Ibeto Cement, a major cement importer, has signed a contract with a Chinese firm, Sinoma International Engineering, to build a $386 million cement plant in Enugu State.

The cement plant will have an installed capacity of 2.2 million metric tonnes of cement per year and would be completed in 30 months, according to a statement posted on the website of the Chinese firm today.

In June, the Central Bank of Nigeria announced the restriction of foreign exchange for the importation of certain goods, including cement. This measure, perhaps, forced Ibeto Cement to ramp up its local production.

In 2012, Ibeto Cement acquired majority shares in Nigeria Cement Company, a comatose cement-manufacturing firm located in Ebonyi State. But the state government shut down the plant, claiming that Ibeto Cement used the plant to acquire import licenses instead of resuscitating the plant.

With Ibeto’s new plant, Nigeria’s installed capacity is expected to rise above 40 million metric tonnes per year, far beyond the local annual consumption of over 20 million metric tonnes. Many cement plants in Nigeria operate below their installed capacities as a result of the rampant importation of cheap cement mainly from China, inadequate gas supplies to power cement plants and high haulage costs.

In September, Dangote Cement slashed its cement prices in an attempt to boost local consumption and compete with cheap imports. This move led to an industry-wide lowering of cement prices by cement companies to maintain market share. The cement industry in Nigeria is dominated by four companies: Dangote Cement, the market leader, Lafarge Africa, BUA Cement and Flour Mills of Nigeria.

Nigeria’s cement industry has benefited from the federal government’s backward integration policy, which was initiated in 2002 to encourage local production of cement. Since that time, more than $6 billion in capital projects have been launched.

With the Ibeto Cement deal, Sinoma Engineering has become a Chinese contractor of choice for most Nigerian cement companies. In August, Dangote Cement signed a $4.34 billion deal with the Chinese firm to build cement plants in 10 African countries and Nepal. In September, BUA Cement signed a $600 million deal to double the capacity of its cement plant in Obu, Edo State. - See more at: http://www.financialnigeria.com/ibeto-cement-in-390-million-deal-with-chinese-firm-news-142.html#sthash.c64Yixtl.KOZejo38.dpuf

Commendable

lsee! lsee!! lsee!!!

Money is good....... Na only one person be this ooo

Person weh talk say money no dey this country, na his own pocket weh d money no dey

I know money doesn't buy happiness but I rather cry inside a FERRARI or a LAMBORGHINI.

We must make am..... Na turn by turn

Jobs will be created for my people starting from the beginning of the construction to when the factory will start employing. Oh lord more of this in the east I pray.

This is good news to the industry.

Say

God bless Ibeto for citing it in d East..
God bless every hard worker..

Ogbaru gas field in anambra is calling for explorations.

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This is very good news. The contract is perhaps just for the factory. A lot of other services will follow. There will be power plant to generate power. Pipeline will be installed. Probably from the about to be developed igbariam gas fields. In fact the pipeline will then come closer to other offtakers who will take the opportunity of proximity to gas supply. Wow I am excited. How I wish all the South East governors will rise to the challenge and pull resources to rebuild all roads in the south east not differentiating federal or state, build all of them.

Herald47:
Ogbaru gas field in anambra is calling for explorations.

How viable is its gas reserves? In what quantity? Any idea?

hehe which one b ibeto cement again? can it stand dangote cement in the market?

pegolala:
hehe which one b ibeto cement again? can it stand dangote cement in the market?

I bet u hv not travelled outside ur village

Cone head

How do I become a distributor please any infor

freez2ryme:
I bet u hv not travelled outside ur village
Cone head

Lolz......Classic......

More Job and buisness opportunity for Nigerians.

wow

freez2ryme:
I bet u hv not travelled outside ur village
Cone head

gutsun uwar ka.

pegolala:
gutsun uwar ka.

kai kai kai......

bigfrancis21:


How viable is its gas reserves? In what quantity? Any idea?

the reserve haven't been estimated but it has been proven to exist.

