Enugupikin:
I think the Eastern governors should have sold Nkalagu cement factory to Dangote or BUA group.If they did it would have been functional by now and employed lots of Easterners instead of selling it to Ibeto who doesn't have the sagacity to develop it.

What do you all think??

Enugupikin:
I think the Eastern governors should have sold Nkalagu cement factory to Dangote or BUA group.If they did it would have been functional by now and employed lots of Easterners instead of selling it to Ibeto who doesn't have the sagacity to develop it.

What do you all think??

caleboxylic:


Get lost. Ibeto is building two simultaneously.

It will start production soon. They are through with the upgrade and maintenance.

Okoroawusa:

Why start your statement with abusive words?

Give me your correction n leave it at that. Show that you know better than him. Cure him of his ignorance.

You can see that he doesn't know n even if he was trying to be mischievous let him see that you are a better person n well informed.

Thank you

Enugupikin:
I think the Eastern governors should have sold Nkalagu cement factory to Dangote or BUA group.If they did it would have been functional by now and employed lots of Easterners instead of selling it to Ibeto who doesn't have the sagacity to develop it.

What do you all think??

Okoroawusa:

Who told you that it was Eastern governors that sold nkalagu cement to Ibeto?

Okoroawusa:

Why start your statement with abusive words?

Give me your correction n leave it at that. Show that you know better than him. Cure him of his ignorance.

You can see that he doesn't know n even if he was trying to be mischievous let him see that you are a better person n well informed.

Thank you

Enugupikin:

I'm not being mischievous nna... abúm onye Enugu, Nsukka to be precise ...so why would I want to be mischievous??

I'm more concerned BC we have Dangote cement , Sokoto cement by BUA whereas the east have the largest deposit of limestone yet we can't benefit from it

Okoroawusa:

We have Ibeto cement. It's all about business. He can dominate the Eastern market if he reinvents his business n possibly attract foreign partners.
Nkalagu became a FG assest after the fall of regions n most of FG assests were privatized,commerlized and concessioned during PDP days. Let Ibeto take it as a serious business. Conquer the Eastern n probably the South South market then expand. Government can't do that for him.

Enugupikin:

Exactly what I am saying..since the government can't do that for him he shouldn't have gotten the concession when people like Dangote and BUA are active in business..why would he want to start what he can't finish

Enugupikin:

Exactly what I am saying..since the government can't do that for him he shouldn't have gotten the concession when people like Dangote and BUA are active in business..why would he want to start what he can't finish

Okoroawusa:

Why start your statement with abusive words?

Give me your correction n leave it at that. Show that you know better than him. Cure him of his ignorance.

You can see that he doesn't know n even if he was trying to be mischievous let him see that you are a better person n well informed.

Thank you

maestroferddi:
Something has to be wrong with this Ibeto of a business magnate.

We can cry forever of how he was short-changed by Obasanjo to favour Dangote in the past but the truth remains that he is not that effective as a serious investor.

Where are signature projects today? He is barely known in Nigeria and hardly reckoned with in Africa. His global presence is almost non-existent.

I can't forget a personal experience I had some years ago.
I was trekking from Ijesha in Surulere to Mile 2. As I was passing through Ibeto Group premises at the place called Second Rainbow, after Sanya Bus Stop, I paused briefly...

I took in the scenery and did a mental calculation of the physical assets I could see and ended up shaking my head.

Disillusionment took the better part of me: I began to muse that that was a man who was contending with Dangote less than 20 years ago...

Today Dangote is not only Africa's richest man but the wealthiest black person alive but where is Ibeto?

Still doing some kind of buying and selling business or ready to employ professionals to upskill his business and make it a conglomerate/behemoth?

There are times we need to tell ourselves the truth and leave sentiments aside.....

Okoroawusa:

Why start your statement with abusive words?

Give me your correction n leave it at that. Show that you know better than him. Cure him of his ignorance.

