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.
BREAKING: Buhari sacks Service Chiefs, appoints new
President Buhari has appointed new Service Chiefs to replace the former with immediate effect.
President Muhammadu Buhari has appointed new Military Service Chiefs, and congratulated the outgoing Service Chiefs for efforts of “enduring peace to the country.”
The appointments was disclosed by Presidential media aide, Femi Adesina in a social media post on Tuesday.
Adesina said: “PMB appoints new Service Chiefs. Maj Gen LEO Irabor, CDS, Maj Gen I Attahiru, Army, Rear Adm AZ Gambo, Navy, AVM IO Amao, Air Force. He congratulates outgoing Service Chiefs on efforts to bring enduring peace to the country.”
President Buhari had come under heavy criticism in the last couple of years over his failure to sack the Service Chiefs for failing to tackle insecurity in the country.
“I have accepted the immediate resignation of the Service Chiefs, and their retirement from service. I thank them all for their overwhelming achievements in our efforts at bringing enduring peace to Nigeria, and wish them well in their future endeavours,” Buhari disclosed in a separate statement.
I have also appointed new Service Chiefs, to replace the retired officers:
Major-General Leo Irabor, Chief of Defence Staff
Major-General I. Attahiru, Chief of Army Staff
Rear Admiral A.Z Gambo, Chief of Naval Staff
Air-Vice Marshal I.O Amao, Chief of Air Staff.
— Muhammadu Buhari (@MBuhari) January 26, 2021
What you should know: The outgoing Service Chiefs were appointed by President Buhari in 2015 and despite clamour from several quarters for the President to replace them with fresh blood, nothing happened until today’s announcement.
BREAKING: CBN retains MPR at 11.5%, holds other parameters constant
The CBN voted unanimously to keep the Monetary Policy Rate (MPR), at 11.5% and other parameters constant.
The Monetary Policy Committee (MPC), of the Central Bank of Nigeria (CBN), has voted unanimously to retain the Monetary Policy Rate (MPR) at 11.5%
This was disclosed by Governor, CBN, Godwin Emefiele while reading the communique at the end of the MPC meeting on Tuesday 26th January 2021.
Other parameters such as Cash Reserve Ratio (CRR), Liquidity ratio, and asymmetric corridor remain unchanged.
Highlights of the Committee’s decision
- MPR retained at 11.50%
- The asymmetric corridor of +100/-700 basis points around the MPR
- CRR was retained at 27.5%
- While Liquidity Ratio was also kept at 30%
More details shortly…
FG says N10 billion disbursed funds not only for Covid-19 vaccines
FG has clarified that the N10 billion it earlier disbursed was not only for the development of Covid-19 vaccines.
The Ministry of Finance, Budget and National Planning has said that the N10 billion it released for vaccine development is not only for the production of Covid-19 vaccines.
This was disclosed by the Director-General of the Budget Office, Mr. Ben Akabueze, representing the Finance Minister during a meeting with the National Assembly Joint Committee on Health on Monday, reported by NTA.
Following the announcement of the disbursement of the sum of N10 billion to the Ministry of Health for the development of Covid-19 vaccine, the Joint Committee scheduled a meeting with the Ministers of Finance and Health for clarifications on the funds.
“The joint committee is invited to note that N10 billion has been released, to the Federal Ministry of Health under the budgetary vote referenced in above,” Akabueze said.
Ibrahim Oloriegbe, Chairman, Senate Committee on health, said the Committee wanted to know what the use of the funds was for and urged against the implementation of a lockdown.
“We got to see that what was released was in line with what was already there, for preparing the country for all other vaccines arrangements
“So our economy, we only need to live with covid, we cannot with due respect, contaminate Nigeria with a lockdown, it will badly affect our economy,” Oloriegbe said.
The committee also said the total aim is to see how Nigeria can develop its capacity towards the development of vaccines,
The Joint Committee, therefore, resolved that the Minister of Health who was absent at the meeting should appear before it on Tuesday for a breakdown on the proposed use of the funds.
What you should know: Nairametrics reported last week that the Federal Government, through the Ministry of Finance, announced the sum of N10billion for the production of vaccines in Nigeria, to fight the coronavirus.