Chiaka:
How do I become a distributor please any infor

the only way u can become a distributor is to buy the license of a distributor who want to change business. which is hard to see. my homeboys dad is a distributor he builds hotels for fun.

bigfrancis21:

How viable is its gas reserves? In what quantity? Any idea?

Anambra With proven gas reserves in excess of 187 trillion cubic feet and about 600 trillion cubic feet of unproven reserves, Nigeria is said to be more of a gas nation than an oil nation.

Is there limestone in Enugu state?

Adminisher:
Is there limestone in Enugu state?

It doen't matter. There is an international Airport.

That must be the reason Buhari is doing this. They want to frustrate him as they did using Ebonyi state governor.

We are taking note of how Dangote exploited Nigerians with the help of Northern Oligarchy and Government.

There will be judgement day. All is fair on judgement day.

ARMS DEAL | EFCC Freezes Accounts of Billionaire Businessman Cletus Ibeto
KAYODE SESAN on May 4, 2016 at 11:07 pm

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Billionaire businessman and head of The Ibeto Group, Cletus Ibeto has been invited by the Economic and Financial Crimes Commission, EFCC over his alleged role in arms procurement deals, SIGNAL can report.

Sources familiar with the development told SIGNAL Wednesday night that bank accounts belonging to the business mogul who presides over one of Africa’s largest business enterprises have also been frozen by the EFCC.

Efforts by our reporter to reach Wilson Uwujaren, the spokesperson of the EFCC proved abortive at the time of filing this report.

It will be recalled that Nigeria’s Vice-President Yemi Osinbajo alleged on Monday that around $15 billion — equal to about half the country’s foreign currency reserves — was stolen from Nigeria’s public purse under the previous government of Goodluck Jonathan through fraudulent arms procurement deals.

Similarly, in January, 2016 the information minister Lai Mohammed said 55 people who were government ministers, state governors, public officials, bankers and businessmen stole 1.34 trillion naira ($6.8 billion) over a seven-year period.

The Nigerian government is yet to release any evidences backing these claims.

Details later.

waternogetenemy:
That must be the reason Buhari is doing this. They want to frustrate him as they did using Ebonyi state governor.

We are taking note of how Dangote exploited Nigerians with the help of Northern Oligarchy and Government.

There will be judgement day. All is fair on judgement day.

The Daura bigot is pursuing a dangerous ethnic agenda.

Like all those that helped to destroy Nigeria through corruption or tribalism, the daura dulllard forgets that other leaders in the future will employ the same exact tactics he is using now against a section of the country.

LALASTICLALA FP MATERIAL.

God bless Ibeto
God bless Coal city state
God bless Igbos
God bless me

My stomach is paining me as a result of this news.
Am sure there are many people in my shoes here in the west.

Why do we have more people that read only than commenting? Anyway, whether, the useless govt like it or not the project must come to pass.

waternogetenemy:
That must be the reason Buhari is doing this. They want to frustrate him as they did using Ebonyi state governor.

We are taking note of how Dangote exploited Nigerians with the help of Northern Oligarchy and Government.

There will be judgement day. All is fair on judgement day.

http://www.newsexpressngr.com/news/detail.php?news=24270&title=NIGERCEM%20soon%20to%20resume%20cement%20production%20as%20Ebonyi,%20Ibeto%20sign%20pact

Kingspin:
Why do we have more people that read only than commenting? Anyway, whether, the useless govt like it or not the project must come to pass.

OreMI22:

The Daura bigot is pursuing a dangerous ethnic agenda.
Like all those that helped to destroy Nigeria through corruption or tribalism, the daura dulllard forgets that other leaders in the future will employ the same exact tactics he is using now against a section of the country.

Adminisher:
Is there limestone in Enugu state?

Don't know. But there is plenty in Ebonyi state where the Nigercem factory is located.