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Home People Profiles

Cletus Ibeto: The billionaire who struck gold and never looked back

Ruth Okwumbu-Imafidon by Ruth Okwumbu-Imafidon
July 23, 2022
in Profiles, Spotlight
Cletus Ibeto: The billionaire who struck gold and never looked back
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When it comes to cement production in Nigeria, a few names come to mind; Dangote, BUA and of course Ibeto. At the head of the Ibeto Group is Dr Cletus Ibeto, a determined and business-savvy man who pushed through all odds, braving moves that other entrepreneurs would not dare. It becomes a more unique success story when you consider that he achieved most of his business success without as much as a secondary school certificate.  

Cletus Madubugwu Ibeto was born on November 6, 1952, and is a native of Nnewi, Anambra State, Nigeria. Growing up, Cletus wished to pursue his education to the highest level and have a career for himself.

His father would rather have him take a path that was more the trend among young boys of Eastern extraction at the time – learning a trade. His father’s will prevailed and at the age of 13, he went to learn under Akamelu, a car parts dealer in Onitsha.   

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Learning the trade of business 

Like many other businessmen from Eastern Nigeria, Ibeto found himself sitting under the apprenticeship system, commonly called imu-ahia. He understudied the motor parts business, learning every aspect of the business from sourcing to logistics, warehousing, inventory and the rest. Although his apprenticeship journey was cut short by the three years of civil war, he returned to it after the war. He eventually set shop and started the Ibeto Brothers Trading Company himself, importing and distributing automotive battery and plastic motor accessories.  

While doing this, Ibeto took a step ahead and started setting up his factory in Nnewi, so that by March 1988, he stopped direct importation. Another decade and the Ibeto Group had grown to become one of the largest auto spare parts manufacturing outfits in Nigeria.  

His grit also worked to his advantage. When the Shehu Shagari administration introduced a policy restricting importation without license, other importers took a break to see how the new policy would pan out. But Ibeto went ahead and spent three million naira to acquire his importation license allowing him to import as much as 65 containers of spare parts. 

By the time the other importers decided to apply, the process had become laden with bottlenecks and they could not get through. To make matters worse, the government was toppled and borders closed. Cletus Ibeto now had a monopoly of the market.  

“There was a line of people wanting to get their hands on replacement parts from my businesses. I was using boxes to store money for the bank. Even though the markup was close to 500%, people still bought the goods. The first two days after the containers arrived, I made four million pounds,” he recalled. 

This also provided him with the funds to start setting up his facility at Nnewi.  

Union Autoparts Manufacturing Company Ltd. was founded on June 2, 1987, and is now a leading manufacturer of automotive lead-acid batteries in Nigeria. It is worth commendation that the company’s lead and aluminium smelting factory generates all the metals needed. It has the capacity to produce as much as 120,000 sealed maintenance-free batteries, 5,500 tons of lead, 500 tons of accessories and 1,500 tons of friction components.  

A Petrochemical direction 

On October 2, 1996, Cletus established Ibeto Petrochemical Industries Ltd, which would soon become a foremost player in producing a wide range of chemical-related goods and oil lubricants for domestic and international markets. It is considered Nigeria’s largest liquid storage facility for petroleum products with a capacity of about 60,000 metric tonnes located at Apapa Wharf and Ibru Jetty Complex, Lagos. 

Ibeto Cement announced a reverse merger with Century Petroleum Corporation – a United States publicly-traded petroleum exploration and production company – in May 2018. This move bypassed the complex process of listing and took the company into the global markets, with Cletus Ibeto as Chairman of the new Board of Directors. 

Other interests 

In 2005, Ibeto Cement was established in Port Harcourt, with a state-of-the-art bagging factory at the terminal, a flat-storage capacity of 50,000 metric tons and an annual output capacity of 1,500,000 metric tons per day. 

In response to the FG’s move to harness natural gas in the Niger Delta, Cletus Ibeto established the Ibeto Energy Development Company in 2008. There are other subsidiaries in the Ibeto Group, including the Palmex Agencies Limited, Odoh Holdings Limited and King’s Palace Hotels Limited. 

Never too late to be a graduate 

Although Ibeto had become successful, he would later revisit his academic dreams. He wrote the West African Senior School Certificate Examination at the age of 48 years, proceeded to the University of Nigeria Nsukka, and bagged an Accounting degree at the age of 54. He would later receive a Doctor of Business Administration (DBA), Honoris Causa from the same institution, in acknowledgement of his vast business experience. Ebonyi State University also conferred a Honorary Doctorate Degree in Business Administration on Cletus Ibeto. 

The learning journey never ends, and Ibeto continues to attend business seminars and conferences across different continents. He also mentors other emerging entrepreneurs and does his bit to encourage education. For instance, he has a prize award foundation for the highest graduating student in Paediatrics at Nnamdi Azikiwe University, College of Medicine, Nnewi. He also has a similar award for the top graduating student in the Electrical/Electronics Engineering Department at the Federal University of Technology in Owerri, Imo State. He has also awarded scholarships to over 200 students.  

