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10 things you don’t know about Benedict Peters of Aiteo

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Benedict Peters

Founder and Executive Vice Chairman of integrated energy company, Aiteo Group, Benedict Peters, clocked 51 on Tuesday, December 5, 2017. And in the past two weeks, the elusive billionaire who has changed the face of Nigerian football and is taking us to the World Cup in Russia, has received 3 big awards from New Telegraph, BusinessDay and Leadership
A consummate businessman with an unassuming personality, there is a lot about the gentleman fondly called Benny that many do not know about.
Here are 10 of them
1. Born in Abakaliki
Although of Delta State origin, Benedict Peters was born in Abakaliki, the capital of present-day Ebonyi State on December 5, 1966 to a middle class family. He and five other siblings were raised by their banker father and a homemaker mother. Formal education began at Ekulu Primary School, Enugu, from which he proceeded to Federal Government College, also in Enugu.
2. Graduate of UNIBEN
He graduated from the University of Benin (UNIBEN) with a B.Sc. degree in Geography and Urban Planning in 1989 at the age of 22. His father retired from banking while he was at the university, prompting the young Peters to develop entrepreneurial skills ahead of many of his contemporaries.
3. Tomato and cocoa trader
After graduation, an enterprising Peters became a cross-country merchant with interests in agricultural produce. He started with large-scale trading of tomatoes from northern Nigeria to the south and trading in cocoa for local consumption and export. Sale of new and used cars, vehicle spare parts and real estate were some of his other early business interests.
4. From banking to Ocean and Oil
The seed of what would later become a flourishing career in oil and gas was sown at Union Bank where Peters did his mandatory one-year National Youth Service. A job offer by the bank was politely turned down for a chance to build a fortune from his relationship with Wale Tinubu, Jite Okoloko and Mofe Boyo of Ocean and Oil.
5. Managing Director of MRS
Convinced of Peters’ competence and far-reaching influence, Alhaji Sayyu Dantata head-hunted him to join MRS Oil Nigeria Plc as Group Executive Director in 1994, followed by promotion to the position of Managing Director. In no time, the company became a prime player in the downstream sector of the oil and gas industry. Peters wrote his name into MRS folklore in five short but eventful years.
6. And Sigmund Communecci became Aiteo
Peters left MRS in 1999 to establish Sigmund Communecci – a petroleum product supply and trading company. It owned and operated a petroleum storage terminal in Abonnema Wharf, Port Harcourt. In October 12, 2000, the company secured a credit line of N250million from City Express Bank with a 365 day repayment window. Given the satisfactory performance of the first loan, the company got another loan on May 13, 2002 from the same bank for N500million, and another N350million on June 20, 2002, a testament to Peter’s vision and commitment. With Several other banks clamoring to extend facilities to the young maverick, Peters quickly became the most funded businessman in Nigeria. Sigmund Communecci rebranded in 2008 and was renamed Aiteo with eyes on phenomenal future growth.
7. The OML 29 story
Riding on the wave of the Nigerian Local Content Act of 2010, Peters led Aiteo to acquire OML 29 from Shell Petroleum Development Company (SPDC) after a keenly contested international bid in September 2015, and was able to grow the facility’s production output from 23,000bpd to a record 90,000bpd by dint of innovation and professionalism within one year. This feat has not only generated over 11,000 job opportunities but also reinforced Aiteo’s position as a leading indigenous oil and gas company with prospects to become a major global player in the medium to long-term. As a firm believer in Nigeria, Peters has steered the Group’s strategic focus towards boosting the country’s overall financial capacity. Aiteo’s strategic strides have contributed Foreign Direct Investment (FDI) worth over US$4 billion to the Nigerian economy. Today, Aiteo is the largest indigenous petroleum company according to output in line with the Nigerian government target of 100 per cent local content in 2027.
8. Acquisition of US property
With an estimated net worth of US$2.7 billion and ranked by Ventures Africa as the 17th richest person in Africa, Peters legally purchased Unit 4204 of The Atlantic, an apartment located at 270 – 17 Street in Fulton County, Georgia in 2011 with funds sourced from his personal account. Available documents show that he has at various times, personally paid billing companies for maintenance services rendered in connection with the property up to 2017. He has property in other parts of the world including the United Kingdom, with investments also in agriculture, mining and infrastructure.
9. Philanthropy and giving back to society
In April 2017, Aiteo announced a five-year partnership agreement with the Nigeria Football Federation (NFF) worth an estimated N2.5billion. The partnership saw the Group emerging the NFF’s Official Optimum Partner and funding the salaries of all the national teams. In June 2017, Aiteo followed up this sponsorship with a fresh N2.5billion agreement to underwrite the costs of the Federation Cup, which was thereafter renamed Aiteo Cup. Peters took his philanthropy beyond borders in October when Aiteo announced a partnership agreement with the Confederation of African Football (CAF) to sponsor the annual CAF Awards 2018 to honour footballers who have made meaningful contributions to football development on the continent.
Before then, in July 2014, Peters founded the Joseph Agro Foundation which is focused on improving the lives of rural farmers with tools that can ensure their economic success. As such, the Foundation supports employment initiatives that improve Nigeria’s school system, and also runs a number of awareness programmes to promote responsible water consumption among farmers. He has also made generous donations to the Adamawa State Emergency Management Agency to help the state effectively tackle the acute problem of internally displaced persons.
Peters is also chairman of the Otuoke University Council, which supervises the university’s implementation of its strategic plan and executive policies.
10. Accolades
Armed with just a BSc from UNIBEN and no Ivy League certificate, Peters has been recognised for his extraordinary economic and social contributions across the continent.
He received the Marquee Award for Global Business Excellence at the Africa-US Leadership Awards dinner hosted by the African Energy Association in 2014.
He won the Leadership Newspaper’s “CEO of the Year 2014″ award for championing a local content deal facilitating Nigeria’s greater capacity to manage its oil assets.
In 2015, Peters was one of the recipients of the prestigious Dr. Martin Luther King Jr. Legacy Awards in Washington, DC for driving “Economic Empowerment” in Nigeria.
In November 2017, Aiteo was named “Company of The Year” at the 2017 New Telegraph Awards held in Lagos, Nigeria.
Today, December 20, 2017, Aiteo was named “Company of The Year” by BusinessDay Newspapers.

