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Tag: Aiteo Group

  • Fire incident: Aiteo declares force majeure on NCTL

    The management of Aiteo Eastern Exploration & Production Company Limited, an arm of Aiteo Group,has declared force majeure on Nembe Creek Trunk Line (NCTL) in Bayelsa State as a result of fire incident on the facility on Sunday.

    The NCTL is one of Nigeria’s major oil pipelines that evacuate crude from oil fields in the Niger Delta region. The force majeure became imperative to enable restoration of the facility. Force majeure is unforeseeable circumstance that exempts contracting parties from fulfilling their contractual obligations because such circumstance is beyond their control.

    Aiteo in a statement signed by its official, Mr. Ndiana Matthew, said: “We have been informed of a fire outbreak by our surveillance team comprising the Joint Task Force (JTF), Department of State Services (DSS), around NCTL RoW(Right of Way) near Awoba today, 21 April 2019.

    “Our Operations Emergency Response team was immediately activated and following its urgent intervention and containment action, we are constrained to shut in injection as well as other related operations into the NCTL.  In accordance with standard procedure, we requested the other injectors to do the same.

    Read also: Aiteo: We didn’t hinder NOSDRA from investigating fire site

    “The NCTL has, hitherto, enjoyed smooth operations preceding this incident founding suspicion that this fire may have occurred through an illegitimate, third-party breach of the functionality of the pipeline.

    “In the meantime, the relevant investigations are continuing while further information about the remote and direct causes of the fire will be communicated as soon as these become available.  We ask our stakeholders to await further detailed briefing in due course.”

    NCTL is a 97 kilometre, 150,000 barrels of oil per day pipeline constructed by Shell Petroleum Development Company (SPDC). The pipeline is one of Nigeria’s major oil transportation arteries that evacuate crude from the Niger Delta to the terminals for export.It evacuates crude oil from the oil fields of OML 29 for export; starting from Nembe Creek, to a manifold at the Cawthorne Channel field on OML 18. From there, crude is evacuated to the Bonny oil terminal. This pipeline can, however, evacuate up to 600,000 barrels per day of liquids from the endpoint at Cawthorne Channel.

    NCTL is currently owned by Aiteo Group, which acquired it together an oil block located oil mining lease (OML) 29 from SPDC and partners including Total and Agip. The facilities are operated by Aiteo Eastern Exploration &Production Company Limited, an arm of Aiteo Group.

  • NFF thanks Aiteo after Eagles AFCON qualification

    The Nigerian Football Federation (NFF) has lauded Aiteo Group, for the role the energy company played in redefining football in Nigeria and creating the enabling factors which have led to the qualification of the Super Eagles for the 2019 African Cup of Nations after two previous failed attempts.

    The senior national team secured the much coveted AFCON ticket in Johannesburg over the weekend after playing a 1-1 draw with South Africa that happen to be Eagles closest rival for the AFCON ticket.

    NFF President, Amaju Pinnick reckoned that Nigerians are happy with the milestone recorded by the Super Eagles and has remained grateful for those that have given the team their backing and supports financially and morally.

    Pinnick could not mince his word to mention the founder and Executive Vice President of the Aiteo group, Benedict Peters among others staying that the company has continuously powered the national team with unflinching support wordy of recommendation and applause.

    According to Pinnick, “Aiteo Group has redefined Nigerian football and have put smiles on the faces of Nigerians. He added that Nigerians are currently celebrating the qualification for AFCON 2019 after two successive misses, and the generality of Nigerians have now joined us in recognizing the role Aiteo played…”

    His words, “Dear Mr Benedict Peters, kindly accept my sincerest gratitude to your esteemed self and the Aiteo Group for redefining Nigerian football and putting smiles on the faces of Nigerians. Today, everybody is celebrating Nigeria’s qualification for AFCON 2019 after two successive misses, and the generality of Nigerians have now joined us in recognizing the role Aiteo played. Once again, I doff my hat and a big thank you.”  

    Aiteo is currently Nigeria’s largest indigenous oil and gas company by output. In April 2017, Aiteo announced a five-year partnership agreement with the Nigeria Football Federation (NFF) worth an estimated N2.5billion.

