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Tag: Kerosene

  • Benedict Peters and Aiteo Group: Defining an African Energy Champion

    Benedict Peters and Aiteo Group: Defining an African Energy Champion

    …As an entrepreneur turned industry leader, Benedict Peters has built Aiteo into Africa’s largest indigenous energy company – expanding from Nigerian oil production to continental gas ventures and downstream infrastructure

    Benedict Peters is one of the most influential figures in Africa’s oil and gas sector. As Founder and CEO of the Aiteo Group, he has transformed a homegrown petroleum trading company into one of the continent’s largest indigenous energy firms, navigating complex markets, strategic acquisitions and an expanding portfolio that now stretches beyond Nigeria.

    A Vision Beyond Trading

    Peters began his career in Nigeria’s energy sector with Ocean and Oil Services (now Oando) and MRS Oil & Gas, rising to Managing Director. These early roles provided him with hands-on experience across petroleum supply chains and operational management, laying the groundwork for his entrepreneurial leap. In 1999, he founded Sigmund Communecci, initially focused on petroleum products supply and trading. Over the next decade, the company grew into one of Nigeria’s largest operators of tank farms and storage infrastructure, with more than 250 million liters of capacity.

    In 2008, Sigmund Communecci was rebranded as Aiteo Group, signaling a shift toward a fully integrated energy company with upstream ambitions.  Under Peters’ leadership, Aiteo now operates across the energy value chain – from production and transportation to distribution and power generation. Its most prominent asset is the NNPC-Aiteo Oil Mining Lease (OML) 29, which includes 11 oil and gas fields in Nigeria’s Niger Delta, including the historic Oloibiri field. After acquiring OML 29 and the Nembe Creek Trunk Line (NCTL) from Shell in 2015, Aiteo increased production from around 25,000 barrels per day (bpd) to roughly 90,000 bpd within a year, despite challenges from infrastructure damage and oil theft.

    From Petroleum Marketing to Core Production

    Aiteo’s marketing operations remain a cornerstone of the business. The company distributes gasoline, diesel, aviation fuel, kerosene and LPG through an extensive network of service stations and independent partners. This segment ensures steady revenue and maintains the company’s presence across Nigeria.

    The company’s ambitions soon expanded beyond trading. The acquisition of OML 29 and the NCTL gave Aiteo control over significant upstream assets, forming the backbone of its production operations. Over subsequent years, production increased steadily, contributing nearly 100,000 bpd to Nigeria’s total crude output, or roughly five percent of national production.

    Nembe Crude: A New Grade on the Global Stage

    Under Peters’ guidance, Aiteo introduced Nembe crude, a low-sulfur, high-API gravity grade developed with the NNPC. Launched in 2023–2024, Nembe crude has been exported to refiners in Europe, marking the first time a crude grade developed and marketed primarily by Nigerian entities entered the global market.

    The introduction of Nembe crude highlights Aiteo’s strategic focus: optimizing production assets for both domestic use and export, and demonstrating the commercial viability of indigenous Nigerian energy companies on the global stage.

    Operational Resilience in the Niger Delta

    Operating in the Niger Delta presents significant challenges. Aiteo has faced infrastructure disruptions, oil theft and security-related production losses. In mid-2024, production resumed at the Nembe field following a major leak, reflecting the company’s focus on operational continuity, safety and infrastructure maintenance. These episodes underline the complexity of upstream operations in Nigeria and Aiteo’s approach to mitigating risk through infrastructure upgrades, security protocols and contingency planning.

    Expanding Across Africa

    While Nigeria remains central to Aiteo’s operations, Peters has pursued a pan-African strategy. The company acquired a stake in the Mazenga gas block in Mozambique, one of sub-Saharan Africa’s largest onshore gas reserves, estimated at 19 trillion cubic feet. Geological surveys and field evaluations are underway, reflecting a measured approach to developing new regional energy assets.

    In July 2025, Aiteo signed a deal with the Government of Mozambique and state-owned Petromoc to develop a large-scale refinery capable of processing 240,000 bpd. The project aims to reduce Mozambique’s reliance on imported refined products and support regional energy distribution, representing a strategic expansion into downstream infrastructure.

    Gas and Power Initiatives

    Complementing its upstream and midstream operations, Aiteo is investing in gas processing and power generation. Through Aiteo Power, the company is developing gas-fed power plants in resource-rich regions of Nigeria, aiming to increase electricity supply for industrial and residential use. These initiatives reflect a broader strategy to diversify energy assets and support local economic development.

