PLEASE READ CAREFULLY.

Information available to 247ureports.com obtained from sources knowledgeable of the goings on within the Presidency indicate that the President of the Federal Republic of Nigeria, Mohammadu Buhari may have knowingly or unknowingly approved the decision by his kitchen cabinet to halt the shipment ofcement belonging to the Nnewi business mogul, Chief Cletus Ibeto, the Chief Executive Officer [CEO] of Ibeto Cement company. This is as247ureports.com gathered that of the entire importers of cement in the federation, only Ibeto cement was halted from reaching the shores of Nigeria. According to available information, an approval of yearly importation quota of 1.5million metric tons of cement was giving to Ibeto by the federal governmentof Nigeria. And as gathered, the company – Ibeto Cement had complied. However, with the arrival of the President Mohammadu Buhari led administration, the rules of the game changed midway.

The arrival inevitably struck the importation arrangement of Ibeto Cement with a bad fist. The policy makers of the Buhari kitchen cabinet quickly sought to halt the shipment of cement by Ibeto cement through means that appeared illegal or simply misuse of power. The President’s men took to the garnet when they got information that Ibeto Company had a shipment of cement on the high-seas making its way into the country. They immediately ordered the shipment be halted and not allowed entry into Nigerian ports.

As the managers of Ibeto Company inquired on the reasons for the refusal to allow the ship to dock, the kitchen cabinet of the President immediately searched the law books but could not give an immediate reasons or quote a law that supported its actions. The CEO of the cement company, after lobbying for weeks to find out why the President’s men stopped his shipment, was told that the source of the money which he [Ibeto] used to import the said cement was not sourced from the Central Bank of Nigeria [CBN] – and so the shipment will not be allowed to offload in Nigeria.

247ureports.com gathered however that the Ibeto Company had applied for foreign exchange from the CBN but were denied. The cement company then sought alternative means to gain access to the required foreign currency to make the purchases of which he had already be given a quota to supply. Through the company’s investments outside the country, they sought foreign currency to make the purchase. The shipment of cement was then thrown into gear for an estimated arrival to Nigeria by November 2015.

But the cement shipment was stopped. The stoppage of the cement, interestingly, coincided with the sudden drop in cement prices of the major cement supplier in Nigeria, Dangote Cement Company. A source who is close to the former administration pointed out that the stoppage of Ibeto was not without the influence of Aliko Dangote. “He has done it before during the Obasanjo regime and we are sure he is the one pulling the strings against Ibeto because he is afraid of competition from a south easterner” claims the source who also clarified that the present administration may have taken on the battle to reverse all the gains – both perceived and real – that the south easterner may have attained during the realm of the former administration.

The move by the Buhari administration comes following a new milestone scored by the Ibeto group – in its recent contract agreement with a China company to produce 6,000metric tons of Cement in Enugu State, south east Nigeria. Zhejiang Sinoma Engineering Design & Research Institute Co., Ltd had entered into a $368million with Ibeto Cement for 6000 tons of cement clinker production line from crushing limestone mining, cement raw materials to packaging, shipped to the whole process and a 45MW captive power plant, covering engineering design, equipment, steel and material supply, civil works, installation, commissioning and personnel training. Insider source acknowledge that the type of agreement is unprecedented in the mining industry in Nigeria. “It may threaten Dangote’s continued dominance in the industry”. Ibeto Company alreay operates a similar facility in Port Harcourt, River State. The Rivers State facility also produces 6000tons of cement.

247ureports.com reached out to the presidency for comments regarding the stoppage of Ibeto’s cement on the high-seas. Both Femi Adesina and Shehu Garba were reached but only Femi Adesina responded. He indicated that he was not aware of such but directed that we check with the Ministry of Industry. The office of Ibeto Cement Company was reached out to but they were cautious with their comment. They chose to comment unofficially and confidentially. They made it clear that the CEO of Ibeto Cement Company was not ready or willing to confront the Federal Government over the legality of Buhari’s refusal to allow his consignment to dock in Nigeria. “He prefers to beg” said one of the workers at the company “rather than to confront the injustice” meted out on him.

