Cement News tagged under: Ibeto Cement Company

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Ibeto Cement signs deal to receive US$850m in funding

29 May 2018, Published under Cement News

Nigeria’s Ibeto Cement Co Ltd has signed a deal to receive US$850m in financing from Milost Global Inc, according to the New York-based private equity firm. The binding agreement includes US$500m in equity and US$350m of debt. The chairman of the Ibeto Group, Cletus Ibeto, has announced the company’s plan to grow beyond west Africa through the acquisition of other cement businesses within the next 12 months, according to Milost Global. The cement producer is currently developing two cement ...

Nigeria: Nigercem to begin production in Ebonyi

06 June 2016, Published under Cement News

Nigercem will soon commence cement operations at the Nigeria Cement Company in Nkalagu, Ebonyi State. A deed was signed to settle terms between Nigercem and representatives from four host communities - Nkalagu, Nkalaha, Umuhuali, Amaezu and the Ebonyi State Government. With the signing of this pact any previous legal battles affecting the reopening of the cement company have been put to rest. Core investor, Ibeto Cement Company, thanked Ebonyi State Governor, David Umahi for creating a...

Federal government steps in to help resolve oversupply dispute, Nigeria

07 January 2013, Published under Cement News

Nigeria’s Federal Ministry of Trade and Investment has stepped in to mediate in a dispute over a supply surplus being created in the local industry. Last week, a statement by Dangote Cement's head of corporate communications Anthony Chiejina said that Dangote and Lafarge WAPCO Cement were worried about Ibeto Cement Company continuing to import cement into Nigeria, despite the capacity of local manufacturers to meet demand. The oversupply has led to the closure of the Gboko plant run by Da...