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Aiteo Founder, Benedict Peters Wins Forbes Oil & Gas Leader of the Year Award, 2018
International business leader and founder of Aiteo Group, Benedict Peters was awarded Africa’s Oil and Gas Leader of the Year at the Forbes Best of Africa Gala which held at Forbes Headquarters, New York City on September 27, 2018.
The award is an acknowledgement of Peters’ significant contribution to oil and gas development in Africa by visionary leadership, distinguished service and transformational realignment of a sector dominated by International Oil Companies. The Forbes Award also recognised Mr. Peters’ commitment to bettering the lives of people and societies across Africa by philanthropic engagement.
On presenting the award Mike Perlis, CEO and Vice-Chairman of Forbes Media said, “recipients are singled out for their work in bringing prosperity to all 55 countries of the African continent”.
According to the Editor, Emerging Markets for Forbes, Paul H. Trustfull, “Peters’ ascendancy in Africa’s Oil and Gas sector has been exemplary as well as revolutionary. His company, Aiteo, has thrived for about two decades – going from a downstream start-up to becoming a leading integrated energy conglomerate with strategic investments in hydrocarbon (or commodities) exploration and production.”
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.” Trustfull added.
Dedicating the coveted award to all Aiteo employees worldwide, Benedict Peters said “The acknowledgement by Forbes as Oil and Gas Leader of 2018 is inspiring. It means a lot to me and the entire Aiteo Group. 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. 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.”
Mr Peters ventured into the oil and gas sector as an entrepreneur in 1999 and initially traded mainly in the downstream sector.
Aiteo is currently the highest producing indigenous oil E&P company in Nigeria.
In 2015, Benedict Peters consolidated Aiteo’s asset portfolio with a $3 billion acquisition of sub-Saharan Africa’s largest onshore block (OML 29). Subsequently, Aiteo optimised the asset’s yield from 17,000 barrels of oil per day (bopd) to almost 70,000 bopd within the year of the asset’s acquisition. The largest indigenous energy provider currently peaks production at around 100,000 bopd, doubling its initial asset value to $6 billion within three years. The company plans to invest another $4.3 billion acquiring additional offshore assets with a projected total output of 250,000 bopd in the short to medium term.
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.
Peters is passionate about youth empowerment and has donated generously to support football on the African continent. Through Aiteo, he 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.
In recognition of his groundbreaking contribution to development, Peters was one of four recipients of the Marquee Award for Global Business Excellence at the Africa-US Leadership Awards in 2014. In the same year, he received the “Leadership CEO of the Year” award. In 2015, Peters was conferred with the Dr. Martin Luther King Jr. Legacy Awards in the “Economic Empowerment” category. And was listed as one of the ‘50 Most Influential Nigerians in 2017’ by BusinessDay. More recently, he has been recognised as the ‘Oil and Gas Man of the Year’ at the prestigious 2018 Guardian Awards.
US car giant Ford on Wednesday announced 4,000 more job cuts in Europe, mostly in Germany and Britain, in the latest blow to the continent’s beleaguered car industry.
“The company has incurred significant losses in recent years,” Ford said in a statement, blaming “the industry shift to electrified vehicles and new competition”.
The move will affect 2,900 jobs in Germany, 800 in the UK and 300 in western Europe by the end of 2027, a Ford spokesman told AFP.
“It is critical to take difficult but decisive action to ensure Ford’s future competitiveness in Europe,” said Dave Johnston, Ford’s European vice-president in the statement.
The company also said it was adjusting the production of its Explorer and Capri models, resulting in reduced hours at its Cologne plant in the first quarter of 2025.
Europe’s car industry has been plunged into crisis by high manufacturing costs, a stuttering switch to electric vehicles and increased competition in key market China.
Germany’s Volkswagen has been among those hardest hit, announcing in September that it was considering the unprecedented move of closing some factories in Germany.
“The European automotive industry is in a very demanding and serious situation,” Volkswagen CEO Oliver Blume said at the time.
Ford had already announced in February 2023 that it was planning to cut 3,800 jobs in Europe, including 2,300 in Germany and 1,300 in Britain.
The company said then it was planning to reduce the number of models developed for Europe, concentrate on the profitable van segment and speed up the transition to electric vehicles.
Ford currently has around 28,000 employees in Europe with 15,000 in Germany, according to the company’s works council.
President Bola Tinubu has approved the dissolution of the Governing Council of Nnamdi Azikiwe University (UNIZIK), Awka, Anambra State, and the removal of the institution’s Vice-Chancellor, Prof. Bernard Ifeanyi Odoh, and Registrar, Mrs. Rosemary Ifoema Nwokike.
The council, chaired by Ambassador Greg Ozumba Mbadiwe, comprised five other members: Hafiz Oladejo, Augustine Onyedebelu, Engr. Amioleran Osahon, and Rtd. Gen. Funsho Oyeneyin.
A statement released on Wednesday by presidential spokesperson, Bayo Onanuga, revealed that the council was dissolved following reports of procedural violations in appointing the vice-chancellor.
According to the statement, the council had allegedly appointed an unqualified candidate, disregarding due process, which triggered tensions between the university’s Senate and the council.
The Federal Government expressed dismay over the council’s actions, emphasizing the need for adherence to the university’s governing laws in decision-making.
“The council’s disregard for established rules necessitated the government’s intervention to restore order to the 33-year-old institution,” the statement noted.
In a related development, President Tinubu also approved the dismissal of Engr. Ohieku Muhammed Salami, the Pro-Chancellor and Chairman of the Governing Council of the Federal University of Health Sciences, Otukpo, Benue State.
Salami was accused of suspending the university’s Vice-Chancellor without following the prescribed procedures, a move the Federal Ministry of Education had previously directed him to reverse.
Despite the Ministry’s directives, Salami reportedly refused to comply and resorted to issuing threats and abusive remarks towards the Ministry’s officials, including the Permanent Secretary.
The Federal Government reiterated that the primary role of university councils is to ensure the smooth operation of academic activities, strictly adhering to the laws establishing each institution.
Tinubu warned university councils against engaging in actions that could destabilize their institutions, as his administration remains committed to enhancing the nation’s education system.
The Ekiti State Government has reached an agreement with labour leaders in the state, signing a Memorandum of Understanding (MoU) for the payment of the N70,000 minimum wage approved by the Federal Government.
Addressing journalists at a brief ceremony in Ado-Ekiti on Tuesday, the Head of Service (HoS), Dr. Folakemi Olomojobi, announced that the payment would commence immediately.
She lauded Governor Biodun Oyebanji for prioritizing the welfare of workers despite the state’s limited resources.
“This development demonstrates the governor’s commitment to improving the livelihood of our workers,” Dr. Olomojobi stated, highlighting the proactive measures taken by the administration to ensure prompt implementation.
In their remarks, the Trade Union Congress (TUC) Chairman, Comrade Sola Adigun, and the Nigeria Labour Congress (NLC) Chairman, Comrade Olatunde Kolapo, expressed their appreciation to Governor Oyebanji for fulfilling his promises to workers.
They confirmed that the new minimum wage would apply to all cadres, including employees in ministries, parastatals, agencies, and pensioners.
The Chairman of the Joint Negotiating Committee (JNC), Comrade Femi Ajoloko, described the implementation as a fair and commendable adjustment.
“This decision reflects the governor’s magnanimity and his dedication to fostering a productive workforce in Ekiti State,” he said.
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