Cletus Ibeto is a Nigerian entrepreneur, manufacturer and philanthropist. He is the founder and Chairman of Ibeto Group, the largest conglomerate in the Eastern part of Nigeria. His humanitarian gestures have lifted thousands of people from poverty and his success story is truly that of from grass to grace.
Ibeto Cletus through Ibeto Cement Company Limited recently closed financing with a New York Private Equity Firm, Milost Global Inc. The deal is a $850 million financing of which $500 million is in equity and $350 million debt.
Background of Cletus Ibeto
Cletus Ibeto was born on the 6th of November, 1952 in Nnewi city of Anambra State, a city best known for their entrepreneurial endeavours.
Dare To Dream
Young Cletus Ibeto always dreamt of going to secondary school and looked forward to it. He even got admission into Crusader Secondary School, Isingwu Amachala, Umuahia at the age of 13. On the day he was supposed to resume school with his elder brothers; Cyril Ibeto and Louis Ibeto (who were already in secondary school), his dream of going to secondary school was shattered by his father’s decision.
The Power of a Father’s Decision
Ibeto’s father had decided that he will not have his three sons tour the path of academic learning. He felt it wise to have one of his sons learn trade which is a respected and well known path among the entrepreneurial clan of Nnewi kingdom. Since the two older sons were already in school, the onus fell on young Cletus Ibeto.
Shattered Dreams
Of course as expected, Cletus did not take the news well, he employed all strategy including going on hunger strike to make his father change his mind all to no avail. He had no other choice but to accept his fate and still wearing his school uniform, he journeyed to his Master’s house in Onitsha to learn the trade of Auto Spare Parts.
Cletus Ibeto Finally Got His Education
However, Cletus Ibeto never forgot formal education, he later sat for his WASSCE at the age of 48 and got a Bachelor’s degree in Accountancy from University of Nigeria, Nsukka at the age of 54. He was subsequently honoured with a Doctor of Business Administration degree from the same University.