₦airaland Forum

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.

http://www.financialnigeria.com/ibeto-cement-in-390-million-deal-with-chinese-firm-news-142.html

Enugupikin:
They've banned your other handle and you had to open this one ..are you sure you're ready for this?

Who the fuq re you dumbo

hammer3:
[s][/s]


Dangote owns the SW region.

The number 1 industrialist in the whole SW.

Largest cement factory in Ogun and refinery in Lagos.

SW is owned by the Fulani and there can never be oduduwa rep.


Now Ibeto is investing in SE.

He is putting an equal level of factory-like Dangote, divided by two in SE region.

So if u want to know, go to SE and see.

This has been one of the problems with your kind. US develops today as a result of welcoming other biz investors to their country.
All the hypocrite people like you want is to dominate others even in their states. When it comes to other people investing in your region ,you begin to see them as alien.
Continue with your me and my fellow Igbo syndrome alone and let see how far you go

It's clear to other tribes, how far your bitter hatred has gone. You will rather prefer an Indian biz in Igbo land to Dangote or Otedola biz .
Spit on you and your likes

ejanla077:
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.

http://www.financialnigeria.com/ibeto-cement-in-390-million-deal-with-chinese-firm-news-142.html

nah only contract we just dey see, hahahaha.


what about output?

PIMPAR:
This has been one of the problems with your kind. US develops today as a result of welcoming other biz investors to their country.
All the hypocrite people like you want is to dominate others even in their states. When it comes to other people investing in your region ,you begin to see them as alien.
Continue with your me and my fellow Igbo syndrome alone and let see how far you go

It's clear to other tribes, how far your bitter hatred has gone. You will rather prefer an Indian biz in Igbo land to Dangote or Otedola biz .
Spit on you and your likes

Forget the dude...I'm Igbo myself, I would have preferred just any person who could have rehabilitated the plant to create employment for south east indigenes

caleboxylic:
Get lost. Ibeto is building two simultaneously.

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

Most you sound Rude before you State your Facts?
OP was only Concerned about the Stagnant Operation of the Cement Factory!




It's high time we learn how to express ourselves without been Sarcastic!

Bekool:
Ibeto don't enjoy the monopoly dangote enjoys in nigeria although ibeto is slow i will still prefer him.

.


Tell me one sector that dangote operates alone .doubt give me hearsay or cry plea.

OmarEl:
Most you sound Rude before you State your Facts?
OP was only Concerned about the Stagnant Operation of the Cement Factory!




It's high time we learn how to express ourselves without been Sarcastic!

He was never concerned.
My response served him well and was in order.

[quote author=caleboxylic post=90839485]He was never concerned.
My response served him well and was in order. [/quote

Nah....It was Harsh

Enugupikin:
They've banned your other handle and you had to open this one ..are you sure you're ready for this?

So this has been your aim of opening this thread. To push out propaganda against a foremost Igbo industrialist in favour of the Federal government backed monopolists from the north.

Unfortunately for your ilks, Ndigbo are very much awake to your shenanigans. Dangote can buy up every every other moribund cement factories all over Nigeria, but you see Nkalagu cement? It is a no go area.

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.....

Bros you re uninformed

Ibeto is creme de la creme of investors in Nigeria..

Second rainbow office is just a warehouse..
Nkalagu cement was delayed because successive Ebonyi governor's wanted a piece of the company, they delayed take off until dave umahi came. The place is being constructed, as u kno its massive, chill Ibeto is one hell of an investor i count on..

He is the only one making motor lead batteries and exporting to the USA..

ejanla077:
Bros you re uninformed

Ibeto is creme de la creme of investors in Nigeria..

Second rainbow office is just a warehouse..
Nkalagu cement was delayed because successive Ebonyi governor's wanted a piece of the company, they delayed take off until dave umahi came. The place is being constructed, as u kno its massive, chill Ibeto is one hell of an investor i count on..

He is the only one making motor lead batteries and exporting to the USA..

You are the one conflating issues by ignorantly failing to read between the lines...

Ibeto is falling behind his peers in the African investment ecosystem.

Almost everyone knows Dangote, Adenuga and their likes but i can wager that Ibeto is barely reckoned with in the Nigerian investment milieu let alone that of Africa.

He has spent decades in public consciousness so he ought to have a reasonable degree of visibility outside Nnewi and Igboland...

You know that is hardly the case.

The discourse should go beyond whipping up cheap sentiments.

maestroferddi:
You are the one conflating issues by ignorantly failing to read between the lines...

Ibeto is falling behind his peers in the African investment ecosystem.

Almost everyone knows Dangote, Adenuga and their likes but i can wager that Ibeto is barely reckoned with in the Nigerian investment milieu let alone that of Africa.

He has spent decades in public consciousness so he ought to have a reasonable degree of visibility outside Nnewi and Igboland...

You know that is hardly the case.

The discourse should go beyond whipping up cheap sentiments.

You re the one who is uninformed. That you do not know or hear him does not mean he is not visible.. 2018 he acquired a cement company in the Usa.., he also acquired century petroleum in the usa.. He is the first Nigerian company to be listed in us stock..


Get informed and stop displaying ignorance

U ve Google yet choose to come online to spew trash

Though he is also into oil.
He is the biggest non oil industrialist in the south south and south east..

He own cement company in bundu port Harcourt
He is building Nkalagu.
He is building cement factory in cross river

ejanla077:
You re the one who is uninformed. That you do not know or hear him does not mean he is not visible.. 2018 he acquired a cement company in the Usa.., he also acquired century petroleum in the usa.. He is the first Nigerian company to be listed in us stock..


Get informed and stop displaying ignorance

U ve Google yet choose to come online to spew trash

Though he is also into oil.
He is the biggest non oil industrialist in the south south and south east..

He own cement company in bundu port Harcourt
He is building Nkalagu.
He is building cement factory in cross river

You should not have mentioned his current project. This government is here to empower the North and destroy the Southern economy. I am privileged to see some of the contracts awarded for projects in the North due to where I work. They will destroy anybody in their way.

Aketi2:
You should not have mentioned his current project. This government is here to empower the North and destroy the Southern economy. I am privileged to see some of the contracts awarded for projects in the North due to where I work. They will destroy anybody in their way.

Bro, Ibeto already beat them at this game... IBETO did reverse merger wit a company in the USA and is now listed in the Us stock exchange as an American company, they can no longer be messed with...