    Recognition and Continental Ambitions

    Peters’ leadership has earned international recognition, including being named Africa’s Oil and Gas Leader of the Year at the Forbes Best of Africa Gala in 2018, a testament to his role in building indigenous capacity within the energy sector. Under his guidance, Aiteo has followed a deliberate, strategic approach to becoming a fully integrated African energy company, balancing upstream production, downstream distribution, gas development and power generation. Today, the company produces nearly 100,000 barrels per day from its core Nigerian assets, while its Mozambican gas and downstream initiatives reflect its broader continental ambitions. Peters continues to prioritize measured expansion, infrastructure reliability, and long-term sector development, demonstrating that indigenous African enterprise can compete effectively with global majors.

    “Benedict Peters is all in on African energy development and prosperity for Africans. For him and Aiteo, empowering the continent through sustainable energy development has been a lifelong commitment,” says NJ Ayuk, Executive Chairman, African Energy Chamber, adding “A true representation of Rudyard Kipling’s ‘If,’ Benedict Peters underscores the idea that even in positions of power, he does not lose touch with his common roots. He is a leader who can walk with kings without losing the common touch.”

  • FG plans intervention as cooking gas hits N1,300/kg

    FG plans intervention as cooking gas hits N1,300/kg

    The Minister of State for Petroleum Resources (Gas), Ekperikpe Ekpo, says the Federal Government would do everything it could to reduce the rising cost of Liquefied Petroleum Gas also known as cooking gas.

    The minister stated this on Monday as the Decade of Gas Initiative flagged the distribution of gas cylinders to about 300 women in Lagos State.

    The price of one kilogramme of cooking gas, which dropped to about N1,000 in June and July, has now risen to N1,300 in some areas.

    It was gathered that a 12kg cylinder is now refilled at the rate of N16,000 to N17,000 as against N12,000 some weeks ago.

    Speaking about this, Ekpo noted that he would invite the regulators and the gas producers to find ways to bring down the cost.

    “I got that information this morning that the price of cooking gas is rising again. So, what I am going to do is I will invite the regulators and the producers and have a meeting with them. We are looking to bring down the price so that it will be affordable,” Ekpo stated.

    The gas minister stressed, “The energy security that we are talking about is about affordability and availability. So, we are going to ensure that whatever is the reason behind the hike in price, we will make sure we bring it down.”

    Speaking further, Ekpo maintained that the distribution of cylinders is part of the government’s initiative to give 1 million homes access to clean cooking by the year 2030.

    According to him, President Bola Tinubu approved the initiative because he cares about the health of his people.

    He encouraged the women to move from cooking with firewood, kerosene, and charcoal to LPG, saying it is clean, safe, and good for the environment.

    Ekpo warned the women not to sell the cylinder, saying gas would be available for them at a cheaper rate.

    “Don’t worry about what is going on today, we are working with the sectors that are related to this to make sure we bring down the price. We plead with you to be patient, work with the government and the government will work for you for a better tomorrow,” he emphasised.

    The Secretary to the Government of the Federation, George Akume, urged the beneficiaries to make good use of the cylinders and stop cooking with firewood.

    Akume, who was represented by one of his aides, Professor Babatunde Bolaji, said the use of firewood entails the cutting of trees. At the same time, the fume from the fire leads to health hazards, including miscarriage.

    The SGF also assured that the price of cooking gas would drop because the Federal Government is currently putting an end to gas flaring, saying this would give the country more gas.

    The Coordinator of the Decade of Gas secretariat, Mr Ed Ebong, said 250,000 cylinders would be distributed yearly till 2030.

    According to him, the Monday event in Lagos marked the flag-off of the LPG penetration programme in the South-West, saying the team would move to Akwa-Ibom on Tuesday.

    Culled from The Punch

  • Dangote Refinery Receives Its Maiden Crude Cargo

    Dangote Refinery Receives Its Maiden Crude Cargo

    In a major step towards boosting Nigeria’s domestic refining capacity and attaining energy security (self-sufficiency), Dangote Petroleum Refinery and Petrochemicals plant has purchased 1 million barrels of Agbami crude grade from Shell International Trading and Shipping Company Limited (STASCO), one of the largest trading companies in Nigeria as well as globally, trading over 8 million barrels of crude oil per day.

    The STASCO cargo contained 1 million barrels from Agbami and sailed to Dangote Refinery’s Single Point Mooring (SPM) where it was discharged into the refinery’s crude oil tanks.

