jude2011:
with just five months remaining, sullivan wants to borrow 11billion. Hmmmm something is not right.

Ozonna:


I don't want to believe this. Source please?

asha80:
http://www.thisdaylive.com/articles/group-urges-cbn-to-stop-enugu-s-n11-billion-loan/194061/

If there is one word that could be used to describe the Nigerian Cement Company Plc., Nkalagu, in Ebonyi State, that word is “troubled”. But the trouble could have been easily handled and the company brought back to regain its fading glory if not for the inexplicable bellicose position being taken by the members of House of Representatives and Senators representing Ebonyi State in the National Assembly. Penultimate week, the lawmakers, comprising three senators and five honourable members of the House of Representatives signed an advertorial which appeared in major dailies, casting aspersion on the intentions of the Ibeto Cement Company Limited, the majority shareholding company in Nigercem. The lawmakers were Senators Chris Nwankwo, Paulinus Igwe Nwagu and Sunny Ogbuoji. The Reps members were Peter Oge Ali, Linus Aba-Okorie, Tobias Okwuru, Sylvester Ogbaga and Christopher Omo Isu. The lawmakers claimed that while Nigercem was initially owned by the five eastern states and the federal government, it was sold to Eastern Bulkcem Company Limited with Ebonyi State as strategic equity holder. They alleged that years after the privatization process, “it became evident that the core investor was neither interested in nor capable of reactivating the company as it was essentially a cement bagging company.”

According to the lawmakers, it was after this that the Ebonyi State government petitioned the federal government “about the fraud and exploitation going on in Nigercem at the expense of the people of Ebonyi State. They also claimed that the investor vandalized and cannibalized the facilities at the cement company and as a result of the inability of the federal government to look into the matter, the Ebonyi State government revoked the certificate of occupancy, C of O, of the land upon which Nigercem is located. Not done yet, the lawmakers claimed that while the judicial commission of inquiry set up to look into why the cement company was not functioning was still sitting, Eastern Bulkcem Limited “came up with a new scheme by colluding with Ibeto Cement Company Limited by way of a purported sale of Nigercem to Ibeto Group.”

‘Case’ Against Ibeto Group…The lawmakers claimed that since Ibeto came into the picture, the group and its agents have “orchestrated a campaign of calumny, blackmail, falsehood and misrepresentation against the government and people of Ebonyi State in its desperate bid to take over Nigercem, Nkalagu.” The lawmakers further claimed that Ibeto Group had reached out to various interest groups in the state, including the lawmakers themselves, to arm-twist the state government over its principled stand on Nigercem. They therefore re-affirmed their support for the “principled stand” of the state government on Nigercem and then “advised” the Ibeto Group to keep away from the company and that they would never permit a “recolonisation of Ebonyi State through the exploitation of its principal economic heritage.” While this position might evoke emotions, it is punctured by the fact that BUA Group, owned by a Northerner from Kano, is the core investor in Okpella Cement Factory in Edo State and the group has commissioned the best cement plant building experts in the world, FLShmidt, to transform and modernize the entire plant, pumping over five hundred million dollars in the process. Work is still in progress but the economic benefits are already being felt by indigenes of the area while waiting for the commissioning in the first quarter of next year. Those who have seen the level of work have commended BUA Group for this initiative. Nigercem could have brought this to the Nkalagu area only if emotions could be taken out of the mix.

Facts versus Fiction…

While the action of the lawmakers could be considered patriotic if looking at it from the emotional point of view, the fact remains that some of the claims were either wrong, outright falsehood or misrepresentation of facts. For instance, while the lawmakers claimed that the Nigercem set up in 1954 was owned by the federal government and the five eastern states, the fact remains that this company was set up as a private outfit, was owned previously by the federal government, Sir Odumegwu-Ojukwu, father of late Biafran leader, Dim Emeka Odumegwu-Ojukwu, and the then Eastern Nigerian government.

