industry investment analysts say Aiteo Group’s investment is a demonstration of its commitment to the continuous growth and development of the country’s oil and gas sector in accordance with the law enacted in April 2010.”. Aiteo holds a controlling equity stake holding of 85% in the consortium that acquired OML29. The other members of the consortium include Tempo Energy Resources – 10% and Taleveras – 5%.
Aiteo’s interest in the power sector is operated through its subsidiary; Aiteo Power and Gas which has Dr. Ransom Owan as its Group Managing Director. Dr. Owan was the pioneer Chairman & Chief Executive Officer (CEO) of the Nigerian Electricity Regulatory Commission (NERC).
An Aiteo led consortium was the sole bidder for the Alaoji Power Plant. It won the bid with a $902 million fresh bid, after its first bid did not meet the plant’s reserved price. Having made a bid of $312.5 million, Aiteo was the reserve bidder and was shortlisted for the following plants: Egbema Generation Company, Olorunsogo Generation Company and Omoku Generation Company. The same consortium became the preferred bidder for Benin and Calabar Generation Company, with a bid of $580 million and $625 million respectively. Aiteo holds leading interest in the consortium that won the bids to acquire the following power generation plants in Nigeria: Benin Generation Company – preferred bidder with a bid of $580,000,000.00; and Calabar Generation Company – preferred bidder with a bid of $580,000,000.00
In April 2017, Aiteo Group announced the signing of a 5-Year partnership agreement with the Nigeria Football Federation worth an estimated N2.9b. In the capacity of Official Optimum Partner of the NFF, Aiteo’s support funded the salaries of Super Eagles manager Gernot Rohr and coaches of all NFF’s national teams.