    This partnership saw the Group emerging as the NFF’s Official Optimum Partner and funding the salaries of coaching staff of the Super Eagles, a move which is believed by many as the singular most important factor that led to Nigeria’s emergence as the first African nation to qualify for the 2018 FIFA World Cup in Russia.

    In June 2017, Aiteo followed up this sponsorship with a fresh N2.5billion agreement to underwrite the cost of the Federation Cup, now renamed Aiteo Cup, which they have taken to greater heights, adding glamour and colour to the game, and making it the largest televised finals in the history of the FA. This sponsorship ignited renewed public interest in the competition with the record crowd attendance at the 2018 final serving as testament.

    In October 2017, Benedict Peters took his philanthropy and corporate social investment beyond Nigeria’s borders when Aiteo announced a partnership agreement with the Confederation of African Football (CAF) to sponsor the Annual CAF Awards 2018. The event, now called the AITEO-CAF Awards, honours footballers who have made outstanding contributions to the development of football development on the continent.

  • Football is more than a religion in Nigeria – FIFA president

    Football is more than a religion in Nigeria – FIFA president

    FIFA President Gianni Infantino has described Nigeria as a country with unquantifiable passion and love for football, and where football is more than a religion.

    “I was told that in Nigeria football is passion, but it is a lie because it is more than that. In Nigeria I was told that football is love, but it is a lie it is more than that.

    “In Nigeria, I was told that football is a religion, but it is a lie. It is more than that. In Nigeria, football is life,” he said in Lagos on Monday.

    Infantino spoke at the maiden edition of the AITEO-NFF Awards, which was organised by the Nigeria Football Federation ( NFF ) and bankrolled by oil giants AITEO Group.

    The event held at the Eko Hotels and Suites saw Chelsea FC winger Victor Moses winning the “Player of the Year” award.

    Speaking also at the event, the Lagos State Governor, Akinwunmi Ambode, pledged his administration’s continued support to football and sports in general.

    “We will continue to give our unrelenting support to football and sports in general, I want to assure the President of FIFA that whenever he is coming back, Lagos will be considered to host a FIFA tournament,’’ he said.

    In his address, the Deputy Managing Director of AITEO Group, Francis Peters, said the oil conglomerate was happy to be part of football history in Nigeria in good times.

    NFF president Amaju Pinnick, on his part, said the awards night was to celebrate Nigerian legends for their contributions to the development of football in the country.

    He also said football administration was a journey and not a destination, adding “therefore, there must be a conscious effort to minimise errors for fear of losing the opportunity.

    “In Nigeria, football is a way of life and everybody is a coach. So, we need to be very careful. Football teaches us ethics and how to live a normal life,” Pinnick said.

    NAN reports that Moses got the award and recognition for his stellar performances for the national team, the Super Eagles, en route their qualification for Russia 2018.

    He was an integral part of the side during the historic qualification matches where he played in four of the six matches scoring three goals in the process.

    Moses also helped his Chelsea side reclaim the English Premier League title in the 2016/2017 season where he featured in 40 games.

    The 27-year old also got CAF’s recognition by being among the nominees for CAF’s Player of the Year award eventually won by Egypt’s Mohamed Salah.

    To win the AITEO-NFF award, he beat competition from Leicester City’s Wilfred Ndidi and Lobi Stars’ Anthony Okpotu.

    NAN reports that other winners at the awards include Rasheedat Ajibade who claimed the “Player of the Year (Women)’’ award and Ikouwon Udoh who emerged “Young Player of the Year (Women)’’.

    Ann Chiejine won the “Coach of the Year (Women)’’ award, while MFM FC’s midfielder Sikiru Olatunbosun took the “Goal of the Year’’ award.

    Remo Stars FC won the Fair Play award, while the “Coach of the Year (Men)’’ award went to Kennedy Boboye, coach of 2017/2018 NPFL champions Plateau United FC of Jos.

    Channels Television won the “Developmental Award”.

