Gov. David Umahi of Ebonyi says the Nigeria Cement Company (NIGERCEM) Nkalagu, would soon commence production as the core investors, Ibeto Group, would soon mobilise to site. The governor spoke in Abakaliki, when he addressed stakeholders’ on the imperatives of giving priority to agricultural production. The News Agency of Nigeria (NAN) recalled that NIGERCEM was the first cement plant in Nigeria, established in 1954, but privatised in 2002.
Prior to its sale, it was jointly owned by the Federal Government which had 11 per cent, the five south-east states, 65 per cent, and the general public, 24 per cent.
The privatisation led to the emergence of Eastern Bulkcem Nigeria Limited as the new strategic core investor with a 65 per cent stake in NIGERCEM. But for now, Ebonyi, the host community, has 10 per cent equity in the NIGERCEM. Umahi said that the Ibeto Group, the new core investor,was fabricating machines that would enable them return to production of cement at NIGERCEM.
The governor also said that other major cement manufacturers had indicated interest in the large deposits of limestone in the state. He listed the cement companies as Lafarge and BUA. The governor also stressed the need to embrace agriculture, adding that Nigeria plunged into recession because of great dependence on oil. “If we don’t do things
