BIPC Assets Surge To ₦25.15bn Under Alia
By Aloysius Chiahemba, Makurdi
From a company with assets valued at about ₦7.95 billion to one now estimated at ₦25.15 billion, the Benue Investment and Property Company (BIPC) says its asset base has grown by ₦17.2 billion in three years, following a shift towards industrialisation, production and investment under Governor Hyacinth Alia.
The Benue Investment and Property Company (BIPC) says its fortunes have changed significantly in three years, as it moved from a workforce of 121 employees to nearly 800, and from largely inactive industrial facilities to revived factories.
The Managing Director and Chief Executive Officer of BIPC, Dr Raymond Asemakaha, disclosed this while presenting the company’s performance under Governor Hyacinth Alia’s administration.
According to him, the company’s stock valuation has increased by approximately ₦17.2 billion since the current management took over, reflecting a significant expansion of its asset base.
Asemakaha said BIPC had depended largely on the sale of shares and properties before the present administration, with several industrial facilities either inactive or operating below capacity.
He said Governor Alia challenged the management to move beyond managing existing assets and focus on creating wealth through production, industrialisation and strategic investments.
The directive, he explained, became the foundation of a restructuring programme that has seen the company embark on the revival of factories and development of new commercial ventures.
Among the projects are the Food Basket Brewery, Bensono Concentrate Factory, Benval Juice Factory, BIPC Bakery and Water Factory, Eco City projects, Taraku Mills and Macafa Park.
Asemakaha disclosed that Bensono Concentrate had been revived and equipped with a fully automated production line capable of producing 40,000 bottles per hour.
He added that the Benval Juice Factory at the Industrial Layout in Makurdi was about 95 per cent complete, while the BIPC Bakery and Water Factory had commenced operations, with plans to launch its Otukpo branch in November.
Taraku Mills has also commenced test-running, with cake production already underway and Golden Soya Oil expected to enter the market soon.
The BIPC chief executive valued the Taraku asset at about ₦70 billion, saying its activation would provide farmers with opportunities to process their agricultural produce locally instead of selling raw commodities.
He said the company’s printing and nylon factory was equally producing for markets in Benue and neighbouring states, including Taraba and Nasarawa.
On institutional reforms, Asemakaha said BIPC had engaged Knight Frank to undertake asset valuation, geo-fencing and Geographic Information System (GIS) mapping to strengthen the management of its properties.
He disclosed that KPMG International had been engaged to support the company’s restructuring, corporate governance and investment policy reforms, while PKF Professional Services serves as its auditor.
The company, he added, was also working towards listing on the Nigerian Exchange (NGX), a move expected to strengthen its investment profile and corporate accountability.
Beyond the factories and property portfolio, the management said the expansion had translated into increased employment.
According to Asemakaha, BIPC’s workforce has grown from 121 employees at the time of handover to approximately 784, with further recruitment expected as new and revived enterprises become fully operational.
He attributed the growth in valuation to a deliberate departure from asset disposal towards production, manufacturing and local value addition.
“We did not go to China to import. We went to the farm to aggregate,” he said, explaining the company’s strategy of sourcing raw materials locally and building industries around Benue’s agricultural resources.
Asemakaha described the company’s expanding asset base as a form of generational savings, arguing that the investments being made would create lasting economic value beyond the tenure of the present administration.
He said the objective was to transform BIPC into a commercially viable investment institution capable of generating sustainable revenue, creating employment and retaining wealth within the state.
According to the figures presented by the management, BIPC’s stock valuation now stands at ₦25,150,927,722.63, compared with ₦7,949,075,082.30 three years ago.
“From handover to heritage, from ₦7.9 billion to ₦25 billion, the story has just begun,” Asemakaha said.
Join Our WhatsApp Community