    The “All-Time Legendary Awards” went to Chiejine, Christian Chukwu, Uche Okechukwu, Austin Eguavoen, Felix Owolabi, Austin Okocha, Nwankwo Kanu, Segun Odegbami, Adokie Amaesimaka, Mercy Udoh and Thompson Usiyen.

    The Platinum Award went to Infantino.

    NAN

     

  • Benedict Peters’ earnings, assets legitimately acquired – Court

    Benedict Peters’ earnings, assets legitimately acquired – Court

    A Federal Capital Territory (FCT) High Court has declared that earnings and assets acquired by the Chairman of Aiteo Group, Benedict Peters, were from legitimate sources.

    This judgment followed the earlier dismissal of money laundering charges against the businessman.

    Justice Valentine Ashi gave the verdict on December 7 while ruling on a suit challenging the ownership of assets and properties belonging to the Aiteo chief.

    In a suit number FCT/HC/CV/ 0091/ 17, the plaintiff, Moses Uyah alleged that Peters’ acquisition of several assets was fraudulent because he was unable to account for income or earnings from which such acquisitions were made.

    He asked the court to rule that the Aiteo chief’s acquisitions of the properties were illegitimate; that he was also living above his means and the funds utilized for the purchases were the proceeds of corrupt activities.

    Uyah also asked the court to order the forfeiture of the assets to the Federal Government.

    Peters, in response, presented to the court evidence to demonstrate his sound business practices of over 25 years in the oil and gas industry.

    Justice Ashi in his ruling said: “There was no evidence to support the suggestion that any aspect of his business showed any criminal conduct and as such, the allegations were baseless.

    “With the evidence produced in court, the respondent (Peters) had established that he had a credible and verifiable means of livelihood, had substantial personal wealth to fund, did legitimately fund the acquisition of the properties identified in the proceedings and therefore could not be accused of living above his means.”

    The judge added that there was no evidence to support the suggestion that any aspect of the respondent’s business showed any criminal conduct and as such, the plaintiff’s allegations were baseless.

    He dismissed the case, saying “said assets and properties having been legitimately acquired by the defendant cannot be forfeited to the government under any circumstances.”

    The judge also restrained the security agencies, any individual or group from disturbing Peters from enjoying his “legitimately acquired” assets.

    The assets in question are – 58 Harley House, Marylebone Road, London (£2.8m),  apartment 4, 5, Arlington Street, London (£11.8m),  Flat 5, 83-86, Prince Albert Road, London (£3.75m), and other assets of Aiteo Energy Resources ($4.023bn.

    Others are monies in Account No 105277 in FBN Bank (UK) in the name of Mr. B and Mrs. N. Peters, monies in Account No 107127 in FBN Bank (UK) of Walworth Properties Limited, the sum of £36,674.7 held on behalf of defendant in the client Account of Clyde and Co. LLP, London, the sum of £40,620 held in the correspondent Bank Account at Ghana International Bank, London and shares in Walworth Properties Limited, Rosewood Investments and Colinwood Limited.

     

  • Oil firms get ultimatum to remit $250m to FG

    Oil firms get ultimatum to remit $250m to FG

    The House of Representatives Committee on Oil and Gas on Thursday gave 10 indigenous oil companies in the country two weeks to remit $250 million oil royalty to Federal Government’s coffers.

    The Chairman of the Committee, Jerigbe Agom, gave the ultimatum at the ongoing hearing on unremitted funds in the industry.

    According to Agom, the lawmakers will no longer condone acts capable of strangulating the nation’s oil and gas industry.

    The affected companies were – Aiteo Group, Dubri Oil Limited, Atlas Energy, Frontier Oil Limited., Oriental Energy Limited, Express Petroleum, WalterSmith Oil Limited and Neconde Group.

    He said the Committee would have no choice than to wield the big sticks on the companies that refused to meet the deadline as part of its mandate to restore sanity in the nation’s oil and gas industry.

    NAN

  • Alleged link with Alison-Madueke: Aiteo Group heads to court

    Alleged link with Alison-Madueke: Aiteo Group heads to court

    In its quest to exonerate itself of alleged link with former Minister of Petroleum Resources, Diezani Alison-Madueke, the management of Aiteo Group has engaged the services of a London law firm Mishcon de Reya and Washington’s Covington & Burling to lead ongoing efforts to address politically-motivated issues.

