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  In an industry dominated by a few players, Ibeto Cement has held its own. For over two decades, this company has served countless building projects, whether they be publicly or privately owned. It continues to be a household name, well-known within and outside of the construction industry.
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The Ibeto Cement Company was founded by Cletus Ibeto, a businessman, in the late 1990s. Although it began as a cement importation venture, a government’s ban on the importation of cement in bags in 2001 led the company to pivot to producing cement locally. Starting in June 2005, Ibeto made cement at its Port Harcourt terminal. At present, the facility puts out about 1.5 million tons per annum. On average, about 9 trucks carrying 600 bags of cement depart from the area to depots in various parts of the country. The company is part of a conglomerate, also named after its founder. Besides its interest in building materials, it also covers concerns in the manufacturing, pharmaceutical, hospitality, and energy industries. However, its cement business remains the most recognizable of its segments.
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The site at Port Harcourt has two production lines, each producing 2,700 50kg bags of cement per month. A purpose-built jetty at the waterfront also enables the transportation of the bags to areas accessible via the Southern tributaries of the Niger, and the coastlands. In addition to its Port Harcourt facility, Ibeto has an interest in reviving the old Niger Cement plant in Ebonyi State, and make it a dry processing plant. This property is part of its Eastern Bluk Cement Company, which also includes a factory at Rumuolumeni, Rivers State. In 2015, Ibeto agreed to a contract with Chinese engineering firm Sinoma to rebuild the Niger Cement plant. A second plant would also be built in Ebonyi. The project was to be financed by Milost Global, an American private equity firm. Cletus Ibeto has been honoured for the achievements his company has recorded. In 2008, he was named Officer of the Order of the Niger (OON). And in 2012, he was conferred with the title, Commander of the Order of the Niger. Featured Image Source: BuzzWatch NG
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This article was first published on 19th May 2021

ikenna-nwachukwu

Ikenna Nwachukwu holds a bachelor's degree in Economics from the University of Nigeria, Nsukka. He loves to look at the world through multiple lenses- economic, political, religious and philosophical- and to write about what he observes in a witty, yet reflective style.

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