By Terdue Atondu, Makurdi
The stock valuation of the Benue Investment and Property Company (BIPC) has risen from ₦7.95 billion in 2023 to ₦25.15 billion in 2026, representing a 216 per cent increase in three years under Governor Hyacinth Alia’s administration.
The Group Managing Director and Chief Executive Officer of BIPC, Dr Raymond Asemakaha, disclosed this while briefing journalists at the company’s headquarters in Makurdi to mark his third anniversary in office.
Asemakaha attributed the growth to the state government’s renewed focus on industrialisation, local production, asset management and the revival of moribund industries.
He said the valuation represented an increase of approximately ₦17.2 billion, describing the development as evidence of the administration’s efforts to transform BIPC into a major driver of economic growth and job creation in Benue State.
“I did not come here to make a long speech. I came to present a simple balance sheet — the balance sheet of hope,” he said.
According to him, when he assumed office in 2023, the company’s total stock valuation stood at ₦7,949,075,082.30, while several assets remained underutilised and factories were either inactive or operating below capacity.
He said BIPC had previously depended largely on share sales and property disposals, with limited industrial production to stimulate economic activities and create employment opportunities.
Asemakaha recalled that Governor Alia had charged him to move the company away from managing economic hardship towards creating sustainable prosperity through investments in productive enterprises.
“He 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,’” he said.
The BIPC chief executive explained that the directive informed the company’s restructuring and investment strategy, which prioritises the processing of agricultural produce, revival of industrial assets and creation of markets for locally sourced raw materials.
Factories Drive Industrialisation
Highlighting the achievements recorded under his leadership, Asemakaha said BIPC had embarked on several industrial projects aimed at adding value to agricultural produce and expanding the state’s manufacturing capacity.
He listed the Food Basket Brewery as one of the company’s flagship investments, explaining that it was designed to utilise sorghum, paddy rice and cassava sourced from farmers in Guma, Logo, Kwande and other parts of the state.
He also disclosed that the Bensono Concentrate facility had been revived and equipped with an automated production line with a capacity of 40,000 bottles per hour.
According to him, the facility is expected to create a ready market for oranges produced in Katsina-Ala, Vandeikya, Ushongo and other farming communities, helping to reduce post-harvest losses.
Asemakaha further said the Benval Juice Factory, located at the Industrial Layout in Makurdi, was 95 per cent complete, with a projected processing capacity of 160,000 tonnes.
He added that BIPC had established bakery and water production facilities to supply locally manufactured products, noting that the company’s Otukpo branch was expected to be launched in November
Other projects, he said, include the development of 150 housing units under Eco City Phases One, Two and Three, alongside the expansion of associated businesses such as bread and water production.
He disclosed that Taraku Mills had commenced test runs, while cake production was ready for market rollout and Benue Golden Soya Oil was expected to become available soon.
Asemakaha also listed Macafa Park as one of the projects approaching commissioning and said the BIPC headquarters was undergoing renovation.
Taraku Mills, Other Assets Under Review
The BIPC managing director said the company’s assets were undergoing valuation, geo-fencing and geographical information system mapping by Knight Frank, an international property consultancy firm based in the United Kingdom.
He described the activation of Taraku Mills as a major milestone, saying an asset previously valued at about ₦70 billion had been brought back into productive use.
According to him, the revival would provide employment opportunities and enable farmers to process their agricultural produce rather than sell it in raw form.
He also disclosed that a proposed Benue State Raw Materials Value Addition and Processing Bill, which would require at least 30 per cent local processing, was expected to be passed to strengthen the state’s industrial development agenda.
Asemakaha said BIPC’s printing and nylon factory was also producing materials for markets in Taraba, Lafia, Makurdi and other locations.
He added that the expansion of local production was helping to retain more economic value within Benue State instead of allowing businesses to depend excessively on products sourced from outside the state.
Rating, Corporate Governance Reforms
On the company’s institutional reforms, Asemakaha said BIPC had undergone a restructuring exercise involving KPMG International, covering corporate governance, investment policy and the company’s management structure.
He said the restructuring was intended to strengthen accountability, improve operational efficiency and establish a sustainable framework for managing government-owned assets.
According to him, PKF Professional Services serves as the company’s auditor, while its financial statements are available on its website for public scrutiny.
He further disclosed that BIPC was working towards listing on the Nigerian Exchange, a move he said would support transparency and expand opportunities for investment.
Asemakaha also said the company had received an AA rating from Agusto & Co, while Fitch Ratings had assigned Benue State Government a B+ rating.
He argued that credible ratings could improve investor confidence and make the state more attractive to businesses seeking investment opportunities.
The managing director added that the company’s factories would be managed by expatriates working alongside local employees to facilitate skills transfer and ensure the sustainability of the investments.
Workforce Expands to 784
Asemakaha said BIPC’s workforce had increased from 121 employees when he assumed office to approximately 784, reflecting the expansion of its operations.
He, however, noted that additional recruitment would be required for the Benval Juice Factory, Taraku Mills, Bensono Concentrate and Zeva, among other businesses.
He attributed the growth in employment to the administration’s decision to invest in productive ventures rather than rely solely on the sale of government assets.
The BIPC chief executive also said the company had adopted an approach centred on sourcing agricultural produce locally instead of importing raw materials from foreign markets.
“We did not go to China to import. We went to the farm to aggregate,” he said.
Alia’s Administration Reverses Economic Decline — Asemakaha
Asemakaha commended Governor Alia for appointing what he described as competent personnel to manage the state’s institutions, arguing that the administration’s economic policies were beginning to yield results.
He claimed that Benue’s economic growth had improved from a negative 3.2 per cent to a positive 2.8 per cent under the current administration.
He described the increase in BIPC’s stock valuation as a form of generational savings, arguing that investments in productive assets would provide lasting economic benefits beyond the tenure of the current government.
“Previous governments spent money. This government is saving money. This ₦25 billion is stock valuation as of today. That is what leadership is all about,” he said.
To illustrate the potential of government-owned enterprises, Asemakaha cited examples from Singapore, China, India, