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Cletus Ibeto is an entrepreneur in Nigeria who has build an empire of wealth via his business exploits and has become one of the richest in the country.
Mr. Cletus is the founder and Chairman of Ibeto Group, and he is also a philanthropist who has done a lot to touch lives.
Full Name: Ibeto Cletus
Date of Birth: 6th of November, 1952
Background of Cletus Ibeto
He was born on the 6th of November, 1952 in Anambra State, Eastern Nigeria. It was on record that he has always dreamt of going to secondary school as a youngster, and he was admitted eventually.
However, his father stood as a hindrance, and he has no choice but to leave for his Master’s house in Onitsha to learn the trade of Auto Spare Parts.
Nevertheless, despite it all, he still proceed to get what he wants later on in life (Cletus eventually sat for his WASSCE at the age of 48 and got a Bachelor’s degree in Accountancy from University of Nigeria at the age of 54)
Cletus Ibeto Entrepreneurial Journey
Cletus started out as an apprentice to a man known as John Akamelu (who deals with auto spare parts in Onitsha). He successfully mastered the business, and after the Nigerian civil war, he tried to raise capital to still continue his business.
With determination, he was able to achieve his aims, and he built a multi-billion corporate empire.
Cletus Ibeto profited novelty from a policy change during the administrative of former president Shehu Shagari. Then, it was stated that things could be imported without import licence, but as the country’s external reserves started to dry up, the government had to introduce import licence.
With that, importers stall to watch the state of things so as to determine the best step to take.
He however moved swiftly to secure the N3 million import licence, and he was able to import 65 containers of vital motor parts.
As a result of various factors, he grew to becomes a sort of monopolist for motor spare parts in the country. He sold very high, answer made a lot of money.
Cletus Ibeto Companies
Here are some of the firms owned by him:
1. Union Autoparts manufacturing Co. Ltd
This firm is a huge player in automotive lead-acid battery manufacturing in the country.
They produce locally, from their lead and aluminium smelting plant, all the lead and aluminium required for operations. It should also be added that they have the capacity to produce 300,000 units of lead/acid batteries each year.
2) Ibeto Petrochemical Industries Ltd
This was actually founded in 1996 with a blending plant in Nnewi. What they supply does is to blend oil lubricants and produce various types of petroleum products for local and international markets.
3) Ibeto Cement Company Ltd
This produces bagged cements at their bagging terminal at Bundu Ama, Port Harcourt, Rivers State, and they started the business in 1997 with the importation of bagged cement from Portland.
4) Eastern Bulkcem Company Ltd
The company is also involved in the business of importation of bulk cement and bagging of same in its factory premises in Rumuolumeni waterfront, Rivers State.
5) Kings’s Palace Hotels Ltd
This hotel was established in 1985 I’m Nnewi and it keeps contributing to the development of tourism in Anambra State.
6) Ibeto Energy Development Ltd
The firm was founded in 2008, and they exploit the available natural gas in the Niger Delta Region for economic development.
7) Palmex Agencies Ltd
This company engages in general merchandising (import and selling things like rice, sugar and fertilizer)
8) Ibeto Industries Ltd
Ibeto industries have modern printing machines that meet the need of clients and they have branches across the country.
9) Odoh Holdings Ltd
It was established in 1985 and is in the business of real estate development.
10) Ibeto Hotels Ltd
The hotel was commissioned in 2013 and they have interest in building other branches in other major cities in the country.
Philanthropic Gestures of Cletus Ibeto
He is also philanthropy who has given a lot of money out to a lot of people. Cletus has also helped other top business persons from Nnewi.
Cletus Ibeto Recognitions and Awards
He has been given various honours and awards, including:
1. – Officer of the Order of Niger (OON) in 2008
2. – Commander of the Order of Niger (CON) in 2012
3. – Africa’s 55 wealthiest People by Venture Capital in 2014
4. – Forbes’ Most Prominent Naira Billionaire from Nnewi in 2017
Cletus Ibeto Networth
Due to various reasons, we are yet to get the net worth of Cletus Ibeto.