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Benedict Peters – Life And Entrepreneurial Journey Of The CEO of Aiteo Group

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Benedict Peters is the CEO of Aiteo Group, the largest indigenous oil-producing firm in Nigeria by output. He is a successful businessman, an innovative entrepreneur, and a pioneer of the oil, gas, and power industry in Nigeria and Africa at large.

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Benedict Peters Background.

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Start Your Business in 30 Days Even If You Don’t Have An Idea

Benedict Peters was born in 1966 to a banker and a homemaker in Abakaliki, Ebonyi State. He hails from Onicha Oloma, Delta state, and had his primary and secondary education at Ekulu Primary School and Federal Government College Enugu respectively. Benedict then proceeded to the University of Benin where he graduated with a BSc. Honors in Geography and Regional Planning. He is married to Ella Peters and they are blessed with four children.

Benedict Peters Early Career.

Benedict Peters started his career after his graduation from the University of Benin. He has worked as a senior staff in the banking, commodity trading, and the oil and gas industry in Nigeria.

His career in oil and gas began in the early 1990s at Ocean and Oil Limited, now known as Oando Nigeria Plc where he worked alongside Adewale Tinubu, Mofe Boyo, and Onajite Okoloko. 

Benedict Peters then joined MRS Oil Nigeria Plc as a managing director. MRS is a major downstream petroleum company that owns all Chevron/Texaco petrol stations throughout West Africa.

Having garnered a wealth of experience in the global energy industry while at MRS Oil and Oando Nigeria, he established Sigmund Cummunecci in 1999. Sigmund Cummunecci’s focus was on tank farms and all aspects of the downstream sector.

Aiteo Group.

Benedict Peters founded the Aiteo group (Aiteo Eastern Exploration and Production Company Limited), a succeeding entity for Sigmund Communecci in February 2008. The company is committed to providing responsible energy extraction and production, helping fuel economic growth while improving quality of life through its diverse activities. Aiteo group has offices in Abuja, Port Harcourt, Warri, London, and Geneva with headquarters in Lagos, Nigeria.

The company owns one of the largest petroleum tank farms in Nigeria with excess facilities of over 250 million liters on a landmass of over 100,000 square meters. In 1956, commercial oil was discovered in Nigeria for the first time in the company’s Oilfield at Oloibiri. Aiteo’s main business focus is on exploration and production, bulk petroleum storage, refining of petroleum products, trading, marketing and supply, power generation and distribution.

Aiteo is a major global supplier of refined oil and gas products that are produced in-house. The company also conducts resources exploration projects. From inception, the company has been known as a major player in the international industry as well as one of the most successful energy providers in Nigeria.

Benedict Peters continually designs innovative strategic models, oversees mergers with local communities, and forms international joint ventures, all in a bid to ensure the continued success and growth of Aiteo Group. 

Benedict Peters Philanthropic Activities.

  • Aiteo Group has provided more than 11,000 job opportunities in Nigeria.
  • He is the founder and chairman of Joseph Agro Foundation, a foundation with focus on the improvement of the lives of the farmers in rural areas.
  • The Joseph Agro Foundation supports initiatives and projects that improve the Nigerian educational system. They also organize awareness programs to enlighten farmers on clean water consumption.
  • Benedict Peters and the Aiteo Group have generously given to the Adamawa State Emergency Management Agency (ASEMA) to help the state deal with the problem of internally displaced persons in Nigeria.
  • As an Official Optimum Partner of the NFF, Aiteo Group signed a five-year partnership agreement of about N2.9 billion with the Nigeria Football Federation (NFF).
  • Aiteo makes annual donations to churches, registered charities, and not-for-profit organizations.
  • Scholarships are provided by the Aiteo group for university students annually, to encourage youths to study engineering in communities where he operates.
  • Aiteo partnered with the Confederation of African Football (CAF) to fund the annual CAF Awards to celebrate and honor footballers that have contributed immensely to the growth and development of football in the African continent in 2018.

See Also: Famous entrepreneurs in Nigeria and their business interest.

Benedict Peters Awards and Recognitions.

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Go from idea to starting your business in 30 days
  • Ventures Africa ranked him as the 17th richest person in Africa.
  • Benedict Peters is the Chairman of the Otuoke University Council. The council oversees and monitors the implementation of the plans and policies of the university.
  • Peters was one of the four recipients of the ‘Marquee Award for Global Business Excellence’ at the Africa-US Leadership Awards dinner that took place at Washington DC on the 5th of August 2014.  
  • Dr. Martin Luther King Jr. Legacy Awards in the “Economic Empowerment” category at an event that took place at Willard Hotel, Washington DC on the 18th of January 2015.
  • Benedict Peters was on the BusinessDay Newspaper’s list of 50 Most Influential Nigerians in 2017.
  • New Telegraph named Aiteo “Company of The Year” at its Awards night that took place in Lagos, Nigeria in 2017.
  • The Guardian Newspaper, Nigeria named him “Oil and Gas CEO of the Year” in June 2018.
  • Forbes honored him with the ‘Africa’s Oil and Gas Leader of the Year’ award on the 27th of September 2018.
  • ‘Company of the year award’ at the Nigeria Oil and Gas Conference Awards in July 2018.

Benedict Peters Net worth.

As a diversified energy entrepreneur and one of the backbones of African football, Benedict Peters is worth millions of dollars. Sources have it that he is worth about $2.7billion.

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