The question here, which again makes the words of the lawmakers and the Ebonyi State government, against those of Ibeto Group, is whether Ibeto Group bought Nigercem from Eastern Bulkcem or acquired Nigercem from it. The reason being that via the acquisition of Eastern Bulkcem, Ibeto naturally controls sixty per cent of Nigercem. It was a simple case of acquiring assets and liabilities of a company being taken over by another one. Another major issue, which perhaps, the Ebonyi State government is hiding from its citizens, including the lawmakers, was the fact that when Ibeto Group came into the Nigercem picture, the governor, Chief Martins Elechi, nominated Mr. Peter Nwokpor , who was the director of Ebonyi State investments, to represent the state government in the new board while the chairman of the board was Dr. Cletus Ibeto who is also the chairman of the Ibeto Group. On a request by the Ebonyi State government, a share certificate no 21841659, in the name of the state ministry of finance and economic development, was issued which was for thirteen million ordinary shares representing ten per cent ownership of Nigercem. This certificate was signed both by the chairman of the board and the company secretary.

Upon acquisition, Ibeto Group had moved in and started geological survey and drilling. It was when this process was going on that hoodlums came in and showed the unclean hands of the state government and the undercurrents of its real intentions as far as the company is concerned. After the attack, the state government told Ibeto to suspend work while, at a meeting with the governor, he told them they should reduce their stake in the company to forty-nine per cent while the state government acquires majority shares. While the Ibeto Group agreed to this, it also stated that those shares it would be relinquishing should be taken by ordinary people of Ebonyi State. While the governor promised to look into this, perhaps he would get back to the Ibeto Group on it tomorrow, over two years after.

Waving the Olive Branch…

When the Ibeto Group acquired Eastern Bulkcem and by extension Nigercem, it was obvious that there was a case in court which came as a result of the revocation of the certificate of occupancy of the land upon which the factory was located. The Ibeto Group was said to have immediately sought an audience with Governor Elechi on the need to settle the issue of out of court. The governor was said to have constituted a committee that comprised of the state attorney-general and commissioner for justice, commissioners for finance, cement and mineral production as well as the director of the state investments who incidentally represents the state government in the board of Nigercem. Nothing actually came out of the meetings of this committee. The fact was that the state government was not really ready for any resolution of the crisis.

Ibeto Group’s Capabilities…

While the lawmakers, apparently echoing the voice of the state government, claimed that Eastern Bulkcem could not revitalise Nigercem, perhaps they had a point. But the Ibeto Group which now owns Nigercem has the capacity to raise Nigercem from the doldrums. However, the group has been trying hard to correct the wrong impression being fed the public. And this has to do with the fact that the capability of the Ibeto Group does not go beyond importation of cement. While the group admits that it has the right to import 1.5 million tonnes of cement annually. But beyond this is the fact that the group has proved its readiness to change the fortunes of Nigercem. Apart from the financial wherewithal, it started the revitalization of the cement with the renovation of the wet process line and construction of a brand new dry process plant. It went further by organising a due diligence visit by FLSmidth, global leaders in cement plant building and was the one that built the original Nigercem Plant, to come and see to the renovation of the plant. Unfortunately, this could not be done because the Ebonyi State government had taken physical possession of the factory premises.

If truly the Ebonyi State government is really interested in making Nigercem return to its old glory, why then is it frustrating the efforts of Ibeto Group at resuscitating the ailing cement giant? Perhaps, it was more political than economic or perhaps the state government is being influenced by outside forces. If there was fraud in Nigercem under Eastern Bulkcem as the lawmakers who signed the petitioned claimed, how come the state government did not carry other stakeholders along in its campaign to clean the Augean stable in the company? This question becomes pertinent since the state government owns just ten percent of equity of the company. Does it mean that other stakeholders were not as interested in the fortunes of the company the way Ebonyi State government is? The physical seizure of the plant by Ebonyi state smacks of brazen abuse of state power, a throwback to military mentality of applying brute force and jackboot to solving issues, tactics that have become obsolete and have no place in civilized arena of 21st century global village .

And Traditional Rulers Paid the Price…

Apparently aware of the effect of a rejuvenated Nigercem would do for the town of Nkalagu and adjoining towns and villages, traditional rulers in the area decided to put their money where their mouth was. But there was a price for that. These towns and clans included Nkalagu, Amaezu as well as Umuhuali and Nkalaha. All these belong to the Igboessa clan where Nigercem was located. There traditional rulers of these towns and villages were suspended apparently because they supported the take-over of Nigercem by Ibeto Group.

