Cletus Madubugwu Ibeto (born November 6, 1952) is a

Nigerian Nigerians or the Nigerian people are citizens of Nigeria or people with ancestry from Nigeria. The name Nigeria was taken from the Niger River running through the country. This name was allegedly coined in the late 19th century by British jour ...

businessman from the industrial city of

Nnewi Nnewi is a commercial and industrial city in Anambra State, southeastern Nigeria. It is the second largest and second most populous city in the southern part of the country. Nnewi as a metropolis has one local government area, which is Nnewi Nor ...

. He is head of The Ibeto Group, the largest business enterprise from

, a city unique for its entrepreneurial spirit. In the early 1980s, when the

oil crash Oil depletion is the decline in oil production of a well, oil field, or geographic area. The Hubbert peak theory makes predictions of production rates based on prior discovery rates and anticipated production rates. Hubbert curves predict that ...

and a controversial import

licensing A license (or licence) is an official permission or permit to do, use, or own something (as well as the document of that permission or permit). A license is granted by a party (licensor) to another party (licensee) as an element of an agreeme ...

system was making a dent on the Nigerian

manufacturing Manufacturing is the creation or production of goods with the help of equipment, labor, machines, tools, and chemical or biological processing or formulation. It is the essence of secondary sector of the economy. The term may refer to a ...

environment, Nnewi went through a growth period. The Ibeto Group under the Ibeto's leadership was a pacesetter in the region and nation's trading and later manufacturing development.

Early history

Cletus Ibeto started out as a

spare part A spare part, spare, service part, repair part, or replacement part, is an interchangeable part that is kept in an inventory and used for the repair or refurbishment of defective equipment/units. Spare parts are an important feature of logist ...

s import dealer, after spending some time as an

apprentice Apprenticeship is a system for training a new generation of practitioners of a trade or profession with on-the-job training and often some accompanying study (classroom work and reading). Apprenticeships can also enable practitioners to gain a ...

in the motor parts business, a gradual step taken by many eastern traders. In March 1988 he stopped direct

importation An import is the receiving country in an export from the sending country. Importation and exportation are the defining financial transactions of international trade. In international trade, the importation and exportation of goods are limited ...

of lead-acid automotive

battery Battery most often refers to: * Electric battery, a device that provides electrical power * Battery (crime), a crime involving unlawful physical contact Battery may also refer to: Energy source *Automotive battery, a device to provide power t ...

and

plastic Plastics are a wide range of synthetic or semi-synthetic materials that use polymers as a main ingredient. Their plasticity makes it possible for plastics to be moulded, extruded or pressed into solid objects of various shapes. This adaptab ...

motor accessories, after completing his factory in Nnewi. By 1995 The Ibeto Group had become one of the largest auto spare parts manufacturing outfits in the country. On October 2, 1996, he established Ibeto Petrochemical Industries Ltd. which is engaged in the blending of oil

lubricants A lubricant (sometimes shortened to lube) is a substance that helps to reduce friction between surfaces in mutual contact, which ultimately reduces the heat generated when the surfaces move. It may also have the function of transmitting forces, t ...

as well as the production of various types of

petroleum Petroleum, also known as crude oil, or simply oil, is a naturally occurring yellowish-black liquid mixture of mainly hydrocarbons, and is found in geological formations. The name ''petroleum'' covers both naturally occurring unprocessed crude ...

products for local and international markets. The Company owns the largest liquid storage facilities for petroleum products in Nigeria with a capacity of over 60,000 metric tonnes located at

Apapa Wharf Apapa is a Local government areas of Nigeria, Local Government Area in Lagos, located to the west of Lagos Island. Apapa contains a number of ports and terminals operated by the Nigerian Ports Authority (NPA), including the major port of Lagos ...

and Ibru Jetty Complex, Lagos. In May 2018, Ibeto Cement Company Limited announced a reverse merger with Century Petroleum Corporation, a

United States The United States of America (U.S.A. or USA), commonly known as the United States (U.S. or US) or America, is a country primarily located in North America. It consists of 50 U.S. state, states, a Washington, D.C., federal district, five ma ...

publicly-traded petroleum exploration and production company in a move to enter global markets and bypass the complex process of listing. Ibeto acquired a 70% controlling stake of the company and Cletus Ibeto was subsequently made the Chairman of the Board of Directors. He graduated from the

University of Nigeria, Nsukka The University of Nigeria, commonly referred to as UNN, is a federal university located in Nsukka, Enugu State, Eastern part of Nigeria. Founded by Nnamdi Azikiwe in 1955 and formally opened on 7 October 1960, the University of Nigeria has t ...

with a degree in Accountancy

Honours

In 2008 Ibeto received the national Honour of Officer of the

Order of the Niger Nigeria became an independent country on 1 October 1960 and in 1963 became the Federal Republic of Nigeria. The republic instituted two orders of merit: the Order of the Niger and the Order of the Federal Republic. Award The two highest honou ...

(OON) from the Federal Republic of Nigeria for his outstanding contributions to the country through his manufacturing enterprise. In 2012 he was awarded the Honour of

Commander of the Order of the Niger Nigeria became an independent country on 1 October 1960 and in 1963 became the Federal Republic of Nigeria. The republic instituted two orders of merit: the Order of the Niger and the Order of the Federal Republic. Award The two highest honour ...

(CON)reclusive Nigerian billionaire gets highest national honour
/ref> for his continued outstanding service to the nation.

References

* David S. Fick
''Entrepreneurship in Africa: A Study of Successes''
Greenwood Publishing Group, 2002,

External links

Ibeto Group website bio
{{DEFAULTSORT:Ibeto, Cletus 1952 births 20th-century Nigerian businesspeople 21st-century Nigerian businesspeople Living people Nigerian manufacturing businesspeople Officers of the Order of the Niger People from Nnewi Nigerian billionaires