- Year Founded: 1999
- Key Founding Individuals: Benedict Peters
- Key People: Benedict Peters – Founder and CEO
- Mined Resources: Oil, Gas, Petroleum
- Operational Regions: Africa
Aiteo Group is a Nigerian energy conglomerate. It is one of the fastest growing energy companies in Africa and is considered as a market leader. Aiteo discovers, produces, stores and delivers energy resources to international marketplaces, and has vested interests in oil and gas, petroleum, and power generation.
The group was originally founded in 1999 as Sigmund Communnecci Limited, a downstream energy company focused mainly on oil and gas storage. Nine years later, in 2008, it was rebranded as Aiteo and restructured as a vertically integrated company active both in the upstream and downstream sectors. From the early stages of its activity Aiteo Group has been a pioneer in its field, playing a vital role in Nigerian economy and the evolving oil and gas industry. It has exceptionally large storage facilities and a multi billion dollar annual.
Company Mission and Vision
Aiteo strives to solve complex problems that are challenging the Oil and Gas sectors in Africa and around the world. In order to tackle these issues the group has implemented a multi-layered strategy that involves strengthening its core assets while responsibly exploring and developing energy resources in some of the world's most significant basins, including the West African Niger Delta mining basin and Benue Trough.
In order to maintain a strong business infrastructure, increase revenue growth and market penetration and support development into alternative energy the company focuses on well established areas in the industry. These include exploration and production,bulk petroleum storage, refining of petroleum products, trading, and power generation and distribution.
The company objectives encourage activities that have a positive impact on the environment and increase local social and economic development. The Aiteo environmental compliance team is responsible for managing risk while achieving the goal of a consistently greener workplace. To this end the company has initiated various projects in order to drastically reduce annual waste and fuel consumption. Aiteo also has an action plan for the coming years that includes further reductions in environmental impact.
Staff and Employees
Aiteo employs more than 11,000 workers. The group is committed to ethical business practices and every member of staff is regarded as an integral part of the team and is valued as such. The company invests in leadership development and training and believes in rewarding employees for performance and achievements. By creating a high-performing and satisfied team, Aiteo is better able to accomplish its mission and vision.
Directors and Management
Aiteo Group was founded by Nigerian entrepreneur and billionaire Benedict Peters. Since entering the oil, gas and power generation industries in the early 1990s Peters has made his mark as a forerunner in his chosen field. As chief executive officer of the company, Peters continues to lead Aiteo Group to grow and expand operations into new industry sectors.
Through the years Aiteo Group has contributed to various local initiatives. The company’s philanthropic efforts focus on creating sustainable value to the Nigerian society and addressing burning local issues. In 2015, for example, Aiteo donated 30 million Nigerian Naira's worth of basic necessities to IDPs (Internally Displaced Persons) in Adamawa, Nigeria.