Foreign investors from the United States (U.S) have announced plans to support both the core investor and Chief Executive Officer, Ibeto Nigeria Limited, Chief Cletus Ibeto and Ebonyi State government to revive the Nigeria Cement Company, NIGERCEM.
The team of investors in collaboration with Ibeto Nigeria Limited embarked on an assessment visit to the premises of the cement firm as part of the rigorous process of actualizing the listing of Ibeto in the United States.
The billionaire owner of the Ibeto Group, Chief Ibeto said the delegation was on self-assessment tour of the firm.
Ibeto also revealed that another team of Chinese contractors were in the state three weeks ago to finalize arrangements on the revitalization of the cement factory.
“The team will help in the realization of the dream of Ibeto Group together with the Ebonyi State government in actualizing the revitalization of the company.
“Very soon, production would commence in NIGERCEM with the production of 6,000 metric tons of cement per day.
“The Chinese team which visited the state before now would be working on designing; they would ensure that the 2015 contract agreement signed by Ibeto Group Limited and the host community Nkalagu is executed to the letter.”
Expansion plans by Ibeto Cement
Recall that Ibeto Cement Company Limited had reportedly executed a Milost Equity Subscription Agreement (MESA) with Milost Global Inc. The binding agreement for an $850 million financing, of which $500 million is in equity and $350 million debt.
The cement company also announced plans to go public with a reverse merger in the United States in its bid to become a publicly traded company.
The agreement will allow Ibeto Cement to raise enough capital in the US public markets outside the Milost financing as well and put the company in the forefront of the cement industry in Africa.
The cement company also plans to grow the company beyond West Africa through the acquisition of other profitable cement businesses outside Nigeria within the next 12 months, this will be done at the back for the development of the two new plants.
Recall that Ibeto cement re-acquired a 60% stake in Nigeria Cement Company Plc, NigerCem from Eastern Bulkcem, but the firm was mired in legal disputes with the host community where the cement factory is located since 2012. However, with the resolution of the dispute in mid-2016, Ibeto now has access to NigerCem facilities which is located in Ebonyi State.
About the company
Ibeto Cement Company Limited, is a privately held company incorporated under Nigerian law, is one of the most dominant players in the fast-growing cement industry in Nigeria and, by extension, Africa. It is currently developing two cement plants in Nigeria: one in Ebonyi State and one in Cross River State/Abia State.