You can see that he doesn't know n even if he was trying to be mischievous let him see that you are a better person n well informed.

Thank you

maestroferddi:
Something has to be wrong with this Ibeto of a business magnate.

We can cry forever of how he was short-changed by Obasanjo to favour Dangote in the past but the truth remains that he is not that effective as a serious investor.

Where are signature projects today? He is barely known in Nigeria and hardly reckoned with in Africa. His global presence is almost non-existent.

I can't forget a personal experience I had some years ago.
I was trekking from Ijesha in Surulere to Mile 2. As I was passing through Ibeto Group premises at the place called Second Rainbow, after Sanya Bus Stop, I paused briefly...

I took in the scenery and did a mental calculation of the physical assets I could see and ended up shaking my head.

Disillusionment took the better part of me: I began to muse that that was a man who was contending with Dangote less than 20 years ago...

Today Dangote is not only Africa's richest man but the wealthiest black person alive but where is Ibeto?

Still doing some kind of buying and selling business or ready to employ professionals to upskill his business and make it a conglomerate/behemoth?

There are times we need to tell ourselves the truth and leave sentiments aside.....

Okoroawusa:

My brother na u go still come complain of marginalization if it was given to Dangote n BUA. Like the way the electricity for the whole Southeast was given to Emeka Offor n he is flipping it like where he is flipping his penis after urinating.

BeautifulMind2:

You are dumb, go and read the story of Ibeto, I doubt if you are who you claimed to be

maestroferddi:
Something has to be wrong with this Ibeto of a business magnate.

We can cry forever of how he was short-changed by Obasanjo to favour Dangote in the past but the truth remains that he is not that effective as a serious investor.

Where are signature projects today? He is barely known in Nigeria and hardly reckoned with in Africa. His global presence is almost non-existent.

I can't forget a personal experience I had some years ago.
I was trekking from Ijesha in Surulere to Mile 2. As I was passing through Ibeto Group premises at the place called Second Rainbow, after Sanya Bus Stop, I paused briefly...

I took in the scenery and did a mental calculation of the physical assets I could see and ended up shaking my head.

Disillusionment took the better part of me: I began to muse that that was a man who was contending with Dangote less than 20 years ago...

Today Dangote is not only Africa's richest man but the wealthiest black person alive but where is Ibeto?

Still doing some kind of buying and selling business or ready to employ professionals to upskill his business and make it a conglomerate/behemoth?

There are times we need to tell ourselves the truth and leave sentiments aside.....

Enugupikin:

Let's put away sentiments..we need investors irrespective of where they're coming from.. Afterall they're so Nigerians and not giving something to someone who lacks the acumen to turn things around

Enugupikin:

I'm not being mischievous nna... abúm onye Enugu, Nsukka to be precise ...so why would I want to be mischievous??

I'm more concerned BC we have Dangote cement , Sokoto cement by BUA whereas the east have the largest deposit of limestone yet we can't benefit from it

Enugupikin:

Let's put away sentiments..we need investors irrespective of where they're coming from.. Afterall they're so Nigerians and not giving something to someone who lacks the acumen to turn things around

This is a man that single handedly built his large business empire without federal backing you said he lacks acumen to turn things around, I wonder what you have achieve as a person

Only an idiot from Fulani father doesn't know the war Ibeto is facing from his fellow competitors from north, are you telling me if Ibeto were to come from the North FG will not assist him to revive Nkalagu cement Your useless posts only end here.

BeautifulMind2:

This is a man that single handedly built his large business empire without federal backing you said he lacks acumen to turn things around, I wonder what you have achieve as a person

Only an idiot from Fulani father doesn't know the war Ibeto is facing from his fellow competitors from north, are you telling me if Ibeto were to come from the North FG will not assist him to revive Nkalagu cement Your useless posts only end here.

https://www.sunnewsonline.com/ibeto-an-enthralling-story-of-an-achiever/amp/

Ibeto: An enthralling story of an achiever

If you are 13 years old and, in your mind’s eye, you see yourself among vivacious crowd of age mates resplendent in their forget-me-not secondary school uniforms, chattering away heartily in a classroom, and just when that dream is about to berth on the shores of reality, your own biological father rudely aborts it, what would you do? Crestfallen and disappointed, would you turn your back on life and bemoan your fate forever?

