AITEO at 25: From Oil Fields to World Markets, Benedict Peters Charts Daring Conquests

There is a lesson to learn in AITEO’s blooming. At 25, the oil firm manifests the repute of an industry giant. Amid the sprawling expanse of Africa’s oil sector, AITEO towers impressively and quite formidably. Some have likened its growth to the proverbial defiant spark that burst into a flame, burning with the vigour of relentless enterprise – 25 years old. From the melting pot of ambition forged in 1999 to the vast energy corridors it commands today, AITEO has soared, phoenix-like, through the ashes of volatility and doubt. AITEO stands as a monolith of possibility—a steadfast testament to the audacity of a vision harnessed by the indefatigable Benedict Peters. Under the billionaire magnate’s brilliant leadership, AITEO  hascharted its course through a myriad of challenges to become a continental titan. It is no hyperbole to say, therefore, that AITEO’s journey mirrors the mythic: an odyssey of grit and grace, of vision that refused to be fettered by fear. At the dawn of its 25th anniversary – a significant milestone – the name, AITEO, is pronounced with reverence in the slick chambers of Africa’s oil and gas sectors and across the fertile heartlands of the Niger Delta, writes Lanre Alfred 

With a mind lit by ambition and a spirit forged in rigour, Benedict Peters, Founder and CEO of Aiteo Group, rose from the margins to seize the marrow of the earth,

and so doing,  sculpted his legacy in oil and gas. His story is one of relentless ascent—of striking fire in the dark until it illuminated continents.

Peters is no ordinary dreamer. He wields vision like a compass and inventiveness like a hammer, crafting an empire where others can only see the barren ground. AITEO Eastern Exploration and Production Company Limited—his brainchild—rose from the dust of downstream markets to command the skies of the global energy sector. From fledgling beginnings two decades past, AITEO has blossomed into an integrated energy colossus, unearthing treasures hidden deep beneath the earth’s stubborn crust and delivering them to the world’s energy-hungry shores. Where the timid cowered, AITEO dared, charting seas of storage, and highways of delivery. 

Yet it must be said that Peters sowed the seeds of AITEO at a time when the oil industry seemed impervious to new contenders. In an era dominated by monolithic corporations, he dared to dream of an African energy conglomerate—rooted in resilience, bold in its ambitions, and dynamic in its growth.

Like a skilled cartographer charting unknown lands, Peters began his journey with Sigmund Communecci in the downstream sector. It was a modest enterprise, yet its spirit was electric with potential. From this nucleus of ambition, AITEO was born in 2008, rebranded and reinvigorated to take on a continent’s energy needs.

With just a clear-cut vision and bullish ingenuity, Benedict Peters, the CEO/Founder of Aiteo Eastern Exploration and Production Company Limited, built an integrated energy group which contributes over 5% of Nigeria’s daily oil production. The company started out flaunting one of the largest private storage facilities (with a capacity of more than 320 million litres at Port Harcourt and Apapa) for refined petroleum products in sub-Saharan Africa while competently asserting its stakes in refining and production, bulk petroleum storage, trading, marketing, supply, power generation and distribution. 

A conglomerate with a turnover of over $ 20 billion annually and a downstream business of bulk storage of over 300 million litres per annum, Aiteo has evolved into an integral contributor to the advancement of the African energy industry. Its integrated value chain in the upstream, downstream and power sectors is underpinned by extensive local capacity development with significant opportunities to sustain its future business. Aiteo’s major fields now include Nembe (Flowstation), Santa Barbara, Ogoroba, Oloibiri and Nembe Creek Truckline. 

The story of AITEO’s inception is not one of convenience or circumstance but of calculated courage. As a young company, it faced the scalding scepticism of an industry notorious for its barriers. Yet, like an alchemist transmuting lead to gold, Peters turned challenges into opportunities, securing loans with an unassailable track record of integrity and performance.

Growth and Grit: A Formula of Success

The metamorphosis of AITEO from a peripheral player into a colossus of oil and gas exploration is nothing short of a masterclass in strategic brilliance. The company’s footprint extends across the spectrum of energy solutions: from production to refining, from bulk storage to power generation.

AITEO’s major fields—Nembe (Flowstation), Santa Barbara, Ogoroba, Oloibiri, and the Nembe Creek Trunkline—are not merely swathes of rich earth but chapters in a saga of exploration and excellence. The acquisition of OML 29 from Shell in 2014 was a seismic shift, a declaration that AITEO had arrived on the big stage, not as a supporting act but as a headliner.

The boldness of this acquisition was matched by its outcome: a staggering 400% increase in production, from 23,000 barrels per day to a triumphant peak of 90,000 barrels per day. These figures are not mere metrics; they are milestones carved into the annals of Africa’s energy history.

There is no gainsaying Aiteo Eastern Exploration and Production Company Limited, the succeeding entity for Sigmund Communecci, was founded with a commitment to provide responsible energy extraction and production and fuel economic growth while improving the quality of life of Nigerians through its diverse activities. 

Many had expected that the change in its corporate identity would come with concern and uncertainties from banking partners and perhaps, the likelihood of withdrawal of the financial goodwill that the company used to enjoy under its former name. Rather, the credit facilities increased as Aiteo became more audacious and ambitious. 

