Benedict Peters – Nigeria’s Top 10 CEO’S 2017

Mr. Benedict Peters is managing director/CEO, Aiteo Group, an integrated energy conglomerate with considerable strategic investments across the energy value chain. The group is involved in petroleum exploration and production, petroleum products storage and marketing, liquefied petroleum gas and electricity generation.

Aiteo is the crowning of the high level roles that Peters has played in the development of the Nigerian oil and gas industry, including the formation of Ocean and Oil Limited – the giant that stands in the industry today as Oando.

Peters is the driver of a large indigenous group that has become one of the most successful energy providers in Nigeria and a major player in the international market. With 30 years of experience in the oil and gas industry, Peters has played a significant role in empowering Nigeria to increasingly assume control of its natural resources and develop its energy infrastructure. He has led the company to achieve consistent growth and development over the years, diversify its holdings and increase its influence across the energy marketplace.

Peters has run with a vision of building an integrated business model, combining several aspects of the energy industry in order to maximize value creation and solutions provided. His multifaceted power solutions cut across mining, extraction, production, processing, manufacturing and marketing operations. This has contributed immensely in the country’s infrastructure development effort, which has earned him a seat among Africa’s most successful corporate leaders.

Aiteo stands out in terms of comprehensive energy capabilities and services from exploration down through retail delivery of finished petroleum products to electric power generation. Its services include bulk petroleum products storage, oilfield services, electricity generation and distribution, LPG bulk storage and marketing and distribution of refined petroleum products, including a rapidly growing retail distribution network.

Aiteo is reputed to have one of the largest private storage facilities for refined petroleum products in sub-Saharan Africa. It has storage facilities with the capacity of more than 320 million litres. This includes its Port Harcourt terminal with capacity of over 110 million liters and its Apapa terminal with capacity of approximately 210 million liters.

Aiteo is devoted to developing energy resources in Nigeria and Africa that would lift the continent’s capacity in the global market. Peters is deploying expertise in some of the world’s most significant basins, including the Niger Delta and the Benue Trough to grow oil and gas yield for the long term.

Aiteo is applying aggressive exploration and innovative extraction techniques to keep oil flowing for an energy-hungry world. It is going deeper into the deep water basins off the shores of West Africa to find new oil, as conventional sources get increasingly challenging. Its focus is on developing high-risk, high-potential oil and gas basins using innovative high-tech methods.

Deepwater exploration holds the hopes for increasing Nigeria’s proven oil reserves and Peters’ Aiteo is actively working day and night to make the hopes come true. “We aim to work tirelessly across the upstream market, in both exploration and retrieval, so that our future discoveries add to the known oil reserves of the African continent as a whole and support the oil industry for the long term, while our work to tap into already-known reservoirs of oil increases output in the short term, bolstering Nigeria and other African countries’ positions as world leaders in oil production”, the company stated.

Aiteo has in place significant infrastructures for distribution of petroleum products, which is a key element of providing integrated energy solutions to Nigeria and beyond. Its petroleum products marketing, supply and trading operations undertake the export and import of petroleum products. It is actively involved in the importation of petroleum products for NNPC and the Nigerian market.

The company’s trucking fleet completes the necessary downstream infrastructures needed for delivering products across the length and breadth of Nigeria, penetrating difficult geographic markets.

Aiteo Group’s operations in the power sector is carried out by its subsidiary – Aiteo Power Generation Company Ltd, which won the bid for Alaoji Power Generation Company. The company is developing a pipeline of power generation projects across Nigeria, which will see the use of gas resources from oil wells to build a power generation hub in the Niger Delta. The strategy is to use gas, oil and coal to generate electricity and market it to Nigeria and other West African countries. Peters expects that the projects will help to bring electricity to an estimated 7.6 million people and make Aiteo a major player in the power industry.

Peters is desirous to achieve an Africa-wide solution in creating access to the power grid to all. He wants to see that the vast gas reserves available to Africa are developed in full, bringing the benefits of readily available electrical energy to Africans people wherever they may be in the continent.

Aiteo is capitalizing on the great potentials of natural gas for export, residential and commercial sales and power generation. It therefore plans to make it a major component of its energy portfolio as its exploration and development activities increase.  It is presently working with internationally reputed providers of gas solutions to develop all aspects of the midstream and downstream natural gas value chain. This involves gas gathering and processing facilities, LPG production, storage and distribution, pipeline infrastructural network development, NGL processing, transportation and logistics.

Peters’ Aiteo Group has created more than 11,000 job opportunities with yet increasing capacity for further rapid growth.

For his company’s massive investments across all Nigeria’s energy spectrum, Peters earned a seat in Top 10 Magazine’s top 10 CEOs of the year, 2017.