    The maiden 1 million barrels, which represent the first phase of the 6 million barrels of crude oil to be supplied to Dangote Petroleum Refinery by a range of suppliers, should sustain the initial 350,000 barrels per day to be processed by the facility. The next four cargoes will be supplied by the NNPC in two to three weeks and ExxonMobil will supply the final of the six cargoes.

    This supply will facilitate the initial run of the refinery as well as kick-start the production of diesel, aviation fuel, and LPG before subsequently progressing to the production of Premium Motor Spirit (PMS).

    This latest development will play a pivotal role in alleviating the fuel supply challenges faced by Nigeria as well as the West African countries.

    Designed for 100% Nigerian crude with the flexibility to process other crudes, the 650,000 barrels per day Dangote Petroleum Refinery can process most African crude grades as well as Middle Eastern Arab Light and even US Light tight oil as well as crude from other countries.

    Dangote Petroleum Refinery can meet 100% of Nigeria’s requirement of all refined products, gasoline, diesel, kerosene, and aviation jet, and also have surplus of each of these products for export.

    The refinery was built to take crude through its two SPMs located 25 kilometres from the shore and to discharge petroleum products through three separate SPMs. In addition, the refinery has the capacity to load 2,900 trucks a day at its truck-loading gantries.

    Dangote Refinery has a self-sufficient marine facility with the ability to handle the largest vessel globally available. In addition, all products from the refinery will conform to Euro V specifications.

    The refinery is designed to comply with US EPA, European emission norms, and Department of Petroleum Resources (DPR) emission/effluent norms as well as African Refiners and Distribution Association (ARDA) standards.

    President of Dangote Group, Mr. Aliko Dangote stated: “We are delighted to have reached this significant milestone. This is an important achievement for our country as it demonstrates our ability to develop and deliver large capital projects. Our focus over the coming months is to ramp up the refinery to its full capacity. I look forward to the next significant milestone when we deliver the first batch of products to the Nigerian market.”

    Country Chairman of Shell Companies in Nigeria, Mr. Osagie Okunbor stated: “We welcome the startup of a refinery that is designed to produce gasoline, diesel, and low-sulphur fuels for Nigeria and across West Africa and are happy to be enabling it.”

  • FirstBank unveils new Retail Products

    FirstBank unveils new Retail Products

    First Bank of Nigeria Limited has announced its variety of retail products specifically designed to enhance the operations and sustenance of various businesses in the country. The products: Petroleum Dealership Finance (PDF), Operational Vehicle Finance (OVF) and Commercial Mortgage will strengthen the capacity of businesses to meet their immediate and long-term needs which are required to continually impact the socio-economic development of the country.

    Commercial Mortgage (CM) is designed to meet the funding needs of established small and medium-scale enterprises in viable businesses to acquire Office Premises. This product is structured to part finance the acquisition of business /office premises and warehouses as the building itself is collateral. With its competitive pricing entailing a tenor of 60 months, flexible repayment period as well as flexible collateral structure, the product is designed for SMEs across different sectors of the country including accounting, tech, legal and other specialised disciplines. To access the product, customers must have been in business for at least 5years and must have maintained an active account with either FirstBank or any reputable bank for a minimum of 6 months.

    Operational Vehicle Finance (OVF) is intended to provide part finance to ease the acquisition of brand-new vehicle(s) essential for the day-to-day running of business activities. Its flexible tenure is in 2 variants, comprising 1 – 24 months and 2 – 36 months which is dependent on the brand of the vehicle.  The product is also designed for SMEs as well as traders in all sectors of the economy with verifiable cash flow as they will be at an advantage in sustaining the distribution of goods from one location to another. To be eligible for the service, the customer must have been in business for at least 12 months and should have maintained a healthy and active bank account with either FirstBank for a minimum of 6 months or 12 months with other banks.

    Petroleum Dealership Finance (PDF) is created to offer working capital finance to filling stations with a DPR licence for the purchase of kerosene (DPK), petrol (PMS), and diesel (AGO). This product facilitates access to financing opportunities to purchase products at competitive rates. A 12months facility tenor with a cash flow lending option up to N20M is also available. The product is packed with lots of exciting benefits including access to up to N20million without providing tangible collateral as it bridges the customers’ liquidity gap while also aiding the continuous stock replenishment. The product also provides the opportunity to increase the volume of business as well as margins through consistent growth in turnover through credit financing.

