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.

The Making of a Nigerian Company into a Global Firm

In less than two decades, Ibeto Cement Company Limited has become a household name in Nigeria’s construction industry. Its recent strides in the industry, especially on the global scene is an indication of its passion for excellence and global best practi

THISDAY2 Jun 2018
The dominance of Ibeto Cement, in the SouthEast of Nigeria as a whole, is lent credence with the recent stride made by the company that has its eyes on the international markets beyond the shores of Nigeria. It is one of the players in the fast-growing cement industry in Nigeria and, by extension, Africa. To increase its production and packaging capacity, the company is currently developing two cement plants in Nigeria: one in Ebonyi State and one in Cross River State/ Abia State. Each plant is a state-of-the-art 6,000 tonne per day plant sitting on abundant deposits of quality limestone at both ends

The cement giant, Ibeto Cement Company, is a forward-looking business concern that is committed to global best practices. It is a dominant player in Nigeria’s cement manufacturing sector with a major control of the South-East market and nationwide acceptance as a leading manufacturing company. Some have claimed –apparently more out of personal opinions rather than facts –that Dangote Cement controls 65 per cent of the market share of cement in Nigeria. Even though Dangote ranks as the biggest player in the industry, the claim that it controls 65 per cent of the cement market cannot be true as there are no authentic statistics to back that up. While, admittedly, Dangote Cement is a popular brand of cement, Ibeto and other cement manufacturers (like Lafarge) also have considerable share of the market.

The dominance of Ibeto Cement, in the South-East of Nigeria as a whole, is lent credence with the recent stride made by the company that has its eyes on the international markets beyond the shores of Nigeria. It is one of the players in the fast-growing cement industry in Nigeria and, by extension, Africa. To increase its production and packaging capacity, the company is currently developing two cement plants in Nigeria: one in Ebonyi State and one in Cross River State/ Abia State. Each plant is a state-of-the-art 6,000 tonne per day plant sitting on abundant deposits of quality limestone at both ends.

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