In this work, the potentials of Bambusa vulgaris grown in southeast Nigeria for the manufacture of wood-cement composite panels were studied. Representative culms of Bambusa vulgaris were collected from a 4-year-old stand at lower Anambra river basin, southeast, Nigeria. Fiber morphological properties and proximate chemical analysis were determined in accordance with the provisions of the Technical Association of the Pulp and Paper Industries (TAPPI, 1998). Fiber slenderness ratio was 160.95:1, component solubility of 3.09, 5.60, and 19.8 percent for cold water soak for 24 hrs; hot water soak at 80°C for 1 hr, and 1% NaOH soak for 24 hrs respectively. Composite panels were made at 1200 kg/m3 and 800 kg/m3 density levels with flakes of different soak treatments (untreated/control; cold water soak for 24 hrs; water at 80°C soak for 1 hr and 1% NaOH soak for 24 hrs) at variable cement/B. vulgaris mix ratios (1:1, 1.5:1, 2:1, 2.5:1 and 3:1 wt/wt) with 3% CaCl2 as accelerator applied to the wood furnish before cement mixing. Prepared furnish was subjected to initial pre-pressing of 0.5 N/mm2 and final consolidation of 1.4 N/mm2 retained for 24 hrs. Panels were sampled and tested after 28 days for Modulus of Rupture (MOR) and Modulus of Elasticity (MOE) in bending and for water absorption (WA) and thickness swelling (TS) due to a 24-hr water soak. Test was in accordance with provisions of American Standard for Testing of Materials (ASTM-1998). Properties ranged from a low of 25.00 to 75.45 N/mm2 for MOR; 4128 to 15,065 N/mm2 for MOE; 15.01 to 36.11 percent for WA and 3.04 to 12.72 percent for TA. Effect of production mix on properties was determined using factorial analysis. Except for composite density whose effect was not significant at 0.05% level, all production mix was found significant at 0.01% level at the second order level of interactions. All panels met minimum property requirements of American National Standard Institute 208-2-1994 and 208-1-1993, British Standard (BS 5669, 1979) and Malaysian Standard (MS 934, 1984).