Aiteo Group was founded in 2008 by founder and Executive Vice Chairman Benedict Peters. The company was essentially a successor entity to Sigmund Communnecci Limited from which many of its operations were derived. The company is held as a limited liability company, located in the Lagos, Port Harcourt region of Nigeria on the continent of Africa.
Based on Sigmund Communnecci’s original business model built around petroleum production and trading, the Aiteo Group created a oil and gas concern that includes many more aspects of the industry. The company is now involved in oil and gas exploration, storage, product production, transportation, refining of petroleum products, trading, marketing as well as power generation and distribution. Most of this activity is handled through key subsidiaries like Aiteo Eastern Exploration, Production Company Limited (AEEPCo) and Aiteo Power.
Most of Aiteo’s production and storage facilities are located in Lagos and Port Harcourt.
This would include the Abonnema Storage Terminal (“Port Harcourt Tank Farm”), which has a total capacity of over 110 Million Liters. In order to facilitate the transportation and storage needs at Abonnema, a jetty was constructed in 2011. It was designed to accommodate all of the growing vessel traffic to the Port Harcourt Terminal, which needs accommodations for up to 30,000 metric tons dead weight.
In 2014, many of the world’s largest oil companies, namely Chevron, ConocoPhillips and Shell, made a decision to sell major onshore operations in order to cutback exposure in a volatile Nigerian environment. The Aiteo Group was well positioned to take advantage of this exodus, and did so by purchasing Shell’s OML29 and Nembe Creek Trunk Line for $2.7 billion and Royal Dutch Shell Plc’s 30% stake as well as Total SA of France and Eni of Italy minority stake in OML29 and the Nembe Creek Trunk Line.
Through acquisition and its energy company, the Aiteo group is poised to do quite well into the future.