Cletus Ibeto Net Worth (Updated 2023)

Cletus Ibeto net worth is currently $3.70. Three companies immediately emerge when considering cement manufacturing in Nigeria: Dangote, BUA, and Ibeto.

Dr Cletus Ibeto, the Company’s founder and CEO, is a dogged businessman who has succeeded against all odds by taking risks that most businesspeople would shy away from. Cletus Ibeto’s net worth is currently $3.70

Read: Abdul Samad Rabiu Net Worth (Updated 2023)

Introduction

Cletus Madubugwu Ibeto is a successful entrepreneur and generous donor from Nigeria.

Ibeto Group, the largest conglomerate in Eastern Nigeria, was founded and is led by him as its Chairman.

The Federal Republic of Nigeria gave Ibeto the prestigious title of Officer of the Order of the Niger (OON). He was also awarded the rank of Commander of the Order of the Niger (CON) that same year (2012). Considering he accomplished much of his business success without completing high school makes his tale even more remarkable.  

Cletus Ibeto Biography and Net Worth

Cletus Madubugwu Ibeto is a businessman and native of Nnewi, Nigeria’s commercial hub. He was born on November 6, 1952. He runs The Ibeto Group, Nnewi’s largest Company and a symbol of the city’s pioneering spirit. Nnewi saw expansion in the 1980s when the oil slump and a contentious import licencing system hit the Nigerian industrial sector hard. The Ibeto Group, led by the Ibeto family, pioneered regional and national commerce and industry.

Read: Bode Akindele Net Worth (Updated 2023)

Like many Eastern merchants, Cletus Ibeto started as an auto parts industry apprentice before eventually becoming an import dealer. After building his facility in Nnewi in March 1988, he stopped directly importing lead-acid vehicle batteries and plastic motor components. By 1995, The Ibeto Group had grown into one of the country’s significant producers of automobile replacement components.

 Cletus Ibeto Income from Business

His enterprises span several sectors, including construction, hotels, restaurants, cement production, farms, etc. He is an intelligent investor who uses effective methods to expand his Company. He grows in two ways: organically, by building his business from the ground up, and inorganically, by acquiring other companies.

 

On June 2, 1987 he Established Union Automobile Components, Ltd, the Company has quickly become dominant in Nigeria’s automotive lead-acid battery market. The most intriguing aspect of this business is that it smelts all the lead and aluminum it needs for its activities in-house. ibeto.com reports yearly production capacities of 5,500 tonnes of information, 500 tonnes of accessories, and 1,500 tonnes of friction components; 300,000 units of lead/acid batteries; 120,000 units of sealed maintenance-free batteries; and 500 tonnes of accessories.

 

The Nnewi, Anambra State blending factory was the impetus for the Company’s founding on October 2, 1996. They make a wide range of petroleum products, including lubricants and mixed oils for use in machinery. The Apapa Wharf and Ibru Jetty Complex in Lagos house one of Nigeria’s most extensive liquid storage facilities for petroleum products, with a combined capacity of more than 60,000 metric tonnes.

 

At its bagging facility at Bundu Ama, Port Harcourt, Rivers State, Ibeto Cement Company Ltd produces bagged cement. The Company’s origins may be traced back to 1997, when the group first began importing bagged cement from Portland. Ibeto Cement was subsequently founded in 2001. To join global markets and avoid the lengthy listing process, Ibeto Cement Limited, a private firm, announced a reverse merger with Century Petroleum Corporation in May 2018. 

 

Century Petroleum Corporation is a publicly listed petroleum exploration and production corporation in the United States (U.S.). After purchasing 70% ownership in the business, Ibeto appointed Cletus Ibeto as the Company’s Chairman.

 

Located on the shoreline in Rumuolumeni, Rivers State, this Ibeto Cement Company Limited subsidiary imports bulk cement and packages it for sale. Nkalagu, Ebonyi State, is home to Nigeria Cement Company Plc (NIGERCEM), of which this firm controls 60%. Ibeto prioritised NIGERCEM; he was required to possess a cement manufacturing facility to continue as a cement importer. 

The acquisition of NIGERCEM was met with resistance from then-Ebonyi state governor Martin Elechi. Ibeto sprang at him like a wounded lion and battled until he had NIGERCEM in his grasp. The foundation of security provided by NIGERCEM allowed him to keep working in the cement industry.

Cletus Ibeto Business Career 

Ibeto sat under the imu-ahia apprenticeship system, like many other Eastern Nigerian businesspeople. He had an internship in the auto parts industry, where he learned the ins and outs of everything from sourcing to logistics to warehousing to inventory. 

The three years of civil war interrupted his training, but he returned to it after that. Eventually, he went into business by himself, establishing the Ibeto Brothers Trading Company to import and distribute car batteries and plastic parts for motor vehicles.  

Ibeto began constructing his facility in Nnewi at the same time, ending direct imports by March 1988. After ten more years of success, the Ibeto Group established itself as one of Nigeria’s leading suppliers of automotive replacement components.  

His perseverance was also a plus. Other importers took a hiatus after the Shehu Shagari administration implemented a policy prohibiting importing without a licence. Ibeto, however, paid three million nairas on an importation licence that would allow him to bring in as much as sixty-five containers’ worth of replacement components. 

When the remaining importers finally applied, they found the procedure clogged with roadblocks. The situation became much more dire once the government fell and the borders were sealed. Cletus Ibeto had cornered the industry.  

People were waiting in line to purchase spare components from my Company. I was keeping bank funds in cartons. People still bought the merchandise even though the markup was about 500%. After the containers came, he made $4 million in only two days. 

This also allowed him to begin construction on his Nnewi complex. 

The fact that the Company’s lead and aluminium smelter produces all the metals required is commendable. It can generate up to 5,500 tonnes of lead, 500 tonnes of accessories, and 1,500 tonnes of friction components each year, in addition to 120,000 sealed maintenance-free batteries. 

Cletus Ibeto Net worth 2023

CEO and Chairman of The Ibeto Group, Cletus Madubugwu Ibeto. He has promoted international goodwill and understanding through his many foreign business ventures and sizeable global business network. Cletus Ibeto’s net worth is $3.70 billion now.

 

Leave a Comment