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Why Ibeto should steer clear of politics; he is a bad manager — Citizen


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Mazi Onyeachonam, a resident of Nnewi, the hometown of Chief Cletus Ibeto, has advised the business mogul to dump his intention of joining full-time politics as he is a bad manager of his personal investments, needless to mention collective interests.

Mazi Onyeachonam, also known as Mercedes Benz, made the remarks in a post gone viral wherein he recounted the various failed ventures of the Nnewi-born business mogul.

According to the author, Chief Ibeto is targeting the Anambra South Senatorial District currently represented by Senator Patrick Ifeanyi Ubah, a fellow Nnewi born business mogul.

He noted how Ibeto sacked over 1000 workers and shut down 90% of his manufacturing investments earnings as clear sign that all is now well the employer of labour.

After an exhaustive investigative and collaborated report, he listed some of Ibeto’s businesses that have closed down, gone comatose, or are in the verge of doing so.

They are as follows:

1. Union Battery ~ gone moribund, workers sacked while a Chinese firm in Aba have taken over the once lucrative business that employs a lot of our people

2. Union and Ibeto Brake Pad ~ plant closed, workers sacked

3. Union Brake lining ~ plant closed, workers sacked

4. Motorcycle fender ~ plant closed, workers sacked

5. Battery Lead Factory at Umuzu ~ factory closed, workers sacked

6. Clutch Plate plant ~ closed, workers sacked

7. Wheel cover plant ~ closed, workers sacked

8. Photo studio ~ factory closed

9. Marble plant ~ factory closed

10. Rear light cover ~ factory closed

11. Traffic indicator cover ~ factory closed

12. Fan belt ~ factory closed

13. Vehicle Front Grille ~ factory closed

14. Motorcycle Traffic Indicator Plant ~ factory closed

15. Motor rear light plant ~ factory closed

16. All spare parts and machinery ~ factory closed

17. Workforce ~ 90% sacked (over 1000 out of about 1200)

18. Kings Palace Hotel (Main) ~ working at 15% capacity, reduced room rates to 5000 Naira per night and 2500 Naira for short time, generator set goes off from 6am to 7pm unless there is a paid event, with fans not air condition

Ibeto’s Kings Palace Hotel

19. Kings Palace Hotel (Extension), opposite Nnewi High School ~ closed completely

20. Warehouses in Lagos ~ on lease to 3rd parties with some converted to event center.

21. Tank Farm in Lagos ~ on Lease to 3rd parties.

Onyeachonam noted that the only unit working in the entire Ibeto Group are some estates as well as the Lubricant unit Nnewi, of which their market share in that sector is less than 5% unlike major players like, Dozzy Oil, AZ, Seahorse, Wizoil, Tonimas, etc.

Taking cognisance of the level of decadence and a long list of failed and collapsed businesses in Ibeto Group, Onyeachonam stated:

”It immediately becomes clear to all and sundry, why Ibeto is desperate to sell Nnewi agenda, in hopes of currying favour and recover his past investment in sponsoring a candidate in the last election against the wishes of his people to resuscitate his collapsed businesses through Ego Anambra which he has started with Orient Petroleum Gas and Crude development in omasi Anambra North.

“This was hacked through the help of Dozzy Oil’s 4.8 billion Naira and that of African Export-Import Bank (Afreximbank).

“In pursuit of this, Ibeto has been accessing Gas through Orient Petroleum, even as he used Court processes to hamstring their Management.”

He expressed relief that theEconomic and Financial Crimes Commission (EFCC) and the Federal Government are presently investigating the development.

Onyeachonam advised Chief Ibeto to rather channel his energy on how to repay Dozzy (Akudo) his 4.8 Billion Naira plus acrued interests of over 5 Billion Naira, which case is coming up on March 8 in Port Harcourt, Rivers State.

He urged him to avoid the embarrassment of criminal forgery charges from EFCC, face his Ibeto Group squarely or recall his good but rejected Sons to bring back his dead businesses and restore his sacked workers (90% majorly from Nnewi).

“As a matter of urgency, he should start the rehabilitation of Kings Palace Hotels as it is a big shame to Ndi Nnewi before embarking to help to finish the Cathedral which is almost 85% completed by Senator Ifeanyi Ubah,” he added.

©Copyright 2022 News Band

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