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Forbes International gives oil tycoon, Benedict Peters, Oil and Gas Leader of the Year Award

Benedict Peters’ company, Aiteo, sponsors the Nigerian Football Federation

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Aiteo, Benedict Peters
The Forbes Media international has given oil tycoon and founder of Aiteo Group, Benedict Peters the Africa’s Oil and Gas Leader of the Year award.
Forbes International gives oil tycoon, Benedict Peters, Oil and Gas Leader of the Year Award

nternational Recognition: Mike Perlis, CEO and Vice-Chairman of Forbes Media (L), presenting the Africa’s Oil and Gas Leader of the Year Award won by Benedict Peters, Executive Vice Chairman, Aiteo Group, at the “Best of Africa” event by Forbes International, to Francis Peters, Deputy Group Managing Director, Aiteo Group, at Forbes Headquarters in New York recently.

This happened at the Forbes Best of Africa Gala which held at Forbes Headquarters, New York City on September 27, 2018. The yearly event is aimed at promoting Africa’s business, trade, tourism, oil and industry to global leaders who trust the Forbes brand for credible business and economic information.
Forbes International gives oil tycoon, Benedict Peters, Oil and Gas Leader of the Year Award

International Recognition: Mike Perlis, CEO and Vice-Chairman of Forbes Media (L), presenting the Africa’s Oil and Gas Leader of the Year Award won by Benedict Peters, Executive Vice Chairman, Aiteo Group, at the “Best of Africa” event by Forbes International, to Francis Peters, Deputy Group Managing Director, Aiteo Group, at Forbes Headquarters in New York recently.

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According to the Editor, Emerging Markets for Forbes, Paul H. Trustfull,
“Peters reinvented himself in times of great personal challenge. He resurrected his identity and reputation while battling injustice. He proves that inspirational leadership in a difficult industry is possible.
Benedict Peters

Benedict Peters

Dedicating the coveted award to all Aiteo employees worldwide, Benedict Peters said
I am delighted that the International community recognises our contribution towards Africa’s self-sufficiency in energy and our aspiration to become a reference point for indigenous capacity in oil and gas. This award motivates us to broaden our vision for the continent, despite all odds, and accelerate her economic transformation.”
He continues:
“We believe that Africa has what it takes to lead the world and we will continue to push the frontiers of development through our investments in people and technology. The success of our Oil and Gas Upstream subsidiary proves that the future we envision in Africa rests to a large extent in the hands of Africans.”
The award is an acknowledgement of Peters’ significant contribution to oil and gas development in Africa. His company, Aiteo, founded in 2008, won the bid for the largest onshore oil block in sub-Saharan Africa and became the operator of a major crude oil export pipeline in Nigeria, following a divestment by Shell in 2015. In the same year, Aiteo ramped up crude production from 23,000barrels per day (bpd) to 70,000 bpd. Three years after, Aiteo’s production is set to hit a peak of 100,000bpd. Aiteo, currently the highest producing indigenous oil E&P company in Nigeria, has also doubled the value of its asset from $3 billion to $6 billion.

In 2015, Benedict Peters consolidated Aiteo’s asset portfolio with a $3 billion acquisition of sub-Saharan Africa’s largest onshore block (OML 29).
 
Beyond oil, the Aiteo Group has investments in mining, agriculture, infrastructure development, electricity generation and distribution, with a fast-growing retail distribution network. It is focused on serving the needs of communities across the continent by leveraging a unique combination of a strategic asset base, technology, innovation, and some of the best technical and business minds across the industries it operates in. The group has been expanding rapidly, to extend its operations to different countries across Africa and beyond with emerging international presence in the DRC, Ghana, Guinea, Liberia, Zambia, Zimbabwe as well as offices in Geneva and Paris.
Benedict Peters’ company, Aiteo, sponsors the Nigerian Football Federation, CAF Awards, Aiteo Cup (the Federation’s foremost tournament in Nigeria) and a football team in his company’s host community. He has also assisted thousands of internally displaced persons in northern Nigeria while supporting clean water sanitation initiatives in Africa, in partnership with Face Africa, improving the lives of over 25,000 people in rural Liberia. Peters addresses social and environmental issues in the agricultural sector through the Joseph Agro Foundation, set up in July 2014 to tackle chronic unemployment and water shortage.  

Patricia

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Companies

NSITF board to investigate suspended MD and others over financial misconduct

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NSITF, FG moves to scrap hazard allowances earned by State Governors

The board of directors of the Nigerian Social Insurance Trust Fund (NSITF) has revealed that it will investigate the activities of the suspended Managing Director, 3 Executive Directors, and 8 other senior management staff over financial breaches and gross misconduct.

This was disclosed by the Chairman of the board of NSITF, Mr. Austin Enajemo-Isire, in a statement in Enugu on Sunday July 5, 2020.

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Enajemo-Isire said that the Managing Director and other top management staff of the organization would have the opportunity to clear themselves of any wrongdoing with the probe panel which was being set up.

READ MORE: Ecobank appoints Aissatou Djiba Diallo to oversee its fintech initiatives 

While reacting to claims that the suspension did not follow due process as President Muhammadu Buhari did not approve it, Enajemo-Isire said that the approval for the suspension of the affected staff had been conveyed to the Labour Minister in a correspondence referenced SGF. 47/511/T/99 of June 30, 2020.

