To be the arrow-head of grass root economic empowerment through provision of microfinance services to the financially disadvantaged active persons to enable them own their businesses and add value to national economic development. MISSION: Pursuing excellence in the delivery of microfinance services within its area of operation.


Ibeto Community Bank Nigeria Limited the forerunner of Ibeto Microfinance Bank Ltd was incorporated as a private limited liability on 25th February, 1991. It commenced business soon after on 11th May 1991.The bank immediately established a reputation as a giant in grassroot banking within the enterprising community of Nnewi and its environs during the era of community banking and was converted to a microfinance bank in 2007. The bank witnessed phenomenal growth within its first decade of operations through prompt response to the needs of the numerous customers in the business community. This however slowed down due to influx of commercial banks into Nnewi in late nineties and the cut throat competition that ensued. With the advent of microfinance banking in Nigeria, the bank underwent a restructuring and repositioning exercise that returned the bank to growth path once again following a retooling, of the bank in terms of capital, material and human resources and carving out of a market niche. The board of the bank is headed by the founder and pioneer chairman – C.M. Ibeto (CON) – a consummate industrialist and entrepreneur. He is assisted by other accomplished Nigerians that brought on board their varied expertise. They are Dr. Amamchukwu Ezeike, Bar. Emeka Etiaba and Mr. Osita Aguolu

Board Of Directors

DR. Cletus M. Ibeto CON

Dr. Cletus Madubugwu Ibeto was born some 60 years ago into the family of Boniface Odochukwu and Lucy Ibeto of Obiofia Umuenem, Otolo Nnewi in Anambra State.

After his primary school education, he served an apprenticeship in trading. He commenced his own business after the Nigerian civil war as the sole proprietor of Ibeto Brothers Trading Company.

In 1982, he took the first difficult step away from the rank and file traders and established the first photographic colour laboratory in the eastern part of Nigeria under the name of Ibeto Industries Ltd. Over the years, Ibeto Colour Laboratories have established excellent reputation and have remained the leading photo processing company with laboratories in Nnewi, Enugu, Onitsha, Aba and Nsukka.

In 1985, he founded Odoh Holdings Limited, a firm of real estate developers and Kings Palace Hotels Ltd, a company in the hospitality business and the leading hotel in Nnewi.

He also founded Union Autoparts Manufacturing Company Limited in 1987. This company which is based in the industrial city of Nnewi, manufactures automotive battery for cars, trucks and motocycles in addition to spare parts and accessories such as brake pads and linings, clutch facing, front and rear light covers, reflectors, wheel covers, p.v.c conduit fittings, etc. etc.

In 1996, he established Ibeto Petrochemical Industries Limited. This company is engaged in the blending of lubricating oils for cars, trucks and industrial machinery. The products are marketed under the trade name: Expresso.

Again in 2005, he founded Ibeto Cement Company Limited, the youngest member of The Ibeto Group. The Company is an ultra-modern cement bagging terminal located at Bundu Ama, a suburb in Port Harcourt metropolis. It has a purpose built Jetty and a production capacity of 5,400 bags of cement per hour. This facility apart from being the biggest in the West African sub-region, is also the most mechanized, modern and environmentally friendly. The plant has brought rapid development in the area in addition to providing jobs to over 500 hitherto restive youths in the community.

In the realization of the important role good education plays in corporate governance and notwithstanding the very high demands of his office, he worked extra hard and obtained the General Certificate of Education (GCE) at ordinary level by private tuition. Encouraged by this effort, he enrolled with the University of Nigeria, Nsukka from where he bagged the Bachelor of Science Degree
(2nd Class Hons.) in Accountancy in 2006.

Today, Dr. Cletus Madubugwu Ibeto is the proud Chairman and Chief Executive Officer of The Ibeto Group – a fully indigenized conglomerate. The titles reflect his total involvement with the organization. In both word and deed he attempts to inculcate in his employees the total commitment that he expected of them. The people who work in close proximity to him find his driving energy both exhilarating and exhausting. He works seven days a week. He is tireless and he expects the same amount of dedication and effort from everyone else.

He is a man of good character and good business reputation; an entrepreneur par excellence; a man of God and philanthropist extra-ordinary.

He was the past President of Nnewi Chamber of Commerce, Industry, Mines and Agriculture between 1994 and 1998; Chairman, Ibeto Microfinance Co. Ltd 1991 – 1996 and Treasurer, Depot Owners and Petroleum Products Marketing Association (DAPPMA) from 1999 to date.

He has also served as Chairman, Small & Medium Enterprises Development Agency of Nigeria (SMEDAN), 2005 – 2008. He is currently on the Board of many reputable institutions and organizations.

Some major recognitions received:

In January 1997 the Anambra State Government accorded him State Honour in recognition of his contributions towards the development of the state and on July 8, 2000 he received the prestigious Good Service Award of the Rotary International Club of Enugu, District 9140. He is also a Three-Ruby Paul Harris Fellow of the Rotary Foundation of Rotary International and a Club Medalist of Anaedo Social Club of Nigeria.

An acknowledged industrialist and church builder who has advanced the cause of international goodwill and understanding through his extensive international business undertakings, he was in 2002 found worthy of Apostolate Blessing by Pope John Paul II.

Some of his philanthropic gestures include:

  • Award of over 350 secondary and tertiary scholarships.
  • Instituted in perpetuity Prizes for the best graduating student in Peadiatrics at the Nnamdi Azikiwe University, Awka, Anambra State
  • Instituted in perpetuity Prize for the best graduating student in Electrical/Electronics Engineering at the Federal University of Technology, Owerri, Imo State.
  • Donated electricity distribution transformers to communities and institutions.
  • Donated water bore-holes projects for water supply to many communities and Institutions.
  • Constructed and have continued to maintain over 20km of community roads in Nnewi.
  • Constructed and donated a village hall to his community.
  • Constructed and donated buildings to the Nnamdi Azikiwe University Teaching Hospital.
  • Constructed single-handedly and donated a magnificent church building and Chancery with a 2,300 sitting capacity to his community known as St. Cletus Catholic Church, Otolo, Nnewi, Anambra State.
  • Endowment of Dr. Cletus Ibeto Nnewi Catholic Diocesan Singing Competition.
  • Constructed and donated an ultra-modern multi-purpose Auditorium and Hall for St. Cletus Catholic Church, Otolo Nnewi.

Dr. Cletus M. Ibeto, an Commander of the Order of the Niger (CON) of the Federal Republic of Nigeria, is very widely traveled having visited all the continents of the world. He loves boxing and soccer and is married with seven children.

Dr. Amachukwu Ezeike

Dr. Ezeike is a thorough bred medical practitioner by profession who has not left his other talents unexploited. He had been on the board of many medical institutions both at the state, local and federal level which include Anambra State Hospital Management Board and Board of Psychiatric Hospital Yaba, Lagos. Politically he has been Deputy Chairman Orumba North Local Government Area, Elected Senator, Anambra South District, State Chairman, CNC, Principal Secretary to the Governor, Anambra State among other posts.

He is currently the Medical Director, First MAF Hospital, Nnewi.

Dr. Ezeike is married with children.

Barrister Emeka Etiaba 

Bar. Etiaba is an upwardly mobile professional that has distinguished himself in the service of humanity within a short time. He is legal adviser/solicitor to numerous institutions which include but not limited to Union Bank of Nigeria, Fidelity Bank Plc, Access Bank Plc.

Bar. Etiaba who is also on the board of numerous companies heads the legal firm of Emeka Etiaba & Co.

He is married with children.

Mr. Osita Aguolu FCA

Mr. Aguolu is a chartered accountant who brings his wealth of experience to the board. He is a fellow of Institute of Chartered Accountants of Nigeria (ICAN) and brings to the board over 27 years experience spanning auditing, finance, accounts, gathered through coopers and Lybrand, Chemical & Allied Products Plc, General Cotton Mill Ltd, Eagle Company to mention but a few.

Mr. Aguolu is currently the principal partner of Osita Aguolu & Co (Chartered Accountants). He has so many books in accounting and taxation to his name and so many published articles in many revered journals.

He is married with children.


Patrick Ekemezie heads the management team as the MD/CEO. A 1989 graduate of Finance & Banking of University of Port Harcourt and MBA from Ambrose Alli University, Ekpoma. He has behind him varied experience and over nineteen year’s hands-on banking experience spanning all functional areas of banking. Mr. Ekemezie is married with children.

Mrs. Chika Nwauzu is the Head, Internal Audit and Control. She is a graduate of Accountancy of Institute of Management and Technology (IMT) Enugu and MBA from University of Calabar. Mrs. Nwauzu has been in banking for over seventeen years during which time she worked in different departments and units. She is married with children.

Mrs. Anyaka Amuche heads the Credit Department of the bank. She is a graduate of Banking and Finance of Federal Polythecnic Okoh and a Microfinance Certified Banker from Chartered Institute of Bankers of Nigeria. Mrs. Anyaka has over Thirteen years working experience in banking during which time she worked in different departments and units. She is married with children.

Mr. Ibelaka William is a native of Umuimenyi in Bende Local Government Area of Abia State. He graduated from the institute of Management & Technology Enugu in 2004, where he obtained HND in Accounting. He is an associate member of several profesional bodies in Nigeria which include the Institute of Chartered Accountants of Nigeria (ICAN), Nigerian Institute of Management (NIM) etc.

He has over 9 years of working experience at Management level in both financial and non – financial sector of the economy. He is presently the Head of Accounts in Ibeto Microfinace Bank limited, Nnewi. He is happily married

Miss Chiugo Doris Chukwulobe is the head of Information Technology (IT) department. She holds a Bachelor of Engineering degree in Mechanical/Production Engineering from Nnamdi Azikiwe University Awka. She is skilled IT specialist in system/database administration, a certified Oracle associate (OCA) and a Microfinance Certified Banker (MCIB CIBN).

Miss Chukwulobe worked with Nigeria Breweries Plc Lagos before joining Ibeto Microfinance Bank in 2008.

Mrs. Amaka Ejike who is a graduate of Accountancy from Institute of Management and Technology (IMT) Enugu heads the Banking Operations Department. She is an associate member of Association of National Accountants of Nigeria (ANAN). She is also a Microfinance Certified Banker of the Chartered Institute of Bankers of Nigeria

Mrs. Ejike worked with Nnamdi Azikiwe University Teaching Hospital (NAUTH) Nnewi before joining the bank in 2003 and has worked in different departments.

She is married with children.

Mrs. Arinze Assumpta heads the Marketing Department of the bank. She is a graduate of Accountancy of Nnamdi Azikiwe University Awka and a Microfinance Certified Banker from Chartered Institute of Bankers of Nigeria. Mrs. Arinze has over twenty – Two years working experience in banking during which time she worked in different departments and units. She is married with children.