Ibeto Cement heralds Nigeria’s housing renaissance with global merger

Confronted with the challenge of housing over 170 million people, various governments had through national development plans made frantic efforts towards ensuring adequate mass housing, especially in urban areas.

However, such efforts at addressing the deficits had not yielded the desired results, leaving the country with huge housing deficits estimated at over 17 million units.Also, the World Bank in 2016 projected that the country required about 700,000 housing units every year to curb this deficit.

According to the World Bank, it would cost the country about N59.5 trillion to address the housing deficits in the country as about 108 million Nigerians are estimated to be homeless, based on an average family of six people per housing unit.With the prevailing situation, it is apparent that the real estate sector required aggressive private sector intervention, especially in the area of building materials, which are major components in housing delivery.

It is in the light of this that the news of Ibeto cement ’s historic reverse merger with Century Petroleum Corporation, a United States of America publicly traded petroleum exploration and production company is heartwarming.Incidentally, a report by Morgan Stanley, a United States multinational financial services firm states that “cement consumption per capita tends to rise initially with rising GDP per capita but then falls as countries mature economically.” The country’s construction industry/sector is only 3.2 per cent of the Gross Domestic Product, GDP. Drawing from this fact, World Bank statistics confirm 60% of Nigeria’s estimated population of over 180 million (projected to grow between 3.8per cent and 4.5 per cent per annum) is caught in the trap of homelessness. Massive urbanization and infrastructural development are thus in the visible horizons.

Ibeto cement to make history as first Nigerian firm to list in U.S

Ibeto cement to make history as first Nigerian firm to list in U.S. Stock Exchange – Ibeto Cement Company Limited has announced a historic reverse merger through its acquisition of Century Petroleum Corporation, a United States (U.S.) publicly-traded petroleum exploration and production company. A statement by the firm stated that it had acquired 70 per cent control of Century Petroleum Corporation resulting in the reverse merging of Ibeto Cement’s assets into Century Petroleum.

By this reverse merger, which is expected to be sealed and publicly presented in 90 days, Ibeto Cement will achieve the historic milestone of being the first Nigerian firm to be listed in the U.S. Stock Exchange. Dr. Cletus M. Ibeto, who had already taken over as Chairman of the Board of Directors, said: “It has been a long journey since I have been in business and none of our companies or businesses has gone public so far. In line with our collective dreams to place Nigeria in its rightful place in the comity of nations, we had to come up with a strategy to build a formidable structure for companies that will outlive me.”

He lauded stakeholders in the historic merger, including the government, shareholders, investors, and the larger Nigerian society for this landmark development, which will improve the level of actualisation of the huge cement business opportunities around Africa.

“Everybody knows that Ibeto Group has billions of dollar investments in Nigeria; but the time has come to replicate the successes we have enjoyed in Africa and globally. Century Petroleum Corporation is the vehicle for using our wealth of experience for the benefit of people within and beyond Africa.

Ibeto cement firm reverses merger decision, set for listing in U.S.

Ibeto Cement Company Limited has announced a historic reverse merger through its acquisition of Century Petroleum Corporation, a United States (U.S.) publicly-traded petroleum exploration and production company.A statement by the firm stated that it had acquired 70 per cent control of Century Petroleum Corporation resulting in the reverse merging of Ibeto Cement’s assets into Century Petroleum.

By this reverse merger, which is expected to be sealed and publicly presented in 90 days, Ibeto Cement will achieve the historic milestone of being the first Nigerian firm to be listed in the U.S. Stock Exchange. Dr. Cletus M. Ibeto, who had already taken over as Chairman of the Board of Directors, said: “It has been a long journey since I have been in business and none of our companies or businesses has gone public so far. In line with our collective dreams to place Nigeria in its rightful place in the comity of nations, we had to come up with a strategy to build a formidable structure for companies that will outlive me.”

He lauded stakeholders in the historic merger, including the government, shareholders, investors, and the larger Nigerian society for this landmark development, which will improve the level of actualisation of the huge cement business opportunities around Africa.

“Everybody knows that Ibeto Group has billions of dollar investments in Nigeria; but the time has come to replicate the successes we have enjoyed in Africa and globally. Century Petroleum Corporation is the vehicle for using our wealth of experience for the benefit of people within and beyond Africa.

Ibeto Cement acquires U.S. oil firm

IBETO Cement Company Limited has announced its acquisition of Century Petroleum Corporation, a United States (U.S.) publicly traded petroleum exploration and production company.

The company said it acquired 70 per cent of Century Petroleum, resulting in the reverse merger of the cement manufacturer’s assets with the U.S. firm’s.

A reverse takeover or reverse merger takeover is the acquisition of a public company by a private company so that the private company can bypass the lengthy and complex process of going public.

The transaction typically requires reorganisation of capitalisation of the acquiring company.

The Ibeto Group Chairman/Chief Executive Officer, Dr. Cletus M. Ibeto, has taken over as Chairman of the firm’s Board of Directors, Ibeto Cement said in a statement to The Nation yesterday.

It described the deal as a “historic reverse merger” which had paved the way for Ibeto Cement’s listing on the U.S. Stock Exchange.

It added: “By this reverse merger which is expected to be sealed and publicly presented in 90 days, Ibeto Cement will achieve the historic milestone of being the first Nigerian firm to be listed in the United States Stock Exchange.”

Dr. Ibeto, according to the statement, explained the strategy behind the merger.

He said: “It has been a long journey since I have been in business and none of our companies or businesses has gone public so far.

“In line with our collective dreams to place Nigeria in its rightful place in the comity of nations, we had to come up with a strategy to build a formidable structure for companies that will outlive me.”

He lauded stakeholders in the historic merger “including the government, shareholders, investors, and the larger Nigerian society for this landmark development which will improve the level of actualisation of the huge Cement business opportunities around Africa.

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