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.
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.
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.”
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.