Engr. Peter Edeh, member of the House of Representatives representing Ezza North/Ishielu Federal Constituency of Ebonyi State, has openly disagreed with the Ebonyi State government over this persecution. In a two page advert he personally signed and which appeared in THE NATION Newspaper of Saturday March 30, 2013, Edeh said what the state government did was wrong and that he had supported the people of these areas whose traditional rulers have been suspended to seek legal redress.

“I believe that the traditional rulers and their subjects have a right to hold an opinion and to freely express same and that inn declaring their support for Ibeto’s attempt to take over and revitalise Nigercem; they have done nothing unlawful,” Edeh declared.

He challenged why the state government should suspend the traditional ruler of the host community of Nigercem for not being able to prevent vandals and thieves from looting Nigercem. Yet, according to Edeh, the same Ebonyi State government has used apparatchik of government to prevent Ibeto Group from taking possession of the cement factory. He reasoned that if they could do that why they couldn’t prevent the looting.

He then went ahead to ask some questions which bother on legality and morality. He reasoned why a state government that has a mere ten per cent stake should prevent a group that has sixty per cent stake from running the factory simply because it has state apparatus at its disposal. He wondered who were the ultimate losers in this impasse if not the state government itself and the people who would have benefitted from the spiral effect of massive investment in the cement factory.

During the week, an indigene of Obajana in Kogi State told this reporter that Dangote has brought unimaginable economic progress to the town as a result of the cement factory the Dangote Group is running in the town. He said this has brought massive economic empowerment because of ancillary services being provided by indigenes of the town to those who are working in the cement factory and the factory itself. According to him, banks and financial service companies are opening their offices in the town all because of the cement factory in Obajana.

So why can’t Ebonyi State government learn from other states that are investors friendly by creating enabling environment for economic activity to thrive? Why resort to strong arm tactics to muscle an investor into abandoning his investment? Can the state government and the National Assembly legislators revive and run Nigercem? Who is fooling who here?

By Dipe Akinkugbe

kostadinis:
With the renowned banker, Pascal Dozie in the think-tank, there could be hope of a successful SENDEF. With him, Ndigbo’s funds would be safe, I’m sure of that. In fact, this platform couldn’t have arrived at a better time. With the upcoming privatization of Airports in the country, the SENDEF will be in a strong moral position to grab the AIIA Enugu and make it a viable international aviation hub in the sub region. With a determined SENDEC/ SENDEF, a port at Azumini could equally be realized. Dredging that 40 KM stretch to the Opobo estuary wouldn’t be financially insurmountable for this commission This could be the much awaited vehicle to harness the gains of Ndigbo in the private sector and those of our respective state governments.

IgboMonk:
Am a strong advocate of SE regional economic blueprint through investment by forming a regional economic block, but since i discovered the card being played by Ebonyi State to fustrate Ibeto from taking over Nigercem, Nkalagu , i weep for some part of Igbolabd.

Read this and see what hatred and inferiority complex are doing to your brothers.

Case’ Against Ibeto Group…The lawmakers claimed that since Ibeto came into the picture, the group and its agents have “orchestrated a campaign of calumny, blackmail, falsehood and misrepresentation against the government and people of Ebonyi State in its desperate bid to take over Nigercem, Nkalagu.” The lawmakers further claimed that Ibeto Group had reached out to various interest groups in the state, including the lawmakers themselves, to arm-twist the state government over its principled stand on Nigercem. They therefore re-affirmed their support for the “principled stand” of the state government on Nigercem and then “advised” the Ibeto Group to keep away from the company and that they would never permit a “recolonisation of Ebonyi State through the exploitation of its principal economic heritage.” While this position might evoke emotions

asha80:
achi4u said that ibeto tried to acquire the nkalagu firm illegally or from the back....my question though is that if it true,then why hasn't any other firm taking over the resuscitation of the company or at least shown interest even if it is a foreign firm?

IgboMonk:
[size=18pt]let them keep lying to themselves, read the who article and you will see that hatred and bigotry are the watchword,

they dont want onye agbaenu to take over the company, period, they said they dont need another recolonization....i weep for them bc mmiri adighi ari ugwu

[/size]

asha80:
http://www.thisdaylive.com/articles/group-urges-cbn-to-stop-enugu-s-n11-billion-loan/194061/

IgboMonk:
Am a strong advocate of SE regional economic blueprint through investment by forming a regional economic block, but since i discovered the card being played by Ebonyi State to fustrate Ibeto from taking over Nigercem, Nkalagu , i weep for some part of Igbolabd.