Some people with fickle spirit would. But the likes of Dr. Cletus Madubugwu Ibeto, who are made of sterner stuff and blessed with a can-do spirit that does not yield to despair would soldier on with life, turn the disappointment into a blessing in disguise and later in life have an inspiring story to tell.

And that was the exactness of what the young Ibeto did when his dream for secondary education crashed on January 22, 1966.

On that day, the lad was in high spirits. He looked forward to a new and exhilarating life as a fresh student of Crusader Secondary School, Isingwu Amachala, Umuahia.

Gaily dressed in his school uniform and armed with his school box, Ibeto was set to depart for Umuahia to begin life as secondary school student and then, suddenly, his father made a shattering proclamation that would leave hot tears cascading down the young man’s cheeks, crestfallen, disappointed and embittered: He was to make a detour to trading rather than education.


There and then, Ibeto was parceled, willy-nilly, to Onitsha to begin apprenticeship in auto spare parts as a trader under the tutelage of one Akamelu.

And so began his journey through life’s pumpy road, which would dramatically signpost his subsequent rise to the top. It would be safe to say that Ibeato’s eventual road to prominence was watered by grit and determination to succeed and excel after a devastating and unsettling dream crash.

Fifty-four years down the lane, Ibeto has not only shrugged off that initial life hiccup but he has also left bold imprints in the sands of time.

His zero-to-hero story typifies the rise of the proverbial Phoenix. From grand zero, Ibeto has built a multi-billion dollar business conglomerate, the Ibeto Group, spanning real estate, petrochemical, cement, auto parts, hospitality, oil and commodity trading, among others.

Naturally blessed with business acumen and fecundity of ideas, Ibeto’s apprenticeship in auto spare parts was abbreviated by the civil war. He was himself a combatant in the war, having joined the Biafran Army at the outbreak of hostilities.

Surviving the war by the whiskers, he launched himself back into the world of trading at the end of hostilities. Thus, in 1970, Ibeto was already a young businessman. Ingenious and enterprising, Ibeto had started his business career in 1970, stepping into what has now become a massive business dream, with the establishment of Ibeto Brothers Trading Company as its sole proprietor.


However, his major business break came during the administration of President Shehu Shagari, profiting massively from a policy change during that era. There was a policy that goods could be imported without import licence but as Nigerian’s external reserves began to dry up, the Shagari government had to introduce import licence.

The uncertainty forced many importers to suspend importation in order to monitor the new policy.

But braving the uncertain situation, Ibeto moved quickly to secure the N3 million import licence at a time a dollar sold for 68 kobo. With the licence, he imported 65 containers of vital motor parts. By the time other importers could wake up to get the license, the government had tightened the screws and made it almost impossible for anyone to obtain the license. Almost at the same time, the Shagari government was toppled, which made matters worse, as it resulted in borders being closed.

The Nnewi-born business mogul then virtually became a monopolist for motor spare parts. He confessed that the moment was a turning point for his life and business. He was selling at almost 500 per cent mark up and people were buying!

His words: “That was the turning point for me. Come and see the line-up of people who wanted the spare parts. I was packing money with cartons. There was no armed robbery then, no kidnapping. It was a seller’s market. And the mark up was almost 500 per cent but people were buying! In fact, within two days of the arrival of the containers, I made four million pounds.”
Diversification was flowery and seamless for Ibeto, swiftly moving from an importer of auto spare parts to automotive lead-acid batteries and plastic accessories merchant. Then, in 1988, he delved into manufacturing when he completed his factory in Nnewi and stopped direct importation of lead-acid automotive battery and plastic motor accessories. By 1995, the company had become one of the largest auto spare parts manufacturing outfits in Nigeria.

