The most told story of Dr. Cletus Madubugwu Ibeto is of how he has struggled to make a brand out of Ibeto Cement.
However, there are other palatable stories to be told of Dr. Madubugwu, as that of the man is a tale of Grass to Grace.
Indeed, a man with a big dream redirected by fate, he struggled to become a businessman exploiting opportunities unseen by a lot of other people.
Ever heard of the story of how Dr. Madubugwu wanted to flood Nigeria with imported cement and make housing Nigeria’s least worry. Maybe that is a popular one, but ever heard of the story of how he made a whopping four million pounds in two days? That is indeed a miracle.
But it wasn’t a miracle for Dr.Madubugwu who was smart enough to establish Ibeto Brothers Trading Company, a sole proprietor business in the 70s.
Ibeto, as he is also called, got his major break as a businessman during the administration of President Shehu Shagari, taking advantage of a policy change on importation.
He explains it thus: “There was a policy that goods could be imported without an import licence, but as Nigerian’s external reserves began to dry up, the Shagari government had to introduce import licence.
“The uncertainty forced many importers to suspend importation in order to monitor the new policy. I quickly to secure the N3 million import licence at a time a dollar sold for 68 kobo. With the licence, I imported 65 containers of vital motor parts. By the time other importers could wake up to get the licence, the government had tightened the screws and made it almost impossible for anyone to obtain.”
As would be expected, he became a monopolist for motor spare parts, selling at almost 500 per cent mark up and people were buying!
His words: “That was the turning point for me. Come and see the line-up of people who wanted the spare parts. I was packing money with cartons. There was no armed robbery then, no kidnapping. It was a seller’s market. And the mark up was almost 500 per cent but people were buying! In fact, within two days of the arrival of the containers, I made four million pounds.”
Ibeto, however, did not rest on his ore, as he soon moved on to establish Ibeto Petrochemicals Industries Limited.
Today, the subsidiaries under the main Ibeto Group include Union Autoparts Manufacturing Co. Ltd., which was incorporated on June 2, 1987.
There is also the Ibeto Petrochemical Industries Ltd. It was established in October 1996 with a blending plant in Nnewi, Anambra State. The company blends oil lubricants and produces various types of petroleum products for local and international markets.
Ibeto Cement Company Ltd produces bagged cement at its bagging terminal at Bundu Ama, Port Harcourt, Rivers State. Ibeto Cement commenced operation in 1997 with the importation of bagged cement from Portland before establishing Ibeto Cement in 2001.
Ibeto Energy Development Limited is Ibeto’s response to the energy needs of the country. The company was established in April 2008 in line with the federal government’s aspiration to exploit the available natural gas in the Niger Delta Region for economic development.
Indeed, the list of companies under Ibeto Group is endless.
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