    A statement released by Benedict Peters, Aiteo Executive Vice Chairman informed that the firm took the decision in order to clear the air on the unfounded allegations.

    In the statement which read in part, Peters said: “I maintain my position that all the allegations are baseless and without any truth whatsoever. These unfounded allegations have caused untold disruption to my family and my business. To ensure that we remain focused, I have engaged two of the world’s leading law firms to offer both counsel and guidance in dealing with these issues.

    “There is a toxic culture of politically motivated witch-hunts that stains reputations, stifles enterprise and keeps foreign investors away from our country. For two years, I have suffered malicious, unfounded and false allegations hanging over my head.

    “This persecution is being pursued to diminish the visible endeavours to position our business, and Nigeria, at the apex of the energy industry worldwide. Despite these distractions, I remain focused on the efforts to sustain Aiteo’s growth towards becoming Nigeria’s leading indigenous oil producer. It is time to address the situation and so I have decided that I must take direct legal and other action to clear my name.”

    Aiteo Group, founded in 1999, is a leading indigenous Nigerian oil producer headquartered in Lagos.

    Alison-Madueke is being tried over allegations of enriching herself with oil proceeds working with accomplices and partners both locally and internationally.

  • Oil major Aiteo Group becomes title sponsor of CAF Awards

    Nigeria’s foremost energy solutions company Aiteo Group has signed a partnership agreement with the Confederation of African Football (CAF) on the sponsorship of its annual award event, the CAF Awards.

    The award is a yearly event is organised to honour footballers and individuals who excelled in various departments of the game. It brings together those who have made meaningful contribution to the development of football on tcontinent.

    This partnership further deepens the participation of Aiteo in football. The company is the Official Optimum Partner of the Nigerian Football Federation, and the sponsor of the country’s Federation Cup, which has now been renamed, “The Aiteo Cup.”

    Aiteo Executive Vice President Benedict Peters said: “This sponsorship shows that there is a clear momentum behind Aiteo’s involvement in the game. Buoyed by the success of our corporate social commitment in Nigeria that has resulted in our emergence as the first African nation to qualify for the world cup, we are encouraged to advance our investment in the game to a continental level. Our aim is to bolster the profile of African players globally, and encourage budding talents to put in their best.”

  • Aiteo appoints Global Chief Financial Officer

    Aiteo appoints Global Chief Financial Officer

    Aiteo has appointed Mr. Bruce Burrows as its Global Group Chief Financial Officer (CFO) with effect from November 18.

    A statement by the company said the new CFO would report to the Executive Vice-Chairman of Aiteo Global Group.

    It reads: “Bruce brings a wealth of experience from different parts of the world in the oil and gas, power, mining, manufacturing, consumer products, finance and public service sectors.

    “Most recently, he held CFO roles at Lekoil and Seven Energy respectively. Both are oil and gas exploration and production companies with a focus on Nigeria and West Africa. Prior to those roles, Bruce was for 14 years the Finance Director of JKX Oil and Gas Plc, a London-listed exploration and production company with interests in Ukraine and Central/Eastern Europe.

    “Whilst with Ernst & Young in both Wellington (New Zealand) and London, Bruce focused on strategic advice and external audit across the energy, primary industries, manufacturing, consumer products and public service sectors.

    “Bruce has also served on the Board of three further publicly listed natural resources companies including European Goldfields Limited, a resource company involved in the exploration, mining and development of mineral properties in Greece, Romania, and South – East Europe. The company was listed on the AIM market of the London Stock Exchange and the Toronto Stock Exchange, before being acquired in 2012 by Eldorado Gold for approximately $2.4billion.

    “ In his previous roles, Bruce participated in key decision making and strategic initiatives as well as being responsible for the finance functions and business performance. He has been centrally involved in debt and equity capital raises and has established and maintained productive, proactive and effective relationships with investors and banks in the UK, Nigeria and internationally.