    To take advantage of the product, interested customer(s) must have a valid DPR license, and maintain an account relationship with FirstBank or any bank for at least 6 months. The dealer must have been in business for at least 24 months and the account must have been operated satisfactorily without a history of returned cheques or previous default on facility or facilities granted.

    According to Folake Ani-Mumuney, Group Head, Marketing & Corporate Communications, FirstBank: “as a bank woven into the fabric of society, we are delighted with the indelible mark and role we have played in boosting businesses in the country, irrespective of the economic sector. Our Commercial Mortgage (CM), Operational Vehicle Finance (OVF) and Petroleum Dealership Finance (PDF) are integral to sustainably enhancing business operations while ensuring that our customers remain at an advantage in meeting their immediate and long-term business goals.”

  • Dangote’s 650,000bpd Refinery 97% Completed, says NMDPRA

    Dangote’s 650,000bpd Refinery 97% Completed, says NMDPRA

    …naira will be stronger once the refinery begins operations

    The Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) has disclosed that the Dangote Petroleum Refinery, upon which the hope of the nation rests for fuel sufficiency is now 97 percent completed. The agency has also commended the work done on the project.

    The refinery, with 650,000 barrels per-day installed capacity is expected to double the total output of Nigeria’s existing ailing refining infrastructure and meet 100 percent of the Nigerian requirement of all refined products will pump out fuel any moment soon, the Agency declared.

    The NMDPRA made this disclosure in Abuja when representatives of the Dangote Petroleum Refinery visited in Abuja to present the work plan for the facility for 2022/2023 as the regulatory agency for the sector.

    The successful completion of Africa’s biggest petroleum refinery and the world’s largest single-train facility is expected to have a significant impact on Nigeria’s foreign exchange through import substitution and substantial savings in earnings. It is expected, that once the refinery commences production, the pressure on the nation’s currency will reduce and a significant inflow of forex, is expected to come in through sales from the refinery.

    On completion of the refinery, it is estimated that Nigeria will import zero petroleum oil products – down from approximately $50 billion current oil product imports per year.

    “Today, representatives of the Dangote Refinery and Petrochemicals presented their 2022/2023 work plan to the Authority which showed that the refinery project is estimated to be at 97 percent completion.

    “Dangote Oil Refinery is a 650,000 barrels per day integrated refinery project under construction in the Lekki Free Trade Zone, Lagos. It is expected to be Africa’s biggest oil refinery and the world’s biggest single-train facility,” the NMDPRA said during the visit.

    NMDPRA’s Chief Executive, Mr. Farouk Ahmed, reiterated the importance of the Dangote petroleum Refinery to the country while assuring that the Authority will give all necessary support to ensure timely completion and kick-start operations.

    Speaking on the refinery project, Group Executive Director, Strategy, Portfolio Development & Capital Projects, Dangote Industries Limited, Mr. Devakumar Edwin said the refinery would stimulate economic development in Nigeria, adding that it can meet 100 percent of the Nigerian requirement of all liquid products (Gasoline, Diesel, Kerosene and Aviation jet), and also have surplus of each of these products for export.

    “The high volume of petrol output from the refinery would transform Nigeria from a petrol import-dependent country to an exporter of refined petroleum products,” he stated adding that the refinery would produce Euro-V quality gasoline, diesel, jet fuel, kerosene and poly-propylene for local consumption and also have a surplus of each of the products for export.

    On employment generation, he disclosed that over 30,000 people are currently working at petroleum Refinery project sites through various contractors noting that when operational, the refinery will generate over 100,000 direct and indirect jobs for the youths.

    On local content development, Edwin said the company had trained over 600 artisans selected from the host communities in the areas of masonry, AC electricians, plumbing, welding, iron bending and auto mechanics.

    The refinery design, according to the company, conforms to World Bank, United States (US), United States Environmental Protection Agency (EPA), the European Union (EU), and the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) standards.

    The refinery has its own dedicated steam and power generation system with adequate standby units of reliable/uninterrupted utility supply to operating plants.435 Power plant in the refinery.

    “It also has self-sufficient marine facility with the ability for freight optimisation; the largest single order of 5 SPMs anywhere in the world; Crude SPM for unloading ships up to ULCCs; 3 product SPM for product exports up to Suez Max vessels and 2 X 48” subsea crude pipelines with interconnection.

