14 Years After: Nigeria’s First Cement Plant To Resume Production
The Nigeria Cement Company, NIGERCEM in Nkalagu, Ebonyi State was established in 1954 by the federal government.
The company’s latest core investor is Ibeto Group after it entered into a pact with Ebonyi State government to revitalize the factory.
It is Nigeria’s first cement plant.
The federal government had 11% equity stake while the 5 south-east states had 65% and the public 24% before it went into private hands in 2002.
The privatisation led to the emergence of Eastern Bulkcem Nigeria Limited as the new strategic core investor with a 65% stake in the cement company.
But at the moment, Ebonyi state, the host community, has 10% equity in the company.
The company’s latest core investor is Ibeto Group after it entered into a pact with Ebonyi State government to revitalize the factory.
In the meantime, the Ebonyi State governor, David Umahi has declared on Thursday that Ibeto Group would soon mobilise to site to resume production of the commodity.
The governor, who spoke at Abakaliki, said that Ibeto Group is fabricating machines that would enable return to production of cement at NIGERCEM.
The governor also disclosed that other major cement manufacturers such as Lafarge and BUA have indicated interest in the large deposits of limestone in the state.
The revitalization of the company may sound interesting to millions of unemployed Nigerians living in that part of the country.
But it also evokes sad memories for over 200 workers of the company who were left heart broken as result of non-payment of their salaries when the company folded up in 2003.