    “Bruce is a member of the Institute of Chartered Accountants of Australia and New Zealand, and holds a BSc Honours degree from Canterbury University in New Zealand and a Diploma in Accounting from Victoria University also in New Zealand. “

    Commenting on his appointment, the new CFO said: “Many leading figures in the global oil market have kept one eye on Aiteo following the staggering progress they have made over the past year. It is a great privilege to be a part of one of the most progressive energy companies operating anywhere in the world today. I fully endorse the leadership vision that Benedict Peters has put into place at Aiteo and look forward to contributing to Aiteo’s next chapter.”

    Commenting on the appointment, the Executive Vice Chairman of Aiteo Group, Benedict Peters, said: “Financial discipline is the backbone of every successful company, and we are delighted to welcome Bruce Burrows to Aiteo. He brings unparalleled experience of working within the strictures of the global oil and gas market, and his knowledge will be invaluable as Aiteo continues to grow, both in Nigeria and internationally.

    “We are extremely proud of the work that we have done so far in building Aiteo into Nigeria’s leading indigenous oil company. We must now ensure that we have the right foundations in place to bring about Aiteo’s emergence as one of Africa’s most innovative, reliable and diverse oil and gas companies. Our appointment of Bruce underlines our continuing commitment to investing in the right people to deliver that vision.”

  • Oil firm’s chief denies buying property for Diezani

    Oil firm’s chief denies buying property for Diezani

    Executive Vice Chairman (EVC) of Aiteo Group, Mr Benedict Peters, has debunked an online report that he bought property and luxury furnishings in England for former Petroleum Resources minister Mrs Diezani Alison-Madueke.

    The report claimed it was in return for contracts from the Nigerian National Petroleum Corporation (NNPC).

    The company, in a statement, said the publication contains several false and malicious allegations against it and Peters.

    It described the report as “an orchestrated largescale campaign of calumny which is sponsored and designed to tarnish our image”.

    Aiteo Group comprises separate corporate entities whose asset base includes OML 29 upstream, and other assets downstream.

    The firm said it has been in business for over 16 years, has been importing and exporting petroleum products, and was flourishing as a prosperous corporate entity long before Mrs. Alison-Madueke was appointed minister.

    “In summary, all allegations of impropriety contained in the said publication are expressly and categorically denied.

    “Mr Peters has not been charged with any criminal offence in Nigeria or any other jurisdiction with respect to any of the matters stated in the publication,” the firm said.

    The company said its interactions with Mrs Alison-Madueke and petroleum ministers before her was like that of every major player in the oil and gas sector, including international oil companies (IOCs), and were in accordance with acceptable corporate practices.

    “The case in the United Kingdom is a civil case. An application has already been made to discharge the restraint order which is a mirror order of, and largely relies for its authority on, interim forfeiture orders granted by a Nigerian Court with respect to the same properties.

    “There is incontrovertible evidence in the form of provenance of funds utilised to acquire the property or properties concerned; legal documents of title and documentary proof of rights of ownership from purchase to date that completely confirm that the material purchases were transacted solely by our EVC and his companies; that he irrefutably owns the material property or properties,” the statement said.

    According to the company, it was defamatory to suggest or infer that properties were bought for Mrs Alison-Madueke.

    “The US proceedings which refer to United Kingdom properties does not substantiate any wrongdoing on our EVC’s part.

    “He purchased furniture for one of his United Kingdom properties. This furniture was delivered to and placed in that property.

    “The furniture was for his own use and not purchased for Mrs Alison-Madueke as stated in the publication; and is entirely consistent with his status, stature and financial compass as well as the value and location of the property for which the furniture was bought,” the firm said.

    The company added that the allegations were designed to injure and damage their reputation; destroy the fabric of their commercial objectives and outlook; divert business away from them and create such opprobrium that their entire business is severely prejudiced and undermined.

    “We note that the publishers did not seek any verification of the account set out in the publication from us prior to publishing same.

    “Given the potential consequences of this publication, we are considering all options to protect the personal and professional integrity of our company and our Executive Vice Chairman,” Aiteo Group said.

