Cletus Ibeto
Cletus Madubugwu Ibeto | |
|---|---|
| Born | November 6, 1952 Nnewi, Nigeria |
| Occupation(s) | Entrepreneur, businessman |
| Known for | Chairman of The Ibeto Group |
Cletus Madubugwu Ibeto (born November 6, 1952) is a prominent Nigerian entrepreneur originating from the industrial hub of Nnewi. He serves as the head of The Ibeto Group, which stands as the most significant business enterprise in Nnewi, renowned for its strong entrepreneurial culture. Amid the oil price downturn in the early 1980s and Nigeria’s stringent import licensing policies that constrained manufacturing, The Ibeto Group rose to prominence both regionally and nationally in trade and production under his guidance.
Early history
Ibeto’s career commenced in the automotive spare parts sector, where he gained experience through apprenticeship before becoming an importer—a typical route for traders from eastern Nigeria. In March 1988, following the establishment of a manufacturing plant in Nnewi, he discontinued the direct import of lead-acid automotive batteries and plastic motor components. By 1995, The Ibeto Group had established itself as one of Nigeria’s foremost manufacturers of automotive spare parts.
On October 2, 1996, he launched Ibeto Petrochemical Industries Ltd., a company engaged in blending lubricants and producing petroleum-based products for both local consumption and export. This firm possesses one of Nigeria’s largest liquid petroleum storage capacities, exceeding 60,000 metric tonnes, located at Apapa Wharf and the Ibru Port Complex in Lagos.
In May 2018, Ibeto Cement Company Limited completed a reverse merger with Century Petroleum Corporation—a petroleum exploration company listed in the United States—to gain access to international markets and streamline its public listing process. Through this transaction, Ibeto secured a controlling interest of 70%, with Cletus Ibeto appointed as Chairman of the Board. He earned a degree in Accountancy from the University of Nigeria, Nsukka.
Honours
In recognition of his substantial impact through manufacturing ventures, Ibeto was conferred with the national title of Officer of the Order of the Niger (OON) by Nigeria’s Federal Government in 2008. His ongoing exceptional service to the country earned him an elevated honor, Commander of the Order of the Niger (CON), in 2012.
References
- David S. Fick, Entrepreneurship in Africa: A Study of Successes, Greenwood Publishing Group, 2002
External links
- Pages with script errors
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- 1952 births
- Living people
- 20th-century Nigerian businesspeople
- 21st-century Nigerian businesspeople
- Nigerian manufacturing businesspeople
- Officers of the Order of the Niger
- Commanders of the Order of the Niger
- People from Nnewi
- Nigerian billionaires