The announcement was made by the oil company who will replace telecommunications company Globacom as sponsors.
Globacom has been sponsoring the awards since 2005.
The CAF Awards recognise the best players, coaches, teams and administrators in Africa on a yearly basis.
The announcement was made on Twitter alongside a picture of CAF President Ahmad Ahmad in Lagos.
The tweet said: ”We are now proud to take our corporate social investments in developing African football by sponsoring @CAF_Online award… More to follow.”
Aiteo Group has been very active on the football scene in the last few months.
The oil giants are the sponsors of the Nigerian FA Cup, the latest edition was won by Akwa United on Sunday night. They also have a huge partnership deal with the Nigeria Football Federation (NFF).