NIGERIA: Ibeto Begins Payment of Nigercem Retirement Benefits

Despite the frustrations being faced by the Ibeto Cement Company in its moves to begin operation at its recently acquired plant, Nigercem Plc, the company has announced the commencement of payment of retirement benefit to former staff members.

The company in a statement said pursuant to the emergence of Ibeto Cement Company Limited as the core investor and majority shareholder in the Nigerian Cement Company Plc, it has begun to fulfil its obligations to various stakeholders regardless of the opposition of Ebonyi State Governor, Chief Martin Elechi, to frustrate efforts by Ibeto to revive Nigercem.

“The company has commenced the payment of final withdrawals payment being retirement benefit scheme due to 72  staff members of Nigercem Plc from their contribution and that of the company from Crusader Life Insurance Limited,” it said.
The payment, which is presently taking place at the company’s liaison office in Enugu began yesterday and would end tomorrow.

“The foregoing welfare initiative by Ibeto no doubt is in consonance with its avowed aim and objective to resuscitate and revamp the moribund cement company despite unlawful challenges by Chief Martin Elechi,  governor Ebonyi State.

However, Ibeto Cement Company Limited is undeterred in its determination to resuscitate the company, and improve the socio-economic well-being and welfare of staff of Nigercem Plc, its host communities and Ebonyi State, the South-east geopolitical region and Nigeria in general,” the statement added.

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