The social barometer is flailing wildly as you learn. In twos and threes and extra, it’s being mentioned in hushed tones and typically brazenly that Aiteo will likely be celebrating 21 years in enterprise in few days. Age 21 is a major milestone for a person or an establishment. It’s the age that’s globally accepted that one is totally welcomed into maturity. For Aiteo, nevertheless, it had lengthy been a primus inter pares within the continent’s oil and fuel business, taking up challenges and charting new terrains the place in any other case established corporations dither. Attaining this new age in an business famed for its excessive mortality price is, due to this fact, a testomony to Aiteo longevity, consistency and dedication to actually serving the wants of communities throughout Africa, serving to the continent to reassert its power independence and constructing a high-quality asset base, whereas rising market share, income and shareholder worth, writes Lanre Alfred
With only a clear-cut imaginative and prescient and a bullish ingenuity and business, Benedict Peters, the CEO/Founding father of Aiteo Japanese Exploration and Manufacturing Firm Restricted, has constructed an built-in power group with the expertise and belongings crucial to supply oil and fuel on a regional and international scale. Over the previous twenty years, the corporate has grown from a peripheral participant within the downstream sector of the oil and fuel business into a number one full-service power firm exploring and conquering territories that others dare not permit cross their creativeness. Within the intervening years, the corporate now discovers, produces, shops and delivers power assets to marketplaces worldwide.
Aiteo, which contributes over 5per cent of Nigeria’s each day oil manufacturing, has one of many largest non-public storage services (with a capability of greater than 320 million litres at Port Harcourt and Apapa) for refined petroleum merchandise in sub-Saharan Africa whereas it is usually concerned in refining and manufacturing, bulk petroleum storage, buying and selling, advertising, provide, energy technology and distribution. The corporate states on its web site that every of those areas holds large potential, with a worldwide concentrate on the way forward for power technology, vital oil and fuel reserves nonetheless to be discovered all through Africa, and numerous various income streams to be discovered within the refinement of various petroleum merchandise and derivatives.
A conglomerate with a turnover of over $20billion yearly and a downstream enterprise of bulk storage of over 300 million litres every year, Aiteo has developed into an integral contributor to the development of the African power business. Its built-in worth chain within the upstream, downstream and energy sectors is underpinned by in depth native capability growth with vital alternatives to maintain its future enterprise. Aiteo’s main fields now embrace Nembe (Flowstation), Santa Barbara, Ogoroba, Oloibiri and Nembe Creek Truckline.
Aiteo’s technique is to be an important a part of the world’s power resolution by growing its core belongings within the areas of oil, fuel and electrical energy areas. As such, it has acquired three energy vegetation which have a mixed capability of 2300 megawatts and it believes that Nigeria’s energy scarcity could possibly be resolved via optimum utilisation of the nation’s large fuel deposits.
Twenty-one years is a good distance from when Peters launched Aiteo. A local of Onicha Oloma in Delta State., the College of Benin graduate of Geography and City Planning, he started his profession within the oil and fuel business within the early 1990s, working with Ocean and Oil, the entity now generally known as Oando Nigeria Plc. He moved to MRS Oil Nigeria PLC as Group Govt Director, ending as its Managing Director, earlier than leaving in 1999 to ascertain Sigmund Communecci, a petroleum merchandise provide and buying and selling firm, which gave delivery to Aiteo. When Shell Petroleum Growth Firm (SPDC) introduced its determination to divest some onshore belongings it thought of ‘disposable’ within the Niger Delta, Aiteo raised the one largest debt-financing within the Nigerian oil and fuel sector from native banks to change into a profitable bidder for 45per cent per cent of OML 29 at Nembe Creek Trunkline in 2014. The identical 12 months, Ventures Africa journal named him the 17th richest particular person in Africa and the seventh richest in Nigeria.
He has additionally diversified, via his Bravura Holdings Firm, into the event of a platinum mine in Zimbabwe by investing an preliminary $1bn. The three,000 hectare (7,413-acre) concession the place it plans to dig the mine is in Selous, 80 kilometers (50 miles) south of Zimbabwe’s capital Harare and near current platinum mines. Peters’ Bravura, which has little expertise in mining, additionally intends to discover mining lithium, uncommon earth minerals and tin within the landlocked Southern African nation. The massive time got here however with its variegated pitfalls.
