Ebonyi Investor Protection Act equals to none, says Umahi

The Ebonyi State Governor, Engr. Dave Umahi has said “Let me assure our visiting American investors and Ibeto Company that Ebonyi State has a law called Investors Protection Act.

This law ensures that we offer an irrevocable standing payment order, with special agreement which insulates the investor from government interference and any change of government”.

He stated this Monday at Nkalagu, in Ishielu Local Government council of the state, on the occasion of actualising visit of Americans in line with Ibeto Cement’s goal to establish new cement factory in the community and in Effium.

According to Umahi, “In practical terms, it means such an investor with any interference by government will recover his investments from all funds accruing to the state government by the federal government”, adding, “with immeasurable joy and sincere heart full of gratitude, I welcome you all to Ebonyi state, which marks a historic landmark in the history of our statehood”.

Umahi said the government and people of the state were elated by the efforts currently being made by Ibeto Cement Company, the core investor in NIGERCEM in establishing a new 6,000tpd dry process cement plant and 45 megawatt capacity power plant as first phase of the project at Nkalagu.

He added the state was pleased to welcome specially the project’s core investor’s partners and Dream Team from the United States of America and core financier of NIGERCEM in collaboration with Ibeto Group Limited.

He said, with the nod given to the Ibeto Group by Minister of Solid Minerals and Steel Development, Dr. Kayode Fayem, the project was billed to succeed.

“No doubt, the brand name; Ibeto is a renowned household name in

Nigeria and beyond that epitomises quality which has been tested and trusted. It is also a name which is synonymous with success in all its business endeavours”, he said.

“We have no doubt whatsoever that his plans to build a new cement plant in Nkalagu will also be successful. I therefore enjoin the delegation to be rest assured of the fact that Ibeto will deliver on its promise and the quality of the NIGERCEM cement brand will no doubt surpass all other brands.

“Dr. Cletus Ibeto is a seasoned businessman who has had an enduring presence in the Nigerian business sphere which is unparallel with respect to hard work, quality and unyielding entrepreneurial spirit.

In this regard, not quite long ago, I had the honour of visiting the factory site with the Honourable Minister of Solid Minerals and Steel Development wherein he assured Dr. Ibeto and his company of the support of the Federal Government of Nigeria in the actualization of the New NIGERCEM Cement Plant”, he stated.

Also speaking, leader of the team, Amanda Wester, said her company, Dream Team, was excited to be part of the project, which according to her would revive the economy of the state.