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| Description: Net Worth: $3.7 BILLION Industry: Diversified Country of Citizenship: Nigeria Age: 62 Number of Jobs Created: 4,500 Cletus M Ibeto owns and runs the Ibeto Group, the largest conglomerate in Eastern Nigeria. His interests span automobile spare parts, cement production, energy hospitality, petrochemicals, and real estate. Cletus Ibeto has become a household name in Nigeria as a result of his ongoing rivalry with Aliko Dangote. Ibeto is currently building a cement plant in Ebonyi State in southeastern Nigeria that will produce 5 million metric tonnes of cement annually. His Ibeto Group is also the largest manufacturer of batteries and automotive spare parts in Nigeria. Ibeto began his career as an apprentice in a spare parts proprietorship. He quickly mastered the business and became an automotive spare parts dealer, importing lead acid batteries and plastic vehicle accessories. In 1996 he established Ibeto Petrochemicals Industries Ltd, which blends oil lubricants and produces various types of petroleum products for local and international markets. The Company’s 60,000 metric tonne liquid storage facility is one of the largest of its kind in Nigeria. In 2002, Ibeto established Ibeto Cement Company Limited in direct response to the Nigerian Government’s invitation for indigenisation of the cement manufacturing sector. During President Obasanjo’s rule from 1999 to 2007, several of Ibeto’s shipping vessels importing raw materials were seized by the government under dubious circumstances. Ibeto’s businesses nearly crumbled as a result of what many deemed a deliberate witch hunt. Under late President Umaru Musa Yar’Adua, Ibeto bounced back as all actions taken against him were reversed and damages paid. Ibeto owns several hotels across Nigeria under the Ibeto Hospitality brand and is building a 250-room hotel in Nigeria’s capital city, Abuja. Ibeto also established Ibeto Energy to exploit Nigeria’s vast gas reserves. Ibeto continues to scale-up operations to catch up to once arch-rival Aliko Dangote. |
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