Read this and see what hatred and inferiority complex are doing to your brothers.

spyder880:


I may be wrong but this seems to be an isolated case, maybe borne out of the way the deal was packaged. I seriously doubt that a win win arrangement was done and the state just frustrated the deal just because of the identity of the investor. Nobody refused a profitable business, except there are other reasons not known to the public.

What I resent is their mention of the word "recolonisation". It might sow the wrong seeds if not well addressed. They should know better than use inflammatory statements on a public pronouncement. Anambra indigenes are well invested in Ebonyi state, as well as all Igbo states.

But this poster I quoted is adding fuel to the fire, by using such words as "inferiority complex". These are the kind of words that give birth to the kind of thinking the lawmakers exhibited.

Let us value each other, without attempts to downgrade anyone.

CFCfan:
Before selling off the airports, the National Assembly would need to repeal the law that set up FAAN, and the FG would have to pay a hefty severance package to current FAAN employees. Then some of the former FAAN employees could be re-employed by the new airport owners.

That begs the question: should the FG go the European route and sell the airports only to private companies; or should the States be encouraged to bid for ownership of the airports?

IgboMonk: 6:35am
Am a strong advocate of SE regional economic blueprint through investment by forming a regional economic block, but since i discovered the card being played by Ebonyi State to fustrate Ibeto from taking over Nigercem, Nkalagu , i weep for some part of Igbolabd.

Read this and see what hatred and inferiority complex are doing to your brothers.

OdenigboAroli:
Ibeto,if Ebonyi people don't want you and your money in their state then leave them alone. I just dey pity those pan-Igboist...hahaha
Abeg,make evrybody stay for him papa house!

IGBOSON1:


^^^I really don't suffer fools gladly!

I've noticed Ebonyians like making these utterly divisive and baseless statements and accusations in relation to their fellow kinsfolk from other Igbos states! It smacks of suffering from a serious case of inferiority complex and childishness!! I remember watching focus Nigeria once during the past national conference, and there was a discussion on the possibility of returning to regionalism (whether having a 6 or 8 regional structure); i remember Max Gbanite saying that the proposal wouldn't fly even in the South East because the likes of Ebonyi were not in support of it......they said they 'didn't want to return to Egypt' as Max put it!

In many developmental indices one finds Ebonyi always letting the South East down, and one begins to wonder just what the fuc/k is their problem! They've been free from the likes of Anambra (who i suspect is the big bad Pharaoh they're referring to) since the creation of Anambra and Imo in 1976; and they've further been freed from the likes of Enugu since the creation of Enugu and Ebonyi in 1991; so just what the fuc/k is their problem!? One would have thought since they're now free from their 'oppressors' that they would have soared to greater heights in education, commerce, industrialization, sports, tourism, healthcare, entertainment, etc........and that Abakaliki would by now be an epitome of urban development and modernity!

If i -from Rivers state- can champion greater cohesiveness and cooperation among Igbo states and peoples, what then is Ebonyians excuse!? I suspect that if perchance Ebonyi had been cut off from the old East Central state like other Igbo groups were in the late 60s just to weaken the larger Igbo nation......if this had happened, by now we'd have been hearing Ebonyians singing from the same hymn sheet with the likes of Ikwerre and Ogba, saying that they're not Igbos.....have nothing in common with Ndigbo.....and that Ndigbo just want their oyel and limestones and they need to fuc/k off and leave Ebonyi alone!!

Unemadu:


I saw the way u were defending Lagos state. Well done.

IGBOSON1:


^^^I really don't suffer fools gladly!

I've noticed Ebonyians like making these utterly divisive and baseless statements and accusations in relation to their fellow kinsfolk from other Igbos states! It smacks of suffering from a serious case of inferiority complex and childishness!! I remember watching focus Nigeria once during the past national conference, and there was a discussion on the possibility of returning to regionalism (whether having a 6 or 8 regional structure); i remember Max Gbanite saying that the proposal wouldn't fly even in the South East because the likes of Ebonyi were not in support of it......they said they 'didn't want to return to Egypt' as Max put it!

