Industry

Ibeto Cement Acquires 70 Per Cent Stake In Century Petroleum

IBETO Cement Company Limited has acquired 70 per cent stake in a United States (U.S.) publicly traded petroleum exploration and production company.

Ibeto in a statement explained that the development has resulted in the reverse of merger of the cement manufacturer’s assets with the U.S. firm’s.

Ibeto described the transactions as “historic reverse merger” which had paved the way for Ibeto Cement’s listing on the U.S. Stock Exchange.

It added: “By this reverse merger which is expected to be sealed and publicly presented in 90 days, Ibeto Cement will achieve the historic milestone of being the first Nigerian firm to be listed in the United States Stock Exchange.”

“It has been a long journey since I have been in business and none of our companies or businesses has gone public so far.

“In line with our collective dreams to place Nigeria in its rightful place in the comity of nations, we had to come up with a strategy to build a formidable structure for companies that will outlive me,” said Ibeto

He commended stakeholders for making the merger possible “including the government, , investors, and the larger Nigerian society for this landmark development which will improve the level of actualisation of the huge Cement business opportunities around Africa.

“Everybody knows that Ibeto Group has billions of dollar investments in Nigeria; but the time has come to replicate the successes we have enjoyed in Africa and globally. Century Petroleum Corp is the vehicle for using our wealth of experience for the benefit of people within and beyond Africa”.

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