NewStats: 3,262,386 , 8,176,988 topics. Date: Monday, 02 June 2025 at 05:59 AM 3r5z1k

Aiteo Eastern Exploration and Production Limited, one of Nigeria’s largest indigenous producers, has recorded crude sales of $325m about N471 billion in the first half of the year and could be on course to reach the N1 trillion naira mark in revenue for 2024, according to financial records obtained from banking sources.

The sources, who asked that their identities be masked because they are not authorised to speak on the development, said Aiteo’s remarkable earnings is on the heels of its successful return to crude production late last year, at its OML 29 asset in Nembe Bayelsa, after constant crude theft and vandalisation forced it to shut production for over two years.

The company, which African billionaire, Benedict Peters, founded, has shipped around 3 million barrels of Nembe Crude Oil Blend for the half year and is steadily increasing output, according to the banking sources, who showed us data to back the claim.

“Aiteo loaded 954, 176 barrels on the vessel named AEGEAN MARATHON in February 2024, in March MT Delta Kanaris loaded 953, 252, in May 2024, MT POPI P loaded 957, 757 barrels, while MT AQUABLISS loaded 233, 655 in January’, according to data seen by THEWILL. Nembe Blend average for the period was around $86pb and exchange rate on Friday was around N1485 – $1.

Aiteo declined to comment on this report.

THEWILL recalls that Aiteo acquired OML 29 and the Nembe Creek Trunk Line (NCTL) from Shell in a landmark transaction in 2014 that closed at around $3.01bn where a group of lenders raised $2bn with Peters contributing about $1bn dollars in personal fortune to conclude the deal and restart production.

The consortium of lenders that committed $2bn according to data seen exclusively by THEWILL include: Zenith – $323m, First Bank & GTB – $200m each, Fidelity Bank – $175m, AFC – $125m, Ecobank Nigeria & Union Bank – $100m each, Sterling Bank – $60m and Shell Western – $512m.

Peters’ initial equity contribution for the purchase was $898, 237, 697.35 in cash with an additional $257m injected at closing for fees and other ancillary costs and costs to restart production. Other small equity holders contributed $136m, which the banking sources said Aiteo is already in the process of buying out.

OML 29 is a t venture asset owned by the NNPC and Aiteo with the latter as operator.

THEWILL reports that Aiteo’s sister company, Bravura Holdings, a mining company with operations mainly in Southern and Central Africa, has also seen its fortunes on the rise after securing mining deals for lithium production in Zimbabwe, Mozambique and Congo.

A few days ago, Bravura announced the completion of Zimbabwe’s first world-class lithium facility, the Kamativi Lithium plant with an annual producing capacity of 30, 000 tonnes.

*** This report has been updated to correct the total revenue for Aiteo’s half year.

https://thewillnews.com/exclusive-aiteos-earnings-top-record-n380bn-in-half-year-targets-n1trn-in-2024/

.First time in my existence here on Nairaland making FTC.
This currency exchange is such a bug ish, the naira have lost alot of value man, that's $327m less than 140 billion now over 400 billion.
Anyways it is so well with Nigeria

Great

aminulive:


https://thewillnews.com/exclusive-aiteos-earnings-top-record-n380bn-in-half-year-targets-n1trn-in-2024/

All these unconfirmed news ..did the news source visit the Nembe creek and physically see the vessels loading these crude

ok

Nice one

How can we have all these oil assets yet they are saying Nigeria is broke..
Useless old politicians.

Yet there's no money to increase the minimum wage for workers while government keeps raking in billions in revenue even as state monthly allocation is almost doubled up.
Nigeria government don't care about it poor citizens what a shame

WE ARE NOT BROKE,THE GOVERNMENT HEADVIS THE ONE THAT NEED REPLACEMENT.
IF AWOLOWO COULD DO THOSE MAGICS WITH COCOA MONEY,THEN THESE POLITICANS SHOULD BE SHOT.

MarketDispatch:


All these unconfirmed news ..did the news source visit the Nembe creek and physically see the vessels loading these crude

If it was the other way round, you will believe the report and cite unfavourable business environment.

MarketDispatch:


All these unconfirmed news ..did the news source visit the Nembe creek and physically see the vessels loading these crude

E for an Enemy of state spotted..

All our politicians needs to be killed, i mean all of them including those from level 12 upward in civil service

Ijaw men doing well.. this is how to run an economy , not dashing oil wells to Fulani tribal leaders from the Sahel and expect them to do things right

Are they selling shares?

THESE ARE THE ENEMIES OF THE MASSES!THEY GO ON MAKING MORE MONEY THROUGH MASS EXPLOITATION OF EVERY NIGERIAN!!

Hhh

Ho

Good News for Nigeria

See money oooo

Good one from the indigenous player but they can do better. There's no limit to what one can achieve if one's resilient enough.

Solar is The Future of Now.

Abaziaka:
Yet there's no money to increase the minimum wage for workers while government keeps raking in billions in revenue even as state monthly allocation is almost doubled up.
Nigeria government don't care about it poor citizens what a shame

They never once came to care! They came to do what they came to do: corner our common wealth for themselves and their families and friends..and enslave the people...they are successful.. until.... God interferes in line with His Sovereign Will.

Great ... Em, need help with your academic papers? us.

GENERATE INTERNET TRAFFIC AS YOU LIKE

Naija
Did those banks invest or those figures were loans?

But the company refused to confirm this report so why publish it? This looks like a propaganda report planted to make it look like while foreign companies are leaving the country, local ones are making progress.

Diezani’s business
The UK govt is waiting for you
You bribed the Nigerian Supreme Court, but your files have been sent to the UK, try and see if you can bribe them
Any corruption case they want to bury, just move the case to a country affected by their crimes that can’t be bribed

First to comment. E no easy o

Curious345:
Ijaw men doing well.. this is how to run an economy , not dashing oil wells to Fulani tribal leaders from the Sahel and expect them to do things right

Benny Peters is not an Ijaw man oga

Awesome