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IBEDC records 1,459 energy theft cases in January, February

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The Ibadan Electricity Distribution Company said it has recorded 1,459 cases of energy theft by its subscribers between January and February 2024.

This was disclosed in a press statement signed by the firm’s Chief Key Accounts Officer, Mr. Johnson Tinuoye, on Tuesday.

IBEDC added that it is actively pursuing investigations and legal actions against individuals and businesses involved in the theft in collaboration with the Federal Government Special Investigation and Prosecution Task Force on Electricity Offences.

Identifying the cases, IBEDC said they included various offences such as meter bypass and illegal meter tampering, which resulted in significant financial losses amounting to hundreds of millions of naira for the company.

The statement read, “We want to send a clear message to our customers that energy theft will not be tolerated. Our collaboration with the Federal Government Special Investigation and Prosecution Task Force on Electricity Offences underscores our commitment to ensuring a fair and just electricity distribution system.

“Energy theft not only undermines the integrity of our operations but also deprives IBEDC of the revenue necessary to provide quality services to our customers.”

Tinuoye emphasised that under the Electricity Act, energy theft is now recognised as a criminal offense, carrying severe penalties including imprisonment stressing, “In the Osun region, two individuals were apprehended for stealing energy through meter bypass and illegal connections. Their cases have been formally charged in court for prosecution.”

IBEDC further urged customers to refrain from engaging in any form of energy theft, emphasising that the consequences can be severe, as there is no room for negotiation with the SIPTEO Task Force team, which is actively patrolling and investigating instances of energy theft for prosecution.

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Copyright Breach: NCC Drags MTN, Others To Court Over Musician’s Works

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The Nigerian Copyright Commission (NCC) has filed criminal charges against MTN Nigeria Communications Ltd. and four others over alleged copyright infringement.

The charge with number FHC/ABJ/CR/111/2024 filed in the Abuja Division of the Federal High Court was obtained by journalists on Monday.

News Agency of Nigeria (NAN) reported that the four other defendants in the case include the chief executive officer of MTN Nigeria, Karl Toriola; Nkeakam Abhulimen, Fun Mobile Ltd.; and Yahaya Maibe.

In the three-count charge, NCC alleged that the defendants, between 2010 and 2017, “offered for sale, sold and traded for business’’, infringed the musical works of an artiste, Maleke Idowu Moye, without his consent and authorisation.

The commission alleged that the defendants used musical works and sound recordings of Mr Maleke with subsisting copyright as caller ringback tunes without the authorisation of the artiste.

The musician’s musical works and sound recordings allegedly infringed upon included 911, Minimini-wanawana, Stop Racism, Ewole, 911 instrumental, Radio, Low Waist, and No Bother.

The defendants were also alleged to have distributed the musical works to their subscribers without authorisation, thereby infringing on the rights of the artiste.

In the third count, the defendants were alleged to have in their possession, other than for their private or domestic use, the artiste’s musical works and sound recordings.

According to NCC, the alleged offences are contrary to and punishable under section 20 (2) (a) (b) and (c) of the Copyright Act, Cap. C28, Laws of the Federation of Nigeria, 2004.

The case has yet to be assigned to any judge, and no date has been fixed for the mention.

Meanwhile, no official statement has been released by any of the defendants as at the time of filing this report, while all efforts to get reactions from MTN by New Telegraph proved abortive.

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LASG, LCC ANNOUNCE REOPENING OF LEKKI CONSERVATION CENTRE AFTER REPAIRS

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Following the completion of extensive routine maintenance works on the Lekki Conservation Centre (LCC), the Lagos State Government and the Management of the Centre have announced that the Walkway will be reopened for public use with effect from Friday, 29th March 2024.

The Special Adviser to the Governor on Tourism, Arts and Culture, Mr. Idris Aregbe confirmed this on Friday during a visit to the Centre in Lekki alongside some officials of the Ministry.

Aregbe said that he was happy to see that all repairs and renovations on the facility, including the Walkway, have been completed and would be accessible for tourism during the Easter celebration.

The Special Adviser appreciated Lagosians and tourists across the world for their patience during the thorough maintenance works carried out at the Centre in Lekki.

The Director-General of the Centre, Prof Mathew Onoja also appreciated the State Government for its intervention following the viral video, which first circulated in December as well as the swift response and efforts towards making the repairs and renovations seamless.

He noted that the Centre being a major tourism asset in Lagos State has played host to tourists from all over the world as it offers a serene environment for nature tourism and also boasts of the longest canopy walkway in Africa.

Recall that the facility has been undergoing routine maintenance since January following apprehensions arising from the damaged section of the Canopy Walkway, which had been repaired before the viral video was posted on social media platforms.

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