A year later, Ibeto would further expand his business operations by diversifying into other sectors, thus establishing Ibeto Petrochemicals Industries Limited. His petrochemicals industry owns one of the largest liquid facilities for petroleum products in Nigeria.

Subsidiaries under the Ibeto Group are legion and they include Union Autoparts Manufacturing Co. Ltd., which was incorporated on June 2, 1987. The company is a major player in automotive lead-acid battery manufacturing in Nigeria. The interesting thing is that the company produces locally, from its lead and aluminum smelting plant, all the lead and aluminum required for its operations.

It has the capacity to produce, annually, 300,000 units of lead/acid batteries, 120,000 units of sealed maintenance-free batteries, 5,500 tonnes of lead, 500 tonnes of accessories and 1,500 tonnes of friction parts.

There is also the Ibeto Petrochemical Industries Ltd. It was established in October 1996 with a blending plant in Nnewi, Anambra State. The company blends oil lubricants and produces various types of petroleum products for local and international markets. The petrochemical company also owns one of the largest liquid storage facilities for petroleum products in Nigeria, with a capacity of over 60,000 metric tonnes located at Apapa Wharf and Ibru Jetty Complex, Lagos.
Ibeto Cement Company Ltd produces bagged cements at its bagging terminal at Bundu Ama, Port Harcourt, Rivers State.

Ibeto Cement commenced operation in 1997 with the importation of bagged cement from Portland before establishing Ibeto Cement in 2001.

In 2018, Ibeto Cement announced a reverse merger with Century Petroleum Corporation, a United States (U.S.) publicly-traded petroleum exploration and production company. This was aimed at taking the global markets by storm and bypass the complex process of listing. The company was to acquire a 70 per cent controlling stake of Century Petroleum and thus Cletus Ibeto was subsequently made the chairman of the board of directors.

Ibeto’s foray into cement business saw him establishing Eastern Bulkcem Company Ltd. The company is also engaged in the importation of bulk cement and bagging of same in its factory premises in Rumuolumeni waterfront, Rivers State.

Eastern Bulkcem equally owns 60 per cent of Nigeria Cement Company Plc (NIGERCEM), Nkalagu, Ebonyi State. NIGERCEM was very important for Ibeto; if he was to remain an importer of cement, he needed to own a cement manufacturing plant as it was the requirement. Owning NIGERCEM did not come easy as the then Ebonyi State governor, Martin Elechi, was against the acquisition. Ibeto fought him head-on like a wounded lion, until he had NIGERCEM secured. NIGERCEM gave him the initial stability he needed to continue in the cement business.

Enugupikin:

Let's put away sentiments..we need investors irrespective of where they're coming from.. Afterall they're so Nigerians and not giving something to someone who lacks the acumen to turn things around

Enugupikin:

I can't argue with a failure like u

Cry me a River...I still maintain that Ibeto isn't grounded...where is he amongst list of cement producers....I really wished that Eastern plant was handed over to BUA or Dangote...by now Eastern youths would have had more jobs

Enugupikin:

I can't argue with a failure like u

Cry me a River...I still maintain that Ibeto isn't grounded...where is he amongst list of cement producers....I really wished that Eastern plant was handed over to BUA or Dangote...by now Eastern youths would have had more jobs

ejanla077:


Your jealousy wont stop ibeto from progressing.. 2019, ibeto cement bought century petroleum and is listed in the USA stock exchange


https://www.sunnewsonline.com/ibeto-cement-acquires-us-firm/

https://www.globenewswire.com/news-release/2018/06/28/1531161/0/en/Century-Petroleum-Announces-Name-Change-to-Ibeto-Cement-International-Corporation-and-Files-for-Ticker-Symbol-Change-with-FINRA.html