Ibeto Group and Sinomas Chinese group of companies have finalized plans to establish two high-capacity cement factories in Nkalagu and Effium Communities in Ebonyi State.
Chief Cletus Ibeto, Chief Executive Officer (CEO) of Ibeto Group of Companies announced the plans in Abakaliki while leading a delegation of both groups on a courtesy call on Governor David Umahi at the government house.
Ibeto who is the lead partner of the projects, said the first factory will be situated beside the moribund Nigerian cement company (Nigercem) Nkalagu with a production capacity of 9, 000 metric tons of cement per day.
The Nigercem Cement Company Nkalagu became moribund in 2002 after the governments of the five south east states handed it over to the eastern Bulkcem Company.
The second cement plant, according to him, will commence also commence in Effium community, with lower capacity of 3, 000 metric tons of cement per day due to less availability of limestone deposit in the area
The business mogul remarked that the team would be steady at the project sites as preliminary works such designing would commence immediately.
Governor Umahi congratulates Ibeto for the listing of his companies at the American Stock Exchange noting that he is man that god had endowed with abundant blessing.