BIPC Shifts From Property Sale To Industrial Production, As Valuation Hits N25bn –  Asemakaha

The Group Managing Director (GMD), Benue Investment and Property Company (BIPC), Dr Raymond Asemakaha said, the company has shifted from dependence on the sale of shares and properties to industrial production, with its stock valuation rising from N7.9 billion to N25.15 billion in three years.

He explained that under the leadership of the State Governor, Rev Fr Hyacinth Alia, the N17.2 billion increase is evidence of a renewed focus on manufacturing, agricultural processing and long-term asset development.

Asemakaha, who disclosed this while presenting the performance report of BIPC, on his three years in office stated that the company which had a stock valuation of N7,949,075,082.30 at takeover, now stands at N25,150,927,722.63, representing a growth of approximately 216 per cent.

Asemakaha further stated that the Alia administration had redirected BIPC towards creating wealth through production rather than relying on the disposal of public assets.

“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,” he said.

He attributed the turnaround to Alia’s directive to build productive industries, create jobs and process locally sourced raw materials instead of importing what the state could produce.

Among the projects he listed were the Food Basket Brewery, designed to use locally sourced sorghum, rice and cassava; the revived Bensono Concentrate factory, with an automated production capacity of 40,000 bottles per hour; and the Benval Juice Factory, which he said was 95 per cent complete, with a planned capacity of 160,000 tonnes.

Others include the BIPC Bakery and Water Factory, the Eco City housing project, Macafa Park and the ongoing facelift of the company’s headquarters.

Asemakaha also stated that Taraku Mills had commenced test runs, with its cake ready for market rollout and Golden Soya Oil expected soon.

The mill, whose assets he valued at N70 billion, is expected to provide an outlet for farmers’ produce and promote local processing.

He further explanation that BIPC’s printing and nylon factory was supplying markets in Taraba, Lafia, Makurdi and other locations, retaining more businesses within the state.

Furthermore, he noted that the company was undergoing asset valuation, geo-fencing and geographical information system mapping by Knight Frank, while KPMG International had supported its restructuring, including corporate governance and investment policies.

According to him, PKF Professional Services serves as the company’s auditor, while BIPC is working towards listing on the Nigerian Exchange Group.

The GMD said the company’s workforce had grown from 121 employees at takeover to about 784, with additional recruitment planned for Zeva, Benval Juice, Taraku Mills and Bensono as operations expand.

He further disclosed that BIPC had received an AA rating from Agusto & Co, while the Benue State Government had obtained a B+ rating from Fitch Ratings, which he said could strengthen investor confidence.

Asemakaha pointed out that the administration’s economic strategy was also aimed at reversing negative growth of -3.2 per cent to positive growth of 2.8 per cent, though he did not provide further details on the figures.

He maintained that the company’s new direction was centred on linking agriculture with industry, creating markets for farmers and expanding employment opportunities, stressing that “We did not go to China to import. We went to the farm to aggregate.”

Describing the increase in BIPC’s valuation as a form of long-term public wealth, Asemakaha said the goal was to build productive assets that would outlast the current administration.

“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.

The BIPC boss added that BIPC’s transformation was intended to lay the foundation for a stronger industrial economy in Benue, with benefits extending beyond the present administration. End.

Tor Vande-Acka is a correspondent with Independent Newspapers.

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