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According to the Chairman, “The minister has conveyed this approval and directives to me for necessary action in terms of setting up a board-driven investigative panel.

READ MORE: Nigeria’s debt rises to $79.5 billion, as debt to revenue ratio worsens

“This is to give the affected officers the opportunity to clear themselves of the financial and procurement breaches and acts of gross misconduct and other infractions that gave rise to their prima facie indictment.

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“It is in this light that I have decided to call a virtual meeting of the management board on Tuesday, July 7, 2020, to consider the modalities for our action.”

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He, therefore, appealed to staffers of NSITF and their social partners to keep calm and exercise restraint.

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A few days ago, Nairametrics reported the suspension of the Managing Director and some senior management staff over corruption allegations. However, the management in its reaction debunked that claim and said that the President did not approve their suspension but that rather, it was the sole decision of the Labour Minister, Chris Ngige, who they said was overreaching himself.

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Companies

Nigerian Content Intervention Fund increased to US$350 million

The fund expansion was one of the decisions taken at the board’s recent meeting.

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intervention fund, NCDMB, output cut, Petroleum Industry Bill to be passed by mid-2020, says Sylva, FG discovers crude oil in north, says there’s more , OPEC, non-OPEC countries to meet as Saudi, Russia price war affects Nigeria’s budget, FG considers fuel price reduction, OPEC deal: Nigeria to generate additional $2.8 billion revenue as FG reacts

The governing council of the Nigerian Content Development and Monitoring Board (NCMB) announced on Sunday that it has approved a $150 million expansion of the Nigerian Content Intervention Fund, raising it from $200 million to $350 million.

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The fund expansion was one of the decisions taken at the board’s recent meeting on June 16, 2020, chaired by Minister of State for Petroleum Resources, H.E. Chief Timipre Sylva, who is also the Chairman of the Council.

READ ALSO: Nigeria to attract $48.4 billion out of Africa’s $194 billion oil and gas investments

The board said that $100 million from the additional fund would be used to boost five existing loan products, which include manufacturing in the oil and gas industry, asset acquisition of rigs, marine vessels, contract financing for Nigerian oil service providers, contract financing for oil and gas community contractors, and loan refinancing with Nigerian banks.

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The council also announced that $20 million and $30 million would be used for 2 newly developed loan product types (the Intervention Fund for Women in Oil & Gas and PETAN Products) which include Working Capital loans and Capacity Building loans for PETAN member companies.

Started in 2017, the Nigerian content Intervention fund was developed as a $200 Million fund managed by the Bank of Industry, to facilitate on-lending to qualified stakeholders in the Nigerian oil and gas industry on five loan product types.

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The NCI Fund is a portion of the Nigerian Content Development Fund (NCDF), aggregated from the one percent deduction from the value of contracts executed in the upstream sector of the oil and gas industry.

According to the NCMB, “About 94 percent of the NCI Funds has been disbursed to 27 beneficiaries as at May 2020.”

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Seplat gives notice of board meeting, to consider Q2 financial result

The notification is in conformity with the rules of the Nigerian bourse on the obligations of the issuer.

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Seplat Plc, Seplat gives notice of board meeting, to consider Q2 financial result

The indigenous oil and gas firm, Seplat Petroleum Development Company Plc has given notice of its board of director meeting which has been scheduled for Tuesday, July 28, 2020 through a teleconference in Lagos between 10 am and 3 pm.

This was disclosed in a notification that was sent to the Nigerian Stock Exchange (NSE) on July 3, 2020 and signed by the oil firm’s Company Secretary, Edith Onwuchekwa.

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The notification is in conformity with the rules of the Nigerian bourse on the obligations of the issuer, in this case, Seplat, to notify the Exchange at least 14 days ahead of the due date and time when the board of directors hopes to meet to discuss its financial results.

The notification from Seplat states, ‘’In line with the rules of the NSE on the obligation of the Issuer to notify the Exchange at least 14 days in advance, in respect of the date and time when the board of directors will meet to discuss its Q2 2020 Financial Results, we wish to state the meeting details as follows,’’

‘’Date: Tuesday 28th July 2020, Venue: Via Teleconference, Lagos, Time: 10.00am – 3.00pm’

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(READ MORE: Fidelity Bank announces closed period ahead of H2 financial statements release)

Seplat, in its statement, also said they were going to notify the Exchange of the details of the Board’s decision on the 2020 second-quarter financial results immediately after the meeting as required by the rules.

Nairametrics had earlier reported that following the global oil crisis triggered by the coronavirus pandemic, the oil and gas firm, in its released financial statement, announced that revenue declined from $159.5 million in Q1 2019 to $130.5 million in Q1 2020. That represented an 18.2% drop.

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The gross profit dropped from $81.4 million in Q1 2019 to $33.1 million in Q1 2020. This shows a drop of 59.3%. The profit before deferred tax showed a loss of $105.8 million in Q1 2020 as against the profit before deferred tax of $35.8 million that was achieved in Q1 2019. This represented a huge drop of 395.5%.

The company’s CEO, Austin Avuru, said that as part of its strategy, Seplat was shifting focus to its gas business which is less exposed to the oil price drop which is currently ravaging the upstream sector.

The current share price of Seplat on the Nigerian Stock Exchange is N386 per share as at July 3, 2020.

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