



Aiteo Group CEO Benedict Peters Is Hopeful of Nigeria’s Post-Recession Potential

Nigeria has finally clawed back from its deepest economic downturn in over two decades. The recent recession, which resulted in massive currency inflation along with a huge drop in the value of oil, Nigeria’s largest sector, has left many wondering how to adapt and prepare for future economic fluctuations.

The resulting hesitation of investors and trade partners left a huge economic burden. Furthermore, the recently passed Petroleum Industry Governance bill (PIGB) has resulted in even more confusion as to Nigeria’s future in oil. But not everyone is worried.

An Eye on the Future

Benedict Peters, CEO of the Nigeria-based Aiteo Group, is showing optimism that a little flexibility and creative thinking can help strengthen the country and give it a global presence. Aiteo Group, under Peters’ leadership, is quickly becoming a respected leader in Nigerian oil.

Peters was born in Nigeria in 1966 and raised in modest means, but his successful business ventures have raised him to the highest rings of society. Peters received only a BA from the University of Benin, where he studied Geography and Regional Planning. After his education, he co-founded the company Ocean and Oil. Later, he took the position as a managing partner at MRS, another oil company.

Armed with a decade of experience in oil and energy, in 1999 Benedict Peters left MRS to start yet another company, Aiteo Group, which he still runs today. Aiteo has gained much success and is considered a pioneer with a unique model of localized energy development and an eye on future technological solutions as well as oil. The company has brought in billions in investments from abroad, and has contributed to the country through investments in local communities and other philanthropic endeavors.

One such noteworthy account was Aiteo Eastern’s donation last year to internally displaced persons in the Adamawa state, equal to 30 million Naira.

Peters’ dedication to Nigeria and people in the region run deep, and he shows it through his philanthropy. He created the Joseph Argo Foundation with the aim of raising the living standard for rural farmers. With the foundation, Peters tries to advance educational opportunities to reduce unemployment, and help promote responsible water use. Peters was even named “CEO of the Year” by Leadership News Nigeria. His dedication to the region and his progressive business model has helped earn him respect in the oil sector.

Aiteo’s business model is one of complete integration, by creating localized solutions with a new, smarter energy infrastructure. The company aims to take full advantage of developing small-scale environmental technologies such as solar or wind, to solve energy problems in places like remote African villages. Peters believes this micro-grid alternative solutions are important and inevitable, and therefore should be embraced by Aiteo and similar companies, not feared and resisted.

Optimism Abounds

Peters is optimistic about Nigeria and Africa in the coming decades. While much of the African continent is generally lacking in infrastructure and energy compared to many countries, he believes that in the long-term this will turn out to be an advantage.

African countries, he argues, do not have to spend time and money rebuilding, repairing, and remodeling what will eventually be old and obsolete energy models and infrastructure. These countries can skip this entirely, and advance directly into micro and macro energy solutions meant for the 21st century. Peters believes this model of progressive integration will serve as an asset for getting some African countries to the world stage.

Peters’ belief of wholesale integration for energy solutions is what brought him to his support of the PIGB legislation. He believes that if asserted properly, the legislation will help up-and-coming regional companies and competitors, and give them a long overdue chance to shine. Benedict Peter’s optimism for Nigeria’s post-recession economy is refreshing to say the least, and similar companies in Nigeria’s oil sector should take note of Aiteo and Peters’ approach if they want to stay relevant in the coming years.