U.S. Investors to Revitalise NIGERCEM

Nigeria investment
  • U.S. Investors to Revitalise NIGERCEM

A team of foreign investors from the United States (U.S) yesterday pledged to support both the core investor and Chief Executive Officer, Ibeto Nigeria Limited, Chief Cletus Ibeto and Ebonyi State government to revitalise NIGERCEM.

The team, 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 actualising the listing of Ibeto in the U.S.

Addressing stakeholders at the firm’s premises, Chief Ibeto said the delegation were on self-assessment tour of the firm.

Ibeto said prior to the visit, another team of Chinese contractors were in the state three weeks ago to finalise arrangements on the revitalisation of the cement factory.

He said: “I am standing before you with a team of American financiers who are here on an assessment visit to the cement company; they are here to see for themselves what is here at NIGERCEM cement company.

“The team will help in the realisation of the dream of Ibeto Group together with the Ebonyi State government in actualising the revitalisation 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.”

He said at the end of the assessment visit by the foreign financiers, every modalities on the revitalisation of the company would take take effect.

The leader of the American foreign investors, Mrs Amanda Wester, said the team would support both the core investor, Ibeto Nigeria Limited and the Ebonyi State government to ensure the revitalisation of NIGERCEM.

The state governor, David Umahi, commended the investors and Ibeto Nigeria Limited for the commitment in ensuring the resuscitation of the company.

“We extol Ibeto Nigeria Limited, the core investor in NIGERCEM, in their commitment to establish a new 6,000 tons per day dry process cement plant, 45 megawatt (Mw) capacity power plant in this first phase of the project at Nkalagu.

“I wish to welcome specially our core investors and Dream Team from the U.S. (financiers) to Ebonyi State in their determination to revive Nkalagu cement and commence production in no distant time,” Umahi said.

He said the state government has enacted Investors Protection Act that ensures that the government offers an Irrevocable Standing Payment Order (ISPO) that insulates the investor from government interference and any change of administration.

“No doubt, the brand Ibeto is a renowned household name in Nigeria and beyond that epitomises quality which has been tested and trusted. It is also a name which is synonymous with success in its endeavours,” he said.

The chairman of Ishielu Local Government Area, Mr Henry Eze assured that the local community would provide an enabling environment for the exploration and other activities in the company.

He commended the state governor for his support and efforts at revitalising the cement factory, noting that it was a dream come true for the community and the people of the state.

About the Author

Samed Olukoya
Samed Olukoya is the CEO/Founder of investorsking.com, a digital business media, with over 10 years experience as a foreign exchange research analyst and trader.

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