The company’s trajectory is underscored by an unwavering commitment to financial integrity. Where others stumbled under the weight of fiscal irresponsibility, AITEO soared on the wings of trust and transparency. From securing multimillion-dollar facilities from Ecobank, Union Bank, and First Bank to executing the largest debt-financed acquisition in Nigeria’s oil history, AITEO’s financial story is one of prudence, boldness, and credibility.

Precisely on Friday, March 6, 2009, Aiteo got a $30m Inventory Finance Facility from Ecobank “to part-finance the local purchase/importation of petroleum products under a warehousing arrangement for open market sales.” Later in the same year, Union Bank offered a $25m ITF/BA facility which it then increased to $50m while renewing an existing N2bn term loan facility to “finance the importation/local purchase of petroleum products from reputable refinery/supplier for onward sale to local off-takers.” Aiteo obtained a N1.1billion loan from First Bank on June 11, 2010, to finance the tank farms at Apapa and Abonema which gave the company considerable leverage in the sector.

Aiteo would announce its big-player status in 2013 when Shell Petroleum Development Company (SPDC) announced itsdecision to divest some onshore assets it considered ‘disposable’ in the Niger Delta. The challenges SDPC was facing had started taking their toll on the profitability of its operations in the then troubled region. In 2014, Aiteo raised the single largest debt-financing in the Nigeria oil and gas sector from local banks to become a successful bidder for 45% per cent of OML 29 at Nembe Creek Trunkline. 

Before the divestment, OML 29 was operated by SPDC in a joint venture that had the Nigerian National Petroleum Corporation (55%), SPDC (30%), Total E&P Nigeria Limited (10%) and Nigerian Agip Oil Company Limited (5%). 

OML 29 was the biggest of the four oil fields that were divested by Shell with the average production of 23,000bpd at the time Aiteo acquired it. The story changed as production output experienced exponential growth between August 2015 when Shell fully exited the facility and December 2016. Aiteo recorded an impressive 400% increment of the average production of 80,000bpd, peaking at 90,000bpd, in one year. The  company’strajectory had been appreciable ever since.

In 2019, AITEO announced plans to invest $5 billion to boost production to 250,000 barrels per day and increase gas supply to 300 million standard cubic feet per day. These are not mere projections; they are promises backed by a history of delivery.

AITEO’s achievements are not confined to extraction. It boasts some of the largest private petroleum storage facilities in sub-Saharan Africa, with a capacity exceeding 320 million litres in strategic locations like Port Harcourt and Apapa. 

The company’s integrated operations reflect a holistic vision: an ecosystem where upstream exploration fuels downstream delivery, and where every barrel extracted powers progress.

A Legacy of Leadership: The Benny Peters Factor

To understand AITEO’s ascendancy is to understand its helmsman—Benny Peters. He is not merely a businessman; he is a conductor of possibilities, orchestrating symphonies of success where others hear only dissonance.

Peters embodies the rare triad of genius, modesty, and character.His leadership style is a masterclass in calculated audacity. He is the type of visionary who, if tasked with reaching Mars, would see it as a mere stepping stone to Saturn. It is this boundless imagination, coupled with an unyielding work ethic, that has propelled AITEO to such stratospheric heights.

In Peters’ philosophy, commerce is not a ruthless pursuit but a noble endeavor. His approach counters the “mercantilist” ethos of cutthroat competition with a doctrine of altruism and impact. This ethos permeates AITEO’s corporate culture, making it not just a profit-making juggernaut but a beacon of societal good.

At top business schools in Africa and beyond, the corporate exploits of Peters offer veritable case-studies for academic researches. And this is because the manifestly self-effacing mogul has created phenomenally successful businesses that impact the world in significant ways.

No doubt, to flourish as an industrialist is no walk in the park. It requires consistent effort and focus to grow from just being an entrepreneur with interest in a particular business to becoming a respected and renowned empire builder. Nigeria is blessed to have such a titan in Peters, who started from the scratch, kept his thrust on the grindstone and turned seemingly insignificant ideas into behemoth industries. So doing, Peters has become the high watermark by which his contemporaries are measured. Today, he is celebrated at home and abroad as one of Nigeria’s league of extraordinary entrepreneurs.

A Titan’s Reach: Beyond Oil and Gas

While AITEO’s core lies in oil and gas, its ambitions soar beyond. The company’s investments in power generation reflect a keen awareness of Africa’s developmental needs. With three power plants boasting a combined capacity of 2,300 megawatts, AITEO is poised to be a key player in resolving Nigeria’s energy deficit.

This is not merely corporate diversification; it is nation-building. AITEO’s strategy to harness Nigeria’s vast gas deposits for power generation is a clarion call to self-reliance. It is a reminder that energy independence is not just an industrial goal but a patriotic imperative.

Moreover, Peters’ diversification into platinum mining in Zimbabwe under Bravura Holdings speaks of a vision that transcends borders. This $1 billion investment is more than a business expansion; it is a testament to the belief that Africa’s wealth lies beneath its feet, waiting for visionaries to unearth it.