“There is no law in the Nigerian law books that Ibeto company have breached”, said a longtime politician from the south south region who claims to understand the underpinnings of the move to frustrate the business mogul from south east Nigeria who had been a financial supporter of the Jonathan administration. “They want to insinuate that he is one of the recipients of the money laundry scheme so that they can hang him like the others. But it would not work. We are here.” The south south politician was un-mistaken as he pointed squarely at the Buhari ‘cabal’ as an anti-south east and bigot minded group.

Presently, the status of the shipment of bulk cement stuck at high-seas remain unknown as the federal government allegedly appears determined and unrelenting in its determination at halting or/and deterring the business activities of Ibeto Cement Company.

Sourcde: http://247ureports.com/buharis-men-to-shut-ibeto-cement-halts-shipment-of-cement-for-unknown-reason/

the President’s men stopped his shipment, was told that the source of the money which he [Ibeto] used to import the said cement was not sourced from the Central Bank of Nigeria [CBN] – and so the shipment will not be allowed to offload in Nigeria.

This is wickedness at the highest level.

Why would a president shut down a business own by her citizen without legal action? I don't want to believe this is true otherwise no one should blame the Easterners for wanting to opt out of Nigeria.

End Time Buhari

Not surprised if this is true.. A dictator will always remain one.. Weda in kaki or agbada..


Meanwhile, pls dnt forget to check my signature..

Keep lying....

The same ibeto cement of obj yaradua jonathan period?

If there is a ban on importation of cement and other people like burham are not allowed to import can anyone give me any genuine reason why ibeto should be allowed

There are indegenious producers like larfage ashaka and dangote...

It always start like a rumour.If eventually it turns out to be true, then this govt clearly has a hidden agenda (but am sorry to say the the agenda seems to be that of evil)

I am not surprise too. This has been modus operandi of the northern regional oligarchy that have ruled Nigeria egged on by the southwestern regional cabals. It is only in Nigeria where a citizen is frustrated so that another citizen from a particular section of the country will enjoy.

banki:
Keep lying....

The same ibeto cement of obj yaradua jonathan period?

If there is a ban on importation of cement and other people like burham are not allowed to import can anyone give me any genuine reason why ibeto should be allowed

There are indegenious producers like larfage ashaka and dangote...

Do you think Dangote does not import cement?

Oh why why my president Why the hatred?

Be a FAIR-MAN and "God shall stand by you" all the days of your life

Dangote has got his wishes

To remain the monopoly in cement in Africa

But Biafrans will have their wishes too

Biafra is here

Simple reason -Dangote don drop.

Genuine reason: operation ground Nigeria economy is progress.

When we told those zombies not to vote the Duara d¤llard dey no gree hear.

Oya make una dey look when by next 6 months major businesses would close Nigeria offices and head elsewhere una eye go clear then.

God is watching. The should continue to give biafran agitators more reasons to agitate

No wonder
IPOB re agitating for Biafra.

Freeeeeeeeeeeeeèdom

As we are questioning the federal government move to frustrate ibeto...
I advise my brother to find for a means to dock his ship may be from neighbouring countries like Cameron and recover his money...
This is the reason why I insist that I really have decided to quit being a Nigerian for good...
So if I see things like this I wouldn't shed tears and feel heart broken.

Not surprised here

banki:
Keep lying....

The same ibeto cement of obj yaradua jonathan period?

If there is a ban on importation of cement and other people like burham are not allowed to import can anyone give me any genuine reason why ibeto should be allowed

There are indegenious producers like larfage ashaka and dangote...

are u from another planet? Did u read or view in the tv or hear from radio that there is ban on cement importation? that shows that u and buhari have the same brain capacity. Even when reasonable not vindictive and sadist president wants to stop importation of goods, notice of ban of not less than 3 months must be issued. The more people complain of his sadistic approach to issues, the more embittered he become. Obj tried it ibeto won, he (ibeto) will still win again with compensation.

