Table of Contents
Key Points
- Cletus Ibeto shifted from importing to manufacturing auto parts, becoming a key industry player.
- He founded Ibeto Petrochemical and Ibeto Cement, major companies in oil and cement.
- Ibeto diversified into real estate, gas processing, and hospitality.
Cletus Madubugwu Ibeto, born on Nov. 6, 1952, is a prominent businessman from Nnewi, an industrious city popular for its entrepreneurial culture. He leads The Ibeto Group, the largest business entity in his hometown.
During his childhood, Cletus had a dream to complete his educational pursuit but his father had other plans. He encouraged him to learn a trade instead, following the path of other Igbo boys in his comunity. Ibeto had no choice but to obey his father. At the age of 13, he began an apprenticeship with Akamelu, a car parts dealer in Onitsha.
Immediately after his apprenticeship, Ibeto started working as a spare part import dealer. In 1988, he moved from importing spare parts to manufacturing them. He set up a factory in Nnewi that produced lead-aid automatic batteries and plastic motor accessories. By 1995, The Ibeto Group had grown into one of the country's top auto spare parts manufacturers.
On Oct. 2, 1996, he expanded his business ventures by establishing Ibeto Petrochemical Industries Ltd., which specializes in blending oil lubricants and producing various petroleum products for markets at home and abroad. The company also operates one of Nigeria’s largest petroleum product storage facilities in Lagos, with a capacity of more than 60,000 metric tonnes.
Despite his business success, Ibeto never abandoned his academic ambitions. At the age of 48, he sat for the West African Senior School Certificate Examination and later attended the University of Nigeria, Nsukka, where he earned an accounting degree at 54.
He also received an honorary Doctor of Business Administration from the same institution in recognition of his extensive business acumen. Additionally, Ebonyi State University awarded him an honorary doctorate in Business Administration.
Recognized for his contributions to the Nigerian economy, Ibeto was honored with the Officer of the Order of the Niger (OON) in 2008 and the Commander of the Order of the Niger (CON) in 2012, accolades that underscore his significant impact on the nation’s industrial landscape.
Billionaires.Africa has identified and highlighted various companies and holdings linked to Cletus Ibeto. Here are eight companies founded by him:
The Ibeto Cement Company Limited was established in 1997 with the importation of shiploads of bagged Portland cement through the Apapa ports.
The company started producing bagged cement at its Bagging Terminal in Port Harcourt in June 2005.
The Terminal is an ultra-modern bagging plant with a flat-storage capacity of 50,000 metric tonnes and a production capacity of not less than 6000 metric tonnes per day.
In 2015, the company executed a binding Milost Equity Subscription Agreement (MESA) with Milost Global for the $850-million deal.
In May 2018, with the aim to tap into the global market, Ibeto Cement Company Limited underwent a reverse merger with Century Petroleum Corporation, a publicly-traded U.S. petroleum exploration company. Ibeto acquired a 70-percent controlling interest in the company and was appointed as the chairman of the board.
The company is on the way to establishing a volume of 5 million tonnes per annum, or 12,000 tonnes per day in Nkalagu, Ebonyi State.
Ibeto Industries Limited was incorporated in 1984. The company was originally focused on providing top-tier color print photographic processing services to the Nigerian populace.
Over time, the company decided to align with the federal government's dedication to promoting food self-sufficiency across Nigeria. This commitment of the federal government inspired Ibeto Industries to extend its offerings by establishing a packaged food factory in Nnewi.
Once fully operational, this new factory will have nine production lines facilitating the goal of the Nigerian government.
Ibeto Petrochemical Industries Limited was established in 1996 and licensed by the Department of Petroleum Resources to blend oil lubricants and produce various types of petroleum products for local and international markets.
Since 1999, the company has been delivering its blended lube products to the West, East, and Central African markets. The company also procures and trades in a range of petroleum products such as base oil and automotive gas oil.
Additionally, the petrochemical company has one of the largest liquid storage facilities for petroleum products in Nigeria, with a capacity of over 60,000 metric tonnes located in Lagos State.
Union Auto Manufacturing Limited was established on June 2, 1987 by Cletus Ibeto. Today, the company is a leading player in the automotive lead-acid battery manufacturing industry in Nigeria.
In March 1988, Ibeto ceased the direct importation of lead-acid automotive batteries and plastic motor accessories after completing his factory in Nnewi. By 1995, Union Autoparts Manufacturing Limited had become one of the largest auto spare parts manufacturing companies in the country.
In 2007, the company expanded its production to include Dry Charge Batteries.
The production plant has the capacity to manufacture 300,000 units of lead/acid batteries, 120,000 units of sealed maintenance-free batteries, 5,500 tonnes of lead, 500 tonnes of accessories, and 1,500 tonnes of friction parts.
The Company has been exporting pure lead and antimonial lead to Europe, Asia, and Africa since 1991.
Odoh Holdings Limited was established in March 1985. The company is involved in real estate development and management.
Odoh Holdings has significant property holdings in several major cities in Nigeria, including Abuja, Lagos, Port Harcourt, Enugu, Onitsha, and Nnewi, as well as offshore.
Cottonwooden Gas Limited is an indigenous downstream gas refinery that was established in 2017. In 2018, the company began constructing and installing state-of-the-art gas processing and compression facilities. These facilities have a production capacity of 20 million standard cubic feet (MMSCF) per day and include high-pressure tubular fleets for distributing products to end users.
Cottonwooden Gas is believed to be the first indigenous gas processing and compression facility to source its feed gas directly from a gas-producing well in the Eastern region of Nigeria.
Ibeto Port and Terminal was incorporated as a limited liability company in 2003. The company has grown to become a multi-product company with a range of services including a custom bonded terminal, marine services, a shipping agency, clearing and forwarding, and general logistics.
The terminal is located at 115 Odoh Ibeto Road, Bundu Ama, Port Harcourt. It is equipped with sophisticated equipment and facilities designed to effectively handle both containerized and non-containerized cargo for various clients. The company is currently operated by Max Shipping Services Limited.
Ibeto Hotels Limited was incorporated in 2010. It’s a four-star hotel with 100 rooms. The hotel was officially commissioned in 2013 and has made a huge positive impact on the business atmosphere of Abuja, the Federal Capital Territory of Nigeria. The hotel currently has 320 employees.
