Cletus Ibeto
Encyclopedia
Cletus M. Ibeto is a Nigerian businessman from the industrial city of Nnewi
. He is head of The Ibeto Group, the largest business enterprise from Nnewi
, a city unique for its entrepreneurial spirit. In the early 1980s, when the oil crash and a controversial import
licensing system was making a dent on the Nigerian manufacturing
environment, Nnewi went through a growth period. The Ibeto Group under the leadership of Cletus Ibeto was a pace setter in the region and nation's trading and later manufacturing development.
s import dealer, after spending some time as an apprentice in the motor parts business, a gradual step taken by many eastern traders
. In March 1988, he stopped direct importation of lead acid automotive battery
and plastic
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 as well as the production of various types of petroleum 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 tones located at Apapa Wharf and Ibru Jetty Complex, Lagos.
Nnewi
Nnewi is the second largest city in Anambra State in southeastern Nigeria. Nnewi as a metropolitan city encompasses two local government areas, Nnewi North and Nnewi South; Nnewi North is commonly referred to as Nnewi central, and comprises four autonomous quarters: Otolo, Uruagu, Umudim, and...
. He is head of The Ibeto Group, the largest business enterprise from Nnewi
Nnewi
Nnewi is the second largest city in Anambra State in southeastern Nigeria. Nnewi as a metropolitan city encompasses two local government areas, Nnewi North and Nnewi South; Nnewi North is commonly referred to as Nnewi central, and comprises four autonomous quarters: Otolo, Uruagu, Umudim, and...
, a city unique for its entrepreneurial spirit. In the early 1980s, when the oil crash and a controversial import
Import
The term import is derived from the conceptual meaning as to bring in the goods and services into the port of a country. The buyer of such goods and services is referred to an "importer" who is based in the country of import whereas the overseas based seller is referred to as an "exporter". Thus...
licensing system was making a dent on the Nigerian manufacturing
Manufacturing
Manufacturing is the use of machines, tools and labor to produce goods for use or sale. The term may refer to a range of human activity, from handicraft to high tech, but is most commonly applied to industrial production, in which raw materials are transformed into finished goods on a large scale...
environment, Nnewi went through a growth period. The Ibeto Group under the leadership of Cletus Ibeto was a pace setter in the region and nation's trading and later manufacturing development.
Early history
Cletus Ibeto started out as a spare partSpare part
Spare Parts may also refer to:* Spare Parts , by Status Quo* Spare Parts is a Doctor Who audio drama.* Spare Parts , by Servotron* "Spare Parts" , by Bruce Springsteen* "Spare Parts"...
s import dealer, after spending some time as an apprentice in the motor parts business, a gradual step taken by many eastern traders
Merchant
A merchant is a businessperson who trades in commodities that were produced by others, in order to earn a profit.Merchants can be one of two types:# A wholesale merchant operates in the chain between producer and retail merchant...
. In March 1988, he stopped direct importation of lead acid automotive battery
Battery (electricity)
An electrical battery is one or more electrochemical cells that convert stored chemical energy into electrical energy. Since the invention of the first battery in 1800 by Alessandro Volta and especially since the technically improved Daniell cell in 1836, batteries have become a common power...
and plastic
Plastic
A plastic material is any of a wide range of synthetic or semi-synthetic organic solids used in the manufacture of industrial products. Plastics are typically polymers of high molecular mass, and may contain other substances to improve performance and/or reduce production costs...
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 as well as the production of various types of petroleum 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 tones located at Apapa Wharf and Ibru Jetty Complex, Lagos.