June 14, (THEWILL) – 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 joint 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.
Jude Obafemi is a versatile senior Correspondent at THEWILL Newspapers, excelling in sourcing, researching, and delivering sports news stories for both print and digital publications.