Awards and Honors 

Dr Cletus Ibeto received the national Honour of Officer of the Order of the Niger (OON) in 2008, in recognition of his contributions to the manufacturing industry in Nigeria. In 2012, he also received the Honour of Commander of the Order of the Niger (CON).  

Cletus Ibeto is a recipient of the Three-Ruby Paul Harris Fellow from the Rotary Foundation International; an Award of Excellence by the Pilgrims Africa Health Foundation; and a Certificate of Merit from the Government of Anambra State of Nigeria. The Rotary International District 9140, Enugu conferred him the Gold Service Award.  

Net worth 

Though not listed on the Forbes Billionaire list, there is no doubt that Cletus Ibeto is one of Nigeria’s richest. His net worth simply cannot be ascertained because his assets are mostly not listed publicly.  


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Ruth Okwumbu-Imafidon

Ruth Okwumbu-Imafidon

Ruth Okwumbu has a MSc. and BSc. in Mass Communication from the University of Nigeria, Nsukka, and Delta state university respectively. Prior to her role as analyst at Nairametrics, she had a progressive six year writing career. As a Business Analyst with Narametrics, she focuses on profiles of top business executives, founders, startups and the drama surrounding their successes and challenges. You may contact her via ruth.okwumbu@nairametrics.ng

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Comments 15

  1. Onwuasomba Boniface says:
    July 23, 2022 at 12:08 pm

    Usually, as a successful man, he can acquire certificates in Nigeria education system where whoever has money has it all. He can even buy someone to sit for exams for him. Nevertheless, he had the enthusiasm.

    Reply
    • Chizzy says:
      July 25, 2022 at 7:21 am

      You have a serious problem. Check it out.

      Reply
  2. Kevin johnson says:
    July 24, 2022 at 1:23 am

    The greatest accomplishment and achievement in the right place at the right time.

    Reply
  3. Adewale Elegbeleye says:
    July 24, 2022 at 9:10 am

    Incredible I commend and salute Dr, Cletus Ibeto courage and his determination for his strives for him to be able to get to the stage he had gotten to and still doing fantastically well in the business realms. I pray for more grace upon him and more business expansion. I pray one day I will be proud of myself like this great man and all glory shall be given to God whom made all things possible. Amen!!!

    Reply
    • FATOLA TAIWO HABEEB says:
      July 25, 2022 at 10:33 pm

      AMIN KUN FAYAKOON 🙏🏽

      Reply
  4. Benjamin j aggrey says:
    July 24, 2022 at 5:12 pm

    A good head is better than a bad head, education is secondary to destiny, Ibeto is a good head with a good destiny

    Reply
  5. Basil Nnanyelu Okeke says:
    July 24, 2022 at 6:05 pm

    Dr Cletus Ibeto is a role model. If after acquiring the wealth and moving ahead to pursue educational qualification, I doff my cap for him. I happened to know him during the Biafra/Nigeria war, he was so energetic and amiable. After the war, he also helped in making Nnewi the hub of motor and motorcycle spare parts in Nigeria. Establishment of industries is due to his sagacity and forsightness. Keep it up and remember to galvanize the youths to take over the governance of this country

    Reply
  6. Philip Eyarefe says:
    July 25, 2022 at 1:32 am

    A good story of Dr Cletus Ibeto. I join to celebrate your achievements. God bless you!

    Reply
  7. Betterpikin says:
    July 25, 2022 at 5:13 am

    Waoo this is the type that should lead this country even if he didn’t go to school. Not those knowledge illiterates. God bless this man the more. And the government of Nigeria even tried to kill his business just to promote Dangote

    Reply
  8. Okusada James says:
    July 25, 2022 at 10:18 am

    Great mind with great achievement! Keep it up Sir.

    Reply
  9. Ifeany Obiajuu says:
    July 25, 2022 at 2:51 pm

    What an epitome of success. Right attitude, great mindset

    Reply
  10. Klassic says:
    July 25, 2022 at 3:50 pm

    A good example of achieving success with shear determination and trust in God..
    A good influence anytime
    A mentor and a good motivation to young business persons.
    So humble and kind. May God continue to bless, guide and protect him.

    Reply
  11. chukwurah chiamaka happiness says:
    July 25, 2022 at 5:19 pm

    I celebrate you Sir. Despite all the odds you came out strong.. Grate mind and grate acheivement. . More wisdom to expand more but please Sir I plead you carry the youths along so that the gold in them will shine forth.

    Reply
  12. Naija Marketplace says:
    July 27, 2022 at 7:49 am

    This is a nice story, every determined Nigerians can learn from. I believe Nnewi is a really a blessed city in Nigeria.

    Reply
  13. Andy William says:
    January 7, 2023 at 12:45 am

    Good History and Achievement of Mr.Cletus Ibeto

    Reply

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