Rose Ejembi, Makurdi
Managing Director of Benue Property and Investments Company (BIPC), Barr. Alex Adum has put the net worth of the company as at today in terms of equities and properties to about N15 billion.
Adum who disclosed this in a chat with newsmen in his office last Friday stated that BIPC is worth about N4.5 billion in equities and about N10 billion in properties and assets which are in different parts of the country.
He however lamented that the current net worth of the company is a far cry from the N40 billion that it was worth in 1999 when democracy resumed.
“But you know that a whole lot of water had passed under the table at BIPC because assets were stripped on a very continuous basis. This is the first time that BIPC is getting respite for a number of years. And so, we are hoping that we will be able to rebuild these assets,” Adum said.
The Managing Director said since coming on board, his administration had commenced tracing of all lost properties and assets of the company in various parts of the country.
“We have traced our lost investments in Hill Station, Nigerian Electricity Supply Company (NESCO) both in Jos. We have traced our lost investments and assets in Lagos going back to 1976 during the assets sharing between Benue and Plateau State.
“By the time we get all of these assets back into the net, BIPC’s net worth will move to about N25 billion. That is about N20 billion in physical properties and assets, and about N5 billion in equities.
Adum said he is working hard to ensure that BIPC becomes the major, if not the leading investment house in the North Central Nigeria.
“Our vision initially was to become the leading investment house in Nigeria by 2025. That target cannot be met now. But we are determined that within the north central, BIPC will become the leading investment house by 2025,” he said