The company was founded on June 19, 1978, under the name Ondo State Bricks Work Limited, and was owned by the then-Ondo State Government (now Ondo and Ekiti States). However, activities didn’t start until 1980.The company was forced to close between 1991 and 1998 due to a variety of issues, including inexperienced production staff,  lack of marketing initiatives, and a lack of production capacity, as a result, the then-Ondo state government invited Odu’a Investment Company Limited to become a shareholder in 2007.

The Ekiti State Government established a project implementation committee/interim Board on November 3, 2008, to manage the rehabilitation effort, where an SPV was created and incorporated as IRE CLAY PRODUCTS LIMITED.In 2007, Odu’a Investment Company Limited through the Etex Group (her partner in Nigerite Limited) contacted Ceratec of Belgium to help restructure and rehabilitate the brick plant.

However, the  Ekiti state government published an advertisement in 2021 for interested parties to submit bids for the company’s shares in which New Frontier Developments Limited a Private Equity Company  emerged as the majority shareholder with 60% of shares, Fountain Holdings Limited with 28% of shares and Odu’a Investment Company Limited holding 12% of shares.