Story sounds ridiculous,
However let us wait for anoda news outlet to publish before I comment coz these days the amount of imaginary news flying all over the place one has to be careful not to waste his energy on lies.

One more reason to believe that the Biafra struggle is been sponsored from accounts not domiciled within Nigeria.

Ndigbo sef

betty202020:
that shows that u and buhari have the same brain capacity. Even when reasonable not vindictive and sadist president wants to stop importation of goods, notice of ban of not less than 3 months must be issued. The more people complain of his sadistic approach to issues he is the more embittered he become. Obj tried it ibeto won, he (ibeto) will still win again with compensation.

So you think PRESIDENT Buhari COMMANDANT IN CHIEF , THE FIRST OF ALL NIGERIANS (whether you like it or not) has the time to single out some individual called ibeto for what gain?

when ever a nepa certificate holder is in power, d economy collapse.

This is not the first time the government would be doing this same thing to Ibeto. Obasanjo also woke up one day and unilaterally withdrew/cancelled the importation license given to the co. That led to the case of Ibeto Cement & Manufacturing Co. V A.G.F which was fought all the way to the supreme court.

Now the question is; why is it always this Ibeto man? Different govts, different presidents, yet the same thing.

Pmb can do it.

Is ds what body language is all about?? I smell partialit. Buhari seems blind to activities of TY Danjumam IBB, Abacha family et all

This is not democracy, its dictatorship

ibo just want to blackmail everybody.

Gayigaskia:


So you think PRESIDENT Buhari COMMANDANT IN CHIEF , THE FIRST OF ALL NIGERIANS (whether you like it or not) has the time to single out some individual called ibeto for what gain?

the gain is best known to him. In a normal clime, reasonable government doesnt give automatic ban on such goods. Even if they are 20 or more importers, there are more than 20 cargo ships in the high sea carrying cement and someone will wake up one day and put immediate ban.

The shut down is as a result of none compliance to customs/import duties. United cement company, Calabar was also shutdown middle this year for importing materials for its ongoin expansion project. It really bit me how gullible and vulnerable Nigerians have become to these quackery media houses. Most unemployed here are so quick to condemn the government without knowing the inimical effects of importation. Some don't even know that aside employment opportunities staff of cement manufacturers like Lafarge, Ashaka and Unicem have very attractive remuneration and work condition.

betty202020:
the gain is best known to him. In a normal clime, reasonable government doesnt give automatic ban on such goods. Even if they are 20 or more importers, there are more than 20 cargo ships in the high sea carrying cement and someone will wake up one day and put immediate ban.

This cannot be true if there is a ban it would take some time before its implementation (unless there was a ban and someone decided to look the other way), i don't see why Buhari will go against Ibeto. And if the plan is to force Ibeto to build local cementeries instead of importing, then this action should've even be applauded by the Biafra

Bubu how far?

adeaks:

This is not the first time the government would be doing this same thing to Ibeto. Obasanjo also woke up one day and unilaterally withdrew/cancelled the importation license given to the co. That led to the case of Ibeto Cement & Manufacturing Co. V A.G.F which was fought all the way to the supreme court.

Now the question is; why is it always this Ibeto man? Different govts, different presidents, yet the same thing.

Little is known of Ibeto Cement and their huge import rate of cement and other goods..

.Their corporate governance structure is hard to come by

.They are not listed on the capital market and from the look of things; they won't even get on board. They dont care.

.They have never raised capital through any private placement ever, as such, they have no shareholders.

.Their directors (Executive and Non-Exec) are from one region of Nigeria.

.They could as well be dealing in cocaine and no one would know.. Just saying..

Then, have you watched Narcos..(The story of Pablo Escobar). Just saying.