In many developmental indices one finds Ebonyi always letting the South East down, and one begins to wonder just what the fuc/k is their problem! They've been free from the likes of Anambra (who i suspect is the big bad Pharaoh they're referring to) since the creation of Anambra and Imo in 1976; and they've further been freed from the likes of Enugu since the creation of Enugu and Ebonyi in 1991; so just what the fuc/k is their problem!? One would have thought since they're now free from their 'oppressors' that they would have soared to greater heights in education, commerce, industrialization, sports, tourism, healthcare, entertainment, etc........and that Abakaliki would by now be an epitome of urban development and modernity!

If i -from Rivers state- can champion greater cohesiveness and cooperation among Igbo states and peoples, what then is Ebonyians excuse!? I suspect that if perchance Ebonyi had been cut off from the old East Central state like other Igbo groups were in the late 60s just to weaken the larger Igbo nation......if this had happened, by now we'd have been hearing Ebonyians singing from the same hymn sheet with the likes of Ikwerre and Ogba, saying that they're not Igbos.....have nothing in common with Ndigbo.....and that Ndigbo just want their oyel and limestones and they need to fuc/k off and leave Ebonyi alone!!

OdenigboAroli:



Lol...Guy,you too like airport talks. Shey you get interest there abi wetin ?

IgboMonk:
[size=18pt]let them keep lying to themselves, read the who article and you will see that hatred and bigotry are the watchword,

they dont want onye agbaenu to take over the company, period, they said they dont need another recolonization....i weep for them bc mmiri adighi ari ugwu

[/size]

waternogetemeny:





If i say Ndiigbo are difficult then it is an understatement. Ebonyi should be asking for Ibeto to utilize abundant cement natural resourses and employ people from the state to be Africa largest cement manufacturer, but no Ndiigbo have to confirm with every opportunity that they are their own worst enemy. Sad!

achi4u:
Lekwa odeku nke a na onu reru-ure,,,,agbaenu my left yansh.
Ibeto should've come out clean and do business with NdiEbonyi instead of going through the back door.
Oh! he thinks NdiEbonyi n'ile are mumu because Izzi people gives away their land for a peanut in Abakaliki town making you people to assume we are nothing upstairs,now Elechi have proven u niggas wrong.

Come to think of it,Nobody with his right senses will not want to accept such business proposal with clean sheet but will not give away his children's inheritance anyhow.
I thank God today that nobody is feeding each other,we have been caged for so long but all glory and honor be to our Lord Amen.
."Onye hika Nne obiri bee Ya" an adage frm Nnewi axis.

InyinyaAgbaOku:


even if he wants to own the company through the backdoor, its still better than leaving the limestones to waste.
haba!
Shebi dangote dey follow front door?

InyinyaAgbaOku:


so, we rather enrich dangote? ok.
What are elechis plans for those limestones sef?

InyinyaAgbaOku:


even if he wants to own the company through the backdoor, its still better than leaving the limestones to waste.
haba!
Shebi dangote dey follow front door?

waternogetemeny:


Amusing! Dangote is the master of backdoor and anti-competitive practice(monopoly). Dangote is a friend to every government and I still remember how Dangote and OBJ withdrew Ibeto licence to give Dangote an advantage and maintain that advantage.


Ibeto is only back becos of GEJ and here we are frustrating our common progress.


I will not say am ashamed of my heritage becos of small men of easy virtue. Mbanu!

biafrandream:





And to think that an Igboman Emeka Offor is also behind frustration of Geometric Power Plant Aba owned by Prof Bath Nnaji, a fellow Igboman, tells a lot about us. I heard from the grapevine that the Emeka is riding on the back of the vice president, Namadi Sambo, an hausa man to prevent the successful take off of the power plant. Something is not right with us.

You guys will now understand why Sullivan is one of the most detribalized Igboman. Sullivan started patronizing Innoson motors when no one could, not even the Anambra Sate governor.

biafrandream:





And to think that an Igboman Emeka Offor is also behind frustration of Geometric Power Plant Aba owned by Prof Bath Nnaji, a fellow Igboman, tells a lot about us. I heard from the grapevine that the Emeka is riding on the back of the vice president, Namadi Sambo, an hausa man to prevent the successful take off of the power plant. Something is not right with us.

You guys will now understand why Sullivan is one of the most detribalized Igboman. Sullivan started patronizing Innoson motors when no one could, not even the Anambra Sate governor.