As of February 2026, Benedict Peters has cemented his position not just as a Nigerian oil tycoon, but as a pan-African “Green Czar” and industrialist. From his humble beginnings as a geographer to founding Aiteo Group, Peters has transformed a homegrown trading company into Africa’s largest indigenous oil producer, now contributing roughly 5% of Nigeria’s total national crude output.
The current year marks a critical turning point for Aiteo as it moves from stabilizing its Nigerian assets to executing massive downstream and gas projects across the continent.
1. Upstream Dominance: OML 29 and the “Nembe” Legacy
Aiteo’s crown jewel remains Oil Mining Lease (OML) 29, an onshore asset in the Niger Delta acquired from Shell in 2015.
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Production Milestone: Under Peters’ leadership, Aiteo successfully ramped up production from 25,000 bpd to nearly 100,000 bpd.
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The Nembe Blend: In late 2023 and throughout 2024, Aiteo made history by launching Nembe Crude, the first crude grade developed and marketed entirely by an indigenous African entity. This low-sulfur, high-API gravity grade is now a premium staple for refiners in Europe (France and the Netherlands).
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Evacuation Innovation: To combat persistent sabotage on the Nembe Creek Trunk Line (NCTL), Aiteo pioneered an Alternative Crude Oil Evacuation Solution, utilizing barges and a dedicated Floating Storage and Offloading (FSO) vessel, the Galilean 7, to ensure uninterrupted exports.
2. Mozambique: The Next Frontier
Peters is currently spearheading Aiteo’s most ambitious international expansion in Mozambique, targeting the Southern African Development Community (SADC) market.
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The Mazenga Gas Giant: Aiteo holds operational control over the Mazenga gas block, the largest onshore gas reserve in Sub-Saharan Africa, estimated at 19 trillion cubic feet.
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The 240,000 bpd Refinery: In July 2025, Aiteo signed a landmark deal with the Mozambican government and Petromoc to build a mega-refinery.
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Phased Growth: The project will start with an 80,000 bpd modular train, eventually scaling to 240,000 bpd.
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Timeline: Completion of the first phase is targeted for late 2027/early 2028, aiming to end Mozambique’s total reliance on imported fuel.
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3. Diversification: Power, Mining, and Philanthropy
Beyond “black gold,” the Peters Family Group has diversified into critical sectors that define the 2026 economic landscape:
| Sector | Venture | Focus |
| Power | Aiteo Power | Developing gas-to-power plants in Nigeria to boost industrial electricity supply. |
| Mining | Bravura Holdings | Developing platinum, lithium, and gold assets in Zimbabwe, DRC, and Ghana. |
| Agriculture | Joseph Agro Industries | Large-scale grain and vegetable production for the West African market. |
| Sustainability | The Atlantic Council Task Force | Peters is the primary backer of a major task force on Africa’s Critical Minerals for the global energy transition. |
Operational Resilience
Despite being a “billionaire with the common touch,” Peters has faced significant hurdles, from the Pandora Papers allegations (which he has consistently denied and challenged in court) to the operational complexities of the Niger Delta. His response has been a consistent focus on infrastructure security and local content, proving that indigenous firms can manage Tier-1 assets more resiliently than traditional International Oil Companies (IOCs).
