A team of foreign investors from the United States of America on Monday assured that they would do every thing possible to support both the core investor and CEO of Ibeto Nigeria Limited, Cletus Ibeto, and the Ebonyi State government to ensure the revitalisation of the moribund cement company, Nigercem, located in Nkalagu in Ishielu Local Government Area of the state.
The team in collaboration with Ibeto Nigeria Limited on Monday embarked on an assessment visit to the premises of the company.
Addressing a cross section of stakeholders who thronged the company premises comprising National and State Assembly members, state executive council members, traditional rulers, opinion leaders, community leaders, youth organisations, etc, Cletus Ibeto said the delegation was on self assessment tour of the company.
Ibeto said prior to the visit that another team of Chinese contractors was in the state three weeks ago to finalise arrangement on the revitalisation of the cement factory.
“I am standing before you with a team of American financiers who are here on an assessment visit to the cement company. They are here to see for themselves what is here at NIGERCEM cement company.
“The team will help in realisation of the dream of Ibeto Group together with the Ebonyi State government in actualising the revitalisation of the company.
“Very soon production work would commence in NIGERCEM with the production of 6,000 metric tons of cement per day.
“The Chinese team, which visited the state before now would be working on designing, they would ensure that the 2015 Contract Agreement signed by Ibeto Group Limited and the host community Nkalagu is executed to the latter.”
The CEO reiterated that at the end of the assessment visit by the foreign financiers, every modality on the revitalisation of the company would take effect.
The leader of the American foreign investors, Amanda Wester, said the team would do every thing possible to support both the core investor and the Ebonyi State government to ensure the revitalisation of NIGERCEM Cement Company Nkalagu.
Governor David Umahi commended the foreign investors and Ibeto Nigeria Limited for their commitment in ensuring that the company commenced production.
“We extol Ibeto Nigeria Limited, the core investor in NIGERCEM in their commitment to establish a new 6,000 tons per day dry process cement plant, 45 megawatt capacity power plant in this first phase of the project at Nkalagu.
“I wish to welcome specially our core investors and Dream team from the United States of America (financiers) to Ebonyi State in their determination to revive Nkalagu cement and commence production in no distant time,” the governor said.
The governor noted that the state had enacted a law called ‘Investors Protection Act,’ that ensures that the government offered an “Irrevocable Standing Payment Order” (ISPO) that insulates the investor from Government interference and any change of administration.
The governor stated, “No doubt brand name Ibeto is renowned household name in Nigeria and beyond that epitomises quality which has been tested and trusted. It is also a name which is synonymous with success in its endeavours.”
The chairman of Ishielu Local Government, Henry Eze, assured the local community would provide an enabling environment for the exploration and other activities in the company.
He commended the state governor for his support and efforts in revitaliing the cement factory, noting that it was a dream come true for the community and the people of the state. He stated he was impressed by the American investors’ visit.
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