Commerce is much too valuable and elementary to be left to the wiles and exploits of villainous characters therefore Benedict Peters believes that the doctrine of altruism and love should be preached as counteraction to the doctrine of mercantilism, cut-throat competitors and greed that has time beyond regulation change into the norm in enterprise circuits.
Certainly, the story of Aiteo can by no means be disentangled from the founder, Peters. It’s the story of a person who was daring sufficient to courageous the chances of the unsure and unstable worldwide oil enterprise due to a private and profound perception within the Nigerian system.
Sigmund Communecci was Aiteo’s forebear. Sigmund Communecci owned and operated a petroleum storage terminal in Abonnema Wharf, Port Harcourt. In October 2000, the corporate sought and secured a credit score line of N250million from Metropolis Categorical Financial institution with a 365-day compensation window. Having satisfactorily fulfilled its finish of the cut price with an inspiring efficiency of the primary mortgage, the corporate received one other mortgage of N500million from the identical financial institution in Might 2002, and one other N350million a month later. The corporate grew to become enticing to a number of prime banks as services had been prolonged to it on the power of its company uprightness. In his quest to make it a 360-degree power conglomerate and guarantee phenomenal progress and transformation, Peters rebranded Sigmund Communecci in 2008 and renamed it Aiteo.
There is no such thing as a gainsaying billionaire extraordinaire, Benedict Peters is an inspiration to most of his friends; he paved his path to acclaim just like the proverbial fortune hunter who dared the chances and braved via storms to create eternity from a second. Peters’ wealth bears the candy, dazzling glow of infinity; pundits would say it’s as a result of he labored for it. Even his detractors would acknowledge that he toiled actually onerous to realize his present peak.
Sure, in prime enterprise faculties throughout the continent and past, the company exploits of Peters are veritable case-studies for educational researches. And there appears to be unanimity of opinions that the patently self-effacing businessman has created phenomenally profitable companies and altered the world in vital methods.
A pressure of nature; a towering pressure of hope and entrepreneurial depth, certainly, only a few males can knead the tripartite traits of genius, modesty and character into that ethical and human centaur that is still unattainable to generations of tycoons and multi-billionaires like this entrepreneur extraordinaire.
Little doubt, turning into an industrialist nevertheless, isn’t mere lip service. It requires constant effort and focus to develop from simply being an entrepreneur with curiosity in a specific enterprise to turning into a revered and famend empire builder. Nigeria is blessed with a lot of such males who began from the scratch, stored their nostril to the grindstone and turned seemingly insignificant concepts into behemoth industries. Sure, billionaire extraordinaire, Benedict Peters is one in every of these nice Nigerians.
He’s one man that will be despatched to Mars and nonetheless deal with it as a stepping stone to Saturn – the standard of fixed invention and self-improvement that has earned him worldwide acclaim and prosperity.
Peters has change into the excessive watermark by which his contemporaries are measured. Progressive and insightful, he’s a ruler of his world and never sure by a time clock, but he doesn’t abuse the privilege. As we speak, he’s celebrated at dwelling and overseas as one in every of Nigeria’s league of extraordinary entrepreneurs.
Curiously, nevertheless, there is no such thing as a gainsaying the enterprise terrain is sort of a wilderness riddled with storms. However regardless of its inherent risks, Peters navigates via its perilous paths with a cussed resolve and unyielding spirit, like bog-hardened seekers.
Aiteo’s Arrival and Continued Monetary Integrity
Aiteo Japanese Exploration and Manufacturing Firm Restricted, the succeeding entity for Sigmund Communecci, was based with a dedication to supply accountable power extraction and manufacturing and gasoline financial progress whereas bettering the standard of lifetime of Nigerians via its numerous actions.
Many had anticipated that the change in its company identification would include concern and uncertainties from banking companions and maybe, the chance of withdrawal of the monetary goodwill that the corporate used to get pleasure from underneath its former title. Quite, the credit score services elevated as Aiteo grew to become extra audacious and impressive.
Exactly on Friday, March 6, 2009, Aiteo received a $30m Stock Finance Facility from Ecobank “to part-finance the native buy/importation of petroleum merchandise unde