  • Aiteo condemns efforts to ‘tarnish’ reputation

    Aiteo condemns efforts to ‘tarnish’ reputation

    An indigenous oil company, Aiteo Group, on Wednesday drew attention of its shareholders and general public to a smear campaign launched by some faceless individuals and organisations against its operations in the country.

    A statement issued by the Senior Manager, Corporate Communications for Aiteo Group, Ndiana Matthew, said ongoing efforts to discredit and tarnish its reputation locally and internationally have been unveiled as “large-scale orchestrated smear operation.”

    He said substantial financial and human resources have been committed by these groups for the purpose of impugning on Aiteo’s corporate integrity.

    The statement reads:

    “Aiteo Group wishes to alert our shareholders, stakeholders, host communities, investors and general public about a faceless, cowardly campaign clandestinely contrived and executed by a number of entities that have committed substantial financial and human resources aimed at impugning our corporate integrity. These hitherto nefarious and reprehensible efforts aimed at discrediting and tarnishing our reputation locally and internationally have now been unveiled as a large- scale orchestrated smear operation.

    “This subtle campaign, which commenced a few months ago, had been clandestinely sustained but now appears to have shamelessly escalated. Nevertheless, Aiteo has continued, unperturbed, to undertake and accomplish its identified objectives in its resolve to remain one of the foremost indigenous oil and gas companies in Nigeria. Whilst we have previously raised alarm that this media-driven campaign of denigration has been at the behest of at least one major commercial entity, what we were not aware of is the scale and magnitude of this operation.

    “What has now become clear to us is that this campaign now appears to be on the increase and that its instigators will stop at nothing to escalate the nefarious drive to whip up negative public sentiments aimed at soiling the astonishing and remarkable growth that Aiteo as a corporate entity and its Executive Vice Chairman, Mr. Benedict Peters, have attained in the oil and gas sector of the Nigerian economy.

    “In what started as a laborious but futile struggle to present Aiteo as a commercial concern with questionable credentials and poor track record in the industry, on the back of the ongoing investigation involving the former Minister of Petroleum Resources of Nigeria, this campaign has degenerated into a reprehensible “cash-for-report” drive to incentivise disreputable journalism through plainly false as well inaccurate publications and online blogs, all with incomprehensibly low thresholds for truth and professionalism, to join their campaign of disparagement.

    “The latest in the series of plans to malign the reputation of Aiteo and our Executive Vice Chairman, Benedict Peters, came to the fore today (Wednesday). Our attention was drawn to the fact that this group and their representative have started to distribute large amounts of cash to unleash a fresh campaign attacking our noble and altruistic sponsorship of the Nigerian senior national team, Nigerian Football Federation and the competition previously known as the Federation Cup. Ordinarily, we would have ignored this inglorious exertion as the result of our intervention in Nigerian football is evident to all, but for another alarm raised by a London-based journalist of international repute that she was offered a huge amount of cash in London today with directives to write and syndicate damning reports to undermine the reputation of Aiteo.

    “This recent revelation has now given us answers to why everything we are doing in recent times is being disgracefully and unsustainably attacked to the extent that even our sponsorship of the NFF and the Federation Cup, a corporate social responsibility initiative that has brought considerable delight to tens of millions of Nigerians is being astonishingly questioned. The recent successes recorded in Nigerian Football are pointers to the fact that these detractors have not, and will not, succeeded. Our social investments in our host communities has also not been spared these attacks to the extent that we have also become aware that sponsored fictitious ‘reports’ about our operations are being developed and circulated.

    “In the past, sponsored smear articles were surreptitiously distributed. Now, the proponents of these campaigns have attained such heights of desperation that they have abandoned every discretion in the bid discredit Aiteo’s achievements to the extent of distributing cash for spurious reports. Our suspicion is that this is not unrelated to our drive to attract additional, increased direct foreign investment in expansion plans to our operations and output worth more than $4 billion.

    “There is incontrovertible evidence that this latest move will not be the last as the mischief makers have remained committedly recalcitrant, in the last few months. By and large, the truth always overtakes a lie, no matter how rampaging the lie is.”