Benedict Peters: The silent billionaire with the largest oil tank farms in Nigeria

Benedict Peters: The silent billionaire with the largest oil tank farms in Nigeria

  • Nigerian is a country blessed with men of influence who have lived and still living a very successful life for many to admire
  • One of such men is Benedict Peters, a man who has silently accumulated so much wealth that many dreams of
  • He is regarded as a big name in the oil and gas sector since he controls the largest oil tank farms

The name Benedict Peters will not ring much of a bell to many Nigerians, but for plays in the Oil and Gas industry, he is a name to be reckoned with.

Peters hardly makes the news and rarely seeks the limelight except for a few occasions when he was ranked by Ventures Africa as the 17th richest person in Africa, and also honored by the Guardian Newspaper, Nigeria in June 2018, as “Oil and Gas CEO of the Year.”

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Later the same year, Forbes honored him with the ‘Africa’s Oil and Gas Leader of the Year award in September 2018, The Guardian reports.

Benedict Peters Aieto chairman
Benedict Peters Aiteo chairman Credit: Guardian
Source: Facebook


According to a report by BusinessDay, Benedict Peters is a native of Onicha-Olona in Delta State, Benedict Peters was born in Abakaliki, Ebonyi State, in 1966.

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He had his early education in eastern Nigeria and finished his secondary school education at Federal Government College Enugu.

He got admission into the University of Benin, Edo State, and bagged a first degree in Geography and Town Planning.


Fresh from school, he did several banking and commodity trading jobs before entering the Nigerian oil and gas industry in the early 1990s.

He joined Ocean and Oil Limited (now Oando), where he worked closely with the founders. From there, he moved to a major downstream petroleum company – MRS Oil Nigeria Plc, as Group Executive Director and later as Managing Director.

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In this position, he had to oversee all the Chevron/Texaco petrol stations owned by MRS Oil in West Africa.

How Peter made his money

Peter began his entrepreneurial experience in 1999 when he founded Sigmund Cummunecci to specialize in tank farms and other parts of the downstream business.

10 years later, Aiteo Eastern Exploration and Production Company Limited was founded.

Aiteo today owns one of Nigeria's largest petroleum tank farms, with excess facilities of over 250 million liters on a landmass of over 100,000 square meters including the Abonnema Storage Terminal.

More achievements

Under Peters’ guidance, the group acquired a controlling stake in Oil Mining Lease (OML) 29 (containing 11 oil and gas fields) and the Nembe Creek Trunk Line (NCTL) in the Eastern Niger Delta from Royal Dutch Shell Plc.

Benedict Peters networth

Benedict Peters’ Aiteo Group, is one of the largest oil-producing firms in Nigeria. And Peters himself was estimated to have a net worth of US$2.7 billion as of the year 2014.


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