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From Scholastica Hir, Makurdi
The stock valuation of the Benue Investment and Property Company (BIPC) has increased from ₦7.9 billion to ₦25.15 billion in three years under Governor Hyacinth Alia’s administration.
The Group Managing Director of BIPC, Dr Raymond Asemakaha, disclosed this while presenting the company’s performance report, saying the increase represents a reported growth of about 216 per cent.
Asemakaha, who briefed newsmen on Wednesday, also attributed the increase to the revival of industrial assets, the establishment of new factories and the restructuring of the state-owned investment company.
Presenting what he referred to as “the balance sheet of hope”, Asemakaha said: “Three years ago, when His Excellency entrusted BIPC to me, he did not just hand over a company. He handed over a question that Benue people have asked for 20 years: ‘Can Benue make money for Benue?’ Today, I have the answer.”
The BIPC boss said that when the current administration took over in 2023, the company’s stock valuation stood at ₦7,949,075,082.30, compared with ₦25,150,927,722.63 recorded in the latest valuation, representing an increase of approximately ₦17.2 billion.
“He (Governor Alia) said to me, ‘Raymond, don’t manage poverty. Produce prosperity. Don’t borrow money to pay salaries, make money to build factories. Don’t import what Benue can produce.’ That instruction became our Root Cause Analysis 2024. That instruction became our roadmap.”
He explained that BIPC had previously relied heavily on the sale of shares and properties, while several industrial assets remained inactive, limiting the company’s capacity to generate revenue, create jobs and support economic activities in the state.
According to him, Governor Alia’s administration adopted a production-driven strategy aimed at transforming BIPC into a viable investment institution by developing local industries, processing agricultural produce and reducing dependence on imported products.
Among the projects highlighted was the Food Basket Brewery, which is expected to utilise locally sourced sorghum, paddy rice and cassava from farmers in Guma, Logo, Kwande and other parts of Benue State.
Asemakaha also announced the revival and upgrading of Bensono Concentrate with an automated production line capable of processing up to 40,000 bottles per hour.
He said the investment was intended to expand fruit processing and create a market for orange farmers in Katsina-Ala, Vandeikya and Ushongo.
He further disclosed that the Benval Juice Factory, with a stated capacity of 160,000 tonnes, was 95 per cent complete at the time of his presentation.
The project is expected to strengthen local fruit processing and create additional opportunities for farmers and other businesses along the agricultural value chain.
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Other investments include the BIPC Bakery and Water factory, the ongoing development of 150 housing units under Eco City Phases One to Three, and the revival of Taraku Mills, which he said had commenced test runs.
He added that cake production was ready for market rollout, while Golden Soya Oil was expected to become available subsequently.
The BIPC managing director said the activation of Taraku Mills had returned an asset valued at about ₦70 billion to productive use, creating opportunities for employment and the processing of agricultural raw materials.
The valuation figure, he said, represented the asset’s worth rather than additional cash revenue generated by the company.
He also disclosed that BIPC’s printing and nylon factory was producing materials for markets in Taraba, Lafia, Makurdi and other locations, a development he said would help retain more business transactions and economic value within Benue State.
As part of efforts to strengthen asset management, Asemakaha said BIPC’s properties were undergoing valuation, geo-fencing and geographical information system mapping by Knight Frank.
He added that KPMG International had undertaken a restructuring of the company, including changes to its corporate governance and investment policies, while PKF Professional Services served as its auditors.
He further stated that BIPC had received an AA rating from Agusto & Co, and that the company was working towards listing on the Nigerian Exchange.
He also noted a B+ rating for the Benue State Government by Fitch Ratings, which he associated with efforts to attract investors.
On employment, Asemakaha said the company’s workforce had increased from 121 employees at the time of handover to about 784, with further recruitment expected for Zeva, Benval Juice, Taraku Mills and Bensono as operations expand.
He added that a proposed Benue State Raw Materials Value Addition and Processing Bill, which seeks to make 30 per cent local processing mandatory, was expected to support industrial development by encouraging businesses to process agricultural produce within the state rather than sell it exclusively in raw form.
He also urged members of the public to consult BIPC’s published financial statements to assess its performance, stressing that the reported increase in stock valuation reflected the administration’s drive to build a productive state-owned investment company.