    “Dangote industries has developed a port and constructed quays with a loading bearing capacity of 25 tonnes/sq meters to bring Over Dimensional Cargoes close to the site directly to handle liquid cargoes. The jetty is situated at a distance of 12.3 km from the refinery thereby effectively reducing the travel time.

    “Dangote Petroleum Refinery maintains high standards for all its business practices, valuing health, safety, environment and rights for its employees, compliances with all applicable local and international laws, and being a committed partner to communities, governments and the environment,” Edwin added.

  • Dangote Refinery, a Game Changer that’ll drive Africa’s Refining Revolution, says FG

    Dangote Refinery, a Game Changer that’ll drive Africa’s Refining Revolution, says FG

    The Federal Government has described the 650,000 barrels-per-day Dangote Petroleum Refinery as a game-changer that is capable of driving a refining revolution in Africa.

    Nigeria’s Minister of Information and Culture, Alhaji Lai Mohammed, who made this declaration during a media tour of the $19 billion Dangote Petroleum Refinery and Petrochemicals Plant at Ibeju-Lekki, Lagos, said the project would be a game-changer once it comes on stream.

    The Minister, who also went on a tour of the $2.5 billion Dangote Fertiliser Plant, listed the benefits of the Refinery to include huge value addition that will contribute to increasing in Nigeria’s Gross Domestic Product (GDP); conservation of foreign exchange as the importation of petroleum products would be eradicated; generation of forex through the export of finished product; availability of petroleum products thus ending petrol queues, and attraction of foreign capital investment.

    He stated, “After visiting the facilities, one can conveniently say that Dangote is leading Nigeria’s industrial revolution. The coming into being of such huge industrial complex as the Dangote Fertiliser Company and the Refinery were made possible by the enabling environment provided by the administration of President Muhammadu Buhari.

    “Today, businesses are springing up in all sectors, thanks to a conducive business environment. Under this Administration, the Presidential Enabling Business Environment Council (PEBEC) has implemented over 150 reforms, moving Nigeria up 39 places on the World Bank Doing Business index since 2016. Mr. President also signed the Companies and Allied Matters Act, 2020 (CAMA 2020) – Nigeria’s most significant business legislation in three decades.

    “The result of this favourable business environment is the birth of new businesses such as the $2.5 billion Dangote Fertiliser Plant that will produce 3 million metric tonnes of Urea every year; the 650,000 barrels-per-day oil refinery due to open later this year; Lekki Deep Sea Port, one of the most modern seaports in West Africa; the 5,000 barrels-per-day Modular Refinery in Ibigwe, Imo State, and three more modular refineries to be commissioned before May 2023 in Edo and Bayelsa states just to mention a few.”

    Speaking on the benefits of Dangote Fertiliser to the economy, Lai Mohammed said prior to the inauguration of the present administration, Nigeria had a fertiliser shortfall of about 3.5 million tonnes per annum.

    According to him, with the coming on stream of the Dangote Fertiliser Plant, Nigeria is now self-sufficient in the production of urea. “In fact, Nigeria is now the leading producer of Urea in Africa. The Dangote Fertiliser plant is already exporting to the US, India, Brazil, Mexico and Argentina. We were fortunate to witness a ship being loaded with urea for export to Argentina,” he added.

    Mohammed said the conducive business environment created by the government and its support had enabled the coming on stream of the $2.5 billion Dangote Fertiliser Plant which was inaugurated recently by the president. He said the 650,000 barrels-per-day refinery was due for opening later this year, adding that both projects would guarantee food and energy security for Nigerians.

    On his part, Group Executive Director, Strategy, Capital Projects and Portfolio Development, Dangote Industries Ltd., Mr. Devakumar Edwin, thanked the government for the support towards the completion of the projects.

    Edwin said the refinery was the world’s largest single-train petroleum refinery and was designed to maximise production of Premium Motor Spirit (PMS) with a capacity of about 53 percent compared to 20 percent by other refineries. He said: The petroleum refinery can meet 100 per cent of the requirements of Nigeria, of all the liquid products – Gasoline (PMS), Diesel (AGO), Kerosene (DPK) and Aviation Jet Fuel (Jet A-1).

    “While 60 percent of the production of this petroleum refinery can meet the entire requirement of Nigeria, the rest 40 per cent will go for export, generating huge amount of foreign exchange”, he added.

    Justifying the government’s decision to acquire a 20 per cent stake in the refinery, Edwin noted that the project was of strategic national importance and a win-win for the nation and the Dangote Group.