A Vision Beyond Trading

Peters began his career in Nigeria’s energy sector with Ocean and Oil Services (now Oando) and MRS Oil & Gas, rising to Managing Director. These early roles provided him with hands-on experience across petroleum supply chains and operational management, laying the groundwork for his entrepreneurial leap. In 1999, he founded Sigmund Communecci, initially focused on petroleum products supply and trading. Over the next decade, the company grew into one of Nigeria’s largest operators of tank farms and storage infrastructure, with more than 250 million liters of capacity.

In 2008, Sigmund Communecci was rebranded as Aiteo Group, signaling a shift toward a fully integrated energy company with upstream ambitions.  Under Peters’ leadership, Aiteo now operates across the energy value chain – from production and transportation to distribution and power generation. Its most prominent asset is the NNPC-Aiteo Oil Mining Lease (OML) 29, which includes 11 oil and gas fields in Nigeria’s Niger Delta, including the historic Oloibiri field. After acquiring OML 29 and the Nembe Creek Trunk Line (NCTL) from Shell in 2015, Aiteo increased production from around 25,000 barrels per day (bpd) to roughly 90,000 bpd within a year, despite challenges from infrastructure damage and oil theft.

From Petroleum Marketing to Core Production

Aiteo’s marketing operations remain a cornerstone of the business. The company distributes gasoline, diesel, aviation fuel, kerosene and LPG through an extensive network of service stations and independent partners. This segment ensures steady revenue and maintains the company’s presence across Nigeria.

The company’s ambitions soon expanded beyond trading. The acquisition of OML 29 and the NCTL gave Aiteo control over significant upstream assets, forming the backbone of its production operations. Over subsequent years, production increased steadily, contributing nearly 100,000 bpd to Nigeria’s total crude output, or roughly five percent of national production.

Nembe Crude: A New Grade on the Global Stage

Under Peters’ guidance, Aiteo introduced Nembe crude, a low-sulfur, high-API gravity grade developed with the NNPC. Launched in 2023–2024, Nembe crude has been exported to refiners in Europe, marking the first time a crude grade developed and marketed primarily by Nigerian entities entered the global market.

The introduction of Nembe crude highlights Aiteo’s strategic focus: optimizing production assets for both domestic use and export, and demonstrating the commercial viability of indigenous Nigerian energy companies on the global stage.

Operational Resilience in the Niger Delta

Operating in the Niger Delta presents significant challenges. Aiteo has faced infrastructure disruptions, oil theft and security-related production losses. In mid-2024, production resumed at the Nembe field following a major leak, reflecting the company’s focus on operational continuity, safety and infrastructure maintenance. These episodes underline the complexity of upstream operations in Nigeria and Aiteo’s approach to mitigating risk through infrastructure upgrades, security protocols and contingency planning.

Expanding Across Africa

While Nigeria remains central to Aiteo’s operations, Peters has pursued a pan-African strategy. The company acquired a stake in the Mazenga gas block in Mozambique, one of sub-Saharan Africa’s largest onshore gas reserves, estimated at 19 trillion cubic feet. Geological surveys and field evaluations are underway, reflecting a measured approach to developing new regional energy assets.

In July 2025, Aiteo signed a deal with the Government of Mozambique and state-owned Petromoc to develop a large-scale refinery capable of processing 240,000 bpd. The project aims to reduce Mozambique’s reliance on imported refined products and support regional energy distribution, representing a strategic expansion into downstream infrastructure.

Gas and Power Initiatives

Complementing its upstream and midstream operations, Aiteo is investing in gas processing and power generation. Through Aiteo Power, the company is developing gas-fed power plants in resource-rich regions of Nigeria, aiming to increase electricity supply for industrial and residential use. These initiatives reflect a broader strategy to diversify energy assets and support local economic development.

Recognition and Continental Ambitions

Peters’ leadership has earned international recognition, including being named Africa’s Oil and Gas Leader of the Year at the Forbes Best of Africa Gala in 2018, a testament to his role in building indigenous capacity within the energy sector. Under his guidance, Aiteo has followed a deliberate, strategic approach to becoming a fully integrated African energy company, balancing upstream production, downstream distribution, gas development and power generation. Today, the company produces nearly 100,000 barrels per day from its core Nigerian assets, while its Mozambican gas and downstream initiatives reflect its broader continental ambitions. Peters continues to prioritize measured expansion, infrastructure reliability, and long-term sector development, demonstrating that indigenous African enterprise can compete effectively with global majors.

“Benedict Peters is all in on African energy development and prosperity for Africans. For him and Aiteo, empowering the continent through sustainable energy development has been a lifelong commitment,” says NJ Ayuk, Executive Chairman, African Energy Chamber, adding “A true representation of Rudyard Kipling’s ‘If,’ Benedict Peters underscores the idea that even in positions of power, he does not lose touch with his common roots. He is a leader who can walk with kings without losing the common touch.”