AITEO and the People: Benny Peters’ Philanthropy, Corporate Conscience

A true giant is judged not by the wealth it amasses but by the lives it transforms. AITEO’s commitment to corporate social responsibility is a golden thread woven through its success. AITEO has consistently demonstrated that its vision extends beyond corporate success into societal impact. During the COVID-19 pandemic, AITEO joined 32 other industry players to contribute N11.4 billion ($30 million) to the Presidential Task Force to support federal and state efforts in combating the virus. The company further bolstered this intervention by donating five ambulances to the task force.

But AITEO’s generosity is not episodic; it is systemic. It’scommitment to societal welfare is woven into its operations. With a focus on environmental health, employee safety, and community wellbeing, the company upholds rigorous standards in its host communities. This dedication has resulted in a Foreign Direct Investment of about $4.5 billion and the creation of 12,000 jobs. Operating from hubs in Lagos, Abuja, Port Harcourt, Warri, London, and Geneva, AITEO ensures meaningful employment and skills development for the natives in its host regions.

The company’s Corporate Social Responsibility (CSR) initiatives are comprehensive. AITEO regularly supports local businesses, provides scholarships for engineering and technical studies, and donates to charities, religious bodies, and cultural organizations. In May 2019, AITEO made a landmark donation of N500 million to the Bayelsa Education Development Trust Fund, reinforcing its commitment to the educational development of Bayelsa State, where many of its operations are based.

AITEO also extends humanitarian aid to Internally Displaced Persons (IDPs), notably through the State Emergency Management Agency in Adamawa. Additionally, through the Joseph Agro Foundation, founded by Benny Peters, AITEO empowers rural farmers, promotes clean water consumption, and enhances the Nigerian educational system with targeted programs and initiatives.

The company’s impact also resonates powerfully in Nigerian sports, particularly football. In a groundbreaking move, the company signed a N2.9 billion five-year partnership with the Nigeria Football Federation (NFF), becoming the Official Optimum Partner. This deal, the most lucrative in NFF history, ensured timely payment of national coaches’ salaries, addressing a long-standing issue that had marred the careers of coaches like Stephen Keshi and Shuaibu Amodu.

AITEO’s strategic CSR approach not only lightened the financial burden on the NFF but also revitalized the administration of football in Nigeria. The partnership was further extended to the Confederation of African Football (CAF), with AITEO sponsoring the annual CAF Awards, celebrating Africa’s finest football talents.

In every facet—from pandemic response and community upliftment to national sports sponsorship—AITEO’s philanthropy under Benny Peters’ leadership reflects a deep-seated commitment to fostering progress and enriching lives.

The Horizon: A Future Forged in Ambition

As AITEO celebrates 25 years, it does so not with complacency but with a hunger for greater heights. The company’s roadmap is luminous with possibilities—from expanding its energy assets to pioneering new frontiers in renewable energy. These remarkable exploits have garnered widespread recognition, for the company, both at home and abroad. At the 2018 Nigeria Oil and Gas Conference Awards, the company was named Indigenous Oil and Gas Company of the Year. In his acceptance speech, Peters credited AITEO’s success to its dedicated employees and the Nigerian economy. He affirmed, “We remain committed to our vision of shaping the future of sustainable energy in Nigeria and beyond, strategically deploying resources and technologies that lead to sustained economic development and value for all stakeholders. This honour from the NOG is fulfilling, particularly coming from our peers and a reputable industry platform. We dedicate this award to the highly committed, talented, and industrious people working at AITEO and making things possible daily.”

In December 2017, AITEO was recognized as “Company of the Year” by BusinessDay Newspapers, shortly after receiving the same accolade from the New Telegraph Awards in Lagos. Peters’ philanthropic vision and leadership have also earned him global accolades. As Chairman of the Otuoke University Council, Peters plays a pivotal role in overseeing the institution’s policies and growth. His leadership prowess was celebrated when Forbes honoured him as ‘Africa’s Oil and Gas Leader of the Year’ in September 2018. Earlier that year, The Guardian Newspaper named him “Oil and Gas CEO of the Year” in June 2018, and BusinessDay Newspaper listed him among the 50 Most Influential Nigerians in 2017.

Peters’ international recognition includes receiving the Marquee Award for Global Business Excellence at the 2014 Africa-US Leadership Awards, hosted by the African Energy Association. That same year, he was named “CEO of the Year” by Leadership Newspaper for his contributions to local content development in Nigeria’s oil sector. In 2015, he was one of the distinguished recipients of the Dr. Martin Luther King Jr. Legacy Awards in Washington, DC, for promoting “Economic Empowerment” in Nigeria.

Through these accolades, Peters’ leadership and AITEO’s commitment to innovation and community development continue to shine on the global stage.

Under Benny Peters’s indomitable leadership, AITEO’s future is not a distant dream but an imminent reality. It is a future where Africa’s energy destiny is no longer dictated by external forces but determined by its visionary sons and daughters.

AITEO at 25 is not just a company celebrating a milestone. It is a saga of vision, valour, and victory—a blazing beacon for Africa’s industrial renaissance.