Cletus ibeto biography of rory
Cletus Ibeto
Nigerian businessman
Cletus Madubugwu Ibeto[1][2][3][4] (born November 6, ) is a Nigerian businessman from the industrial city of Nnewi. He is head of The Ibeto Group, the largest business enterprise from Nnewi, a city unique for its entrepreneurial spirit. In the early s, when the oil crash and a controversial importlicensing[5] system was making a dent on the Nigerian manufacturing environment, Nnewi went through a growth period. The Ibeto Group under the Ibeto's leadership was a pacesetter in the region and nation's trading and later manufacturing development.
Early history
Cletus Ibeto started out as a spare parts import dealer, after spending some time as an apprentice in the motor parts business, a gradual step taken by many eastern traders. In March he stopped direct importation of lead-acid automotive battery and plastic motor accessories, after completing his factory in Nnewi. By The Ibeto Group had become one of the largest auto spare parts manufacturing outfits in the country.
On October 2, , he established Ibeto Petrochemical Industries Ltd. which is engaged in the blending of oil lubricants as well as the production of various types of petroleum products for local and international markets. The Company owns one of the largest liquid storage facilities for petroleum products in Nigeria with a capacity of over 60, metric tonnes located at Apapa Wharf and the Ibru Port Complex, Lagos.
In May , Ibeto Cement Company Limited announced a reverse merger with Century Petroleum Corporation, a United States publicly-traded petroleum exploration and production company in a move to enter global markets and bypass the complex process of listing. Ibeto acquired a 70% controlling stake of the company and Cletus Ibeto was subsequently made the Chairman of the Board of Directors. He graduated from the University of Nigeria, Nsukka with a degree in Accountancy[6]
Honours
In Ibeto received the national Honour of Officer of the Order of the Niger (OON)[7] from the Federal Republic of Nigeria for his outstanding contributions to the country through his manufacturing enterprise. In he was awarded the Honour of Commander of the Order of the Niger (CON)[8][9] for his continued outstanding service to the nation.