The caucus of Ebonyi State lawmakers in the National Assembly in Abuja has cautioned the Ibeto Cement Company Limited to hands off the Nigercem factory in Nkalagu.

Reports say that the Nkalagu cement factory, established in 1954, was jointly owned by the Federal Government and the five states in the South East zone.

The Tide also gathered that Eastern Bulkcem Limited, the core investor purportedly sold the company to Ibeto Group due to its lack of capacity to revive the moribund cement factory.

The caucus comprises senators and House of Representatives members from Ebonyi State in the National Assembly.

The Chairman of the Senate Committee on Police, Sen. Paulinus, issued the warning recently while addressing newsmen on behalf of Ebonyi lawmakers at the National Assembly.

Sen. Igwe was accompanied by Senators Chris Nwankwo, Sunny Ogbuoji, Rep. Peter Oge; Rep. Linus Aba-Okorie; Rep.Tobias Okwuru, Rep. Sylvester Ogbaga and Rep. Christopher Omo-Isu.

He lamented that the core investor was not keen on reviving the cement factory because due process was not followed in the privatisation of the factory.

He stated that Eastern Bulkcem Company, which came on board as core investor since 2002, had failed to convince the Ebonyi Government that it possesses the capacity to revive the moribund factory.

“Several years after the privatisation of the company, it became evident that the core investor was neither interested in nor capable of reactivating the company.

“It soon dawned on all and sundry that the core investor only acquired Nigercem as a means of gaining import licences from the federal government.

“We advice the Ibeto Group and its cohorts to keep away from Nigercem and Ebonyi State, as our people will never permit the fraudulent exploitation of its economic heritage,’’ he warned.

Sen. Igwe said the Caucus endorsed the efforts of Gov. Martins Elechi -led administration to modernise Nigercem in the overall economic interest of Ebonyi State.

However, speaking after the briefing, Rep. Peter Edeh, accused the group of bidding of some powerful individuals in the government house in Abakaliki.

Edeh represents Ezza North/Ishielu Federal Constituency of Ebonyi State.

Edeh requested that his name be removed from the list of the group because the other law makers were working in concert with the state government for some vested interests outside the state.

He said: “I hail from the local government where the company is located. What the state government is doing by fighting the core investor amount to sabotaging the economy of the state.

“I suspect that there is a sinister hand from outside, particularly, that of a strong cartel using the state government to frustrate the revival of the factory.‘’

Edeh said that the moves to frustrate the core investor from reviving the cement factory posed a serious threat to the economic wellbeing of the people of the area.