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From Scholastica Hir, Makurdi
On October 29, 2024, Dr. Raymond Asemakaha clocked one year in office as the managing director/CEO of the Benue Investment and Property Company (BIPC).
Our correspondent reports that the one year he has spent so far was marked by remarkable achievements: innovation, growth and strategic expansion of business concerns and job creation, among other incentives in the state, especially in Makurdi, the state capital.
In a scorecard he made available to newsmen in Makurdi, the thrilled Asemakaha said on October 29, 2023, the Governor, Rev. Fr. Hyacinth Alia, appointed him MD/CEO of BIPC with a clear vision and mission, with which he embarked on a transformative path for the company.
The MD, after resuming office, said he organized the inaugural Benue Local Investors Forum (BELIF) summit, which successfully brought together local investors to discuss their activities and explore avenues for government support, fostering collaboration between the government and local enterprises.
He quickly gave the Benue Investment House a facelift, restructuring and modernizing it and creating a conducive environment for staff, which has enhanced the team’s ability to serve the public effectively.
He also remodelled the guest houses in North Bank, Makurdi, and in Kaduna into state-of-the-art facilities, ensuring a comfortable and enjoyable stay for all guests.
He said: “We successfully completed 14 units of three-bedroom flats at the BIPC Fountain Estate in Nyorgyungu, Makurdi, expanding our housing offerings.”
Earlier this year, Benue State received commendable recognition from Fitch Ratings, which revised the outlook on the company’s Long-term Issuer Default Rating (IDR) to positive, affirming it at “B”. This recognition reflects the commitment of Governor Alia to sound fiscal policies that promote transparency and economic growth.
In May 2024, the BIPC team, led by Asemakaha, launched a state-of-the-art bakery, providing fresh bread to the Benue people. They further introduced a bottled water brand, ensuring access to clean and affordable drinking water.
These initiatives, he explained, were aimed to break monopolistic tendencies in the market, providing quality products at competitive prices.
To support agricultural production in the state, Asemakaha’s BIPC team launched the processing of Emperor Fertilizer and offered it at an affordable price to benefit farmers in Benue State.
Inside the heart of the business guru was also a philanthropist who led BIPC to dedicate time and resources to the plight of the internally displaced persons (IDPs) and refugees.
Under him, the company integrated these vulnerable groups by allocating 15 percent of traineeships at the water and bakery factory to them.
“We also introduced a motorcycle hire purchase scheme for refugees in Ikyogen, providing them with economic opportunities.”
Asemakaha has also commenced the construction of the Food Basket Brewery at 1.2 hectares land located at Akile village along Gboko Road. According to him, the brewery is 70 percent complete and will create both direct and indirect employment opportunities for the youth of Benue State in alignment with the vision of Governor Hyacinth Alia.
Currently undergoing maintenance and upgrades is the Ben Fruit enterprise who had been dormant since 2015, reinforcing the administration’s commitment to economic development and job creation.
Also due to the high demand for BIPC Loaf, the MD and his team are expanding the bakery on Naka road to improve production capacity and ensure a steady supply. He had also noted that the bakery would be extended to other Local Government Areas of the state to not only ensure affordable and steady supply of product but to also take of most Benue youth off the streets.
Under his leadership, the BIPC has also embarked on Motorcycle Hire-Purchase Scheme, an innovative financing solution designed by management to empower youths in the state. The program offers affordable motorcycle ownership through a flexible hire-purchase agreement.
The management also acquired official vehicles to help in the day to day operations of the company. He said “When I resumed, I met two Toyota Hilux vans which were not even in a good condition for site visits, client meetings, emergency responses and we conducted a need assessment and have procured six official vehicles for accessibility and mobility of all official activity.
Armed with a set of new manufacturing initiatives, BIPC, under the eyes of Asemakaha, is establishing a manufacturing plant for polythene products and a nail manufacturing factory to meet the needs of the construction industry, generating employment opportunities for the Benue community.
He said “We have partnered with Radio Benue to develop a 90-unit Eco-City Estate, promoting sustainable urban development. Additionally, we signed agreements with a Chinese firm to create a mining and agricultural commodity hub in Benue, ensuring local farmers benefit through joint coordination.
“We are also collaborating with CNG providers to introduce 600 powered tricycles and motorcycles to reduce reliance on petrol-powered vehicles.
He said they also carried out a forensic audit examining BIPC’s financial transactions, operational processes, and management practices from 2018 to 2023 to identify potential irregularities, inefficiencies, and areas for improvement.
“The forensic audit, he said identified significant areas for improvement in BIPC’s financial management, operational processes, and management practices. Implementation of the recommended changes will enhance the organization’s efficiency, transparency, and accountability
“My management has indeed initiated an industrial revolution drive for BIPC and Benue State. This ambitious project aims to transform the state’s economy and create employment opportunities for its residents.
“These initiatives demonstrate BIPC’s commitment to driving economic growth and industrialization in Benue State. Under my leadership, the company aims to create over 1 million jobs in the state’s industrial sector
“Through these initiatives, we have created approximately 1,500 direct and indirect jobs across various sectors and significantly contributed to Benue State’s GDP growth.”
He stated that in the second year, he and his team aim to embark on several projects which includes Agro Commodities HUB, Normal Saline Manufacturing, Calibration Centre, Nail Production, Expansion of Bread Factory, Eco City, Benue AIR, Pharmaceutical Centre, Vocational Training Centre, Eco Tourism Resort, Insurance, Automotive Parts Manufacturing, Biogas production, CNG Kit Centre as well as syringe manufacturing
He appreciated Governor Hyacinth Alia, for the opportunity to serve the state as well as the dedicated BIPC staff for driving the transformation so far achieved urging them on to enable them continue to propel economic transformation and prosperity in Benue State.
