By John Attah
The Benue Investment and Property Company (BIPC) has increased its asset valuation from N7.9 billion to N25.15 billion in three years, representing a growth of approximately 216 per cent under Governor Hyacinth Alia’s administration.
The Group Managing Director of BIPC, Dr Raymond Asemakaha, disclosed this in Makurdi while outlining the company’s achievements in industrialisation, the revival of dormant industries, local production and employment generation.
Asemakaha said the company’s asset valuation had risen by approximately N17.2 billion since the current administration took over, attributing the growth to a deliberate shift from selling assets to investing in productive ventures.
He recalled that BIPC had previously relied on the sale of shares and properties for survival, while factories remained dormant and valuable land resources were underutilised.
According to him, the transformation followed Governor Alia’s directive to reposition the company as a wealth-generating institution through local production and industrial development.
Quoting the governor, Asemakaha said: “Raymond, do not manage poverty. Produce prosperity. Don’t borrow money to pay salaries, make money to build factories. Do not import what Benue can produce.”
He said the directive had become the guiding principle behind the company’s investments in manufacturing, agro-processing, housing and small businesses.
Among the major projects, Asemakaha listed the Food Basket Brewery, designed to utilise locally sourced sorghum, rice and cassava, and the revival of Bensono Concentrate, which has been equipped with an automated production line capable of producing 40,000 bottles per hour.
He said the investment in Bensono Concentrate would create a ready market for orange farmers in Katsina-Ala, Vandeikya and Ushongo local government areas, while strengthening the link between agriculture and industrial production.
The BIPC boss also disclosed that the Benval Juice Factory was 95 per cent complete, while the company had established a bakery and a water factory. Its Otukpo branch, he added, was scheduled for launch in November.
In the housing sector, he said BIPC had developed 150 housing units under Eco City Phases One, Two and Three, alongside initiatives aimed at supporting small businesses.
Asemakaha further revealed that Taraku Mills, which had remained dormant for years, was undergoing test production, with its cake product ready for market rollout and Golden Soya Oil expected to follow.
He added that Macafa Park was approaching commissioning, while renovation work was ongoing at the BIPC headquarters.
The company’s printing and nylon factory, according to him, was already producing printing rolls for markets in Taraba, Lafia, Makurdi and other locations.
On plans to deepen local industrialisation, Asemakaha disclosed that a proposed Benue State Raw Materials Value Addition and Processing Bill would make at least 30 per cent local processing mandatory, a measure he said would promote industrial growth and improve farmers’ earnings.
He said the policy was intended to ensure that more of the value generated from Benue’s agricultural produce remained within the state instead of being lost through the export of unprocessed raw materials.
“We did not go to China to import. We went to the farm to aggregate. BIPC’s strategy is to utilise local raw materials, expand production and retain wealth within Benue State,” he said.
On corporate governance and asset protection, Asemakaha said BIPC properties were undergoing valuation, geo-fencing and geographical information system mapping by Knight Frank.
He also disclosed that KPMG International had restructured the company, including its corporate governance and investment policies, while PKF Professional Services served as its auditors.
According to him, BIPC had received an AA rating from Agusto & Co, while the Benue State Government had been assigned a B+ rating by Fitch Ratings.
He said the company was working towards listing on the Nigerian Exchange Limited (NGX), a move he said would strengthen its financial position, improve accountability and support future investments.
The GMD said the expansion of the company’s operations had also translated into increased employment, with its direct workforce rising from 121 employees at the time of handover to about 784.
He added that further recruitment was expected as Zeva, Benval Juice, Taraku Mills and Bensono Concentrate expanded their operations.
Asemakaha said expatriates would work alongside Nigerian employees in some of the revived and newly established factories to facilitate technology transfer, build local capacity and ensure the sustainability of the investments.
Describing the increase in asset valuation as a form of generational savings, he said the administration was building productive assets intended to benefit future generations rather than relying on short-term gains.
“Previous governments spent money. This government is saving money. This N25 billion is stock valuation as of today. That is what leadership is,” he said.
He commended Governor Alia for supporting the state’s industrialisation drive, stressing that the investments were designed to deliver benefits beyond the current administration.
“You are not building for 2027. You are building for 2057, for our children who are not yet born,” he said.
Asemakaha, however, urged residents to patronise locally manufactured goods, saying consumer support would be critical to sustaining the factories, creating jobs and retaining wealth within the state.
“The fastest way to create jobs is not to import prosperity, but to produce it. When we eat what we grow, drink what we brew, and wear what we make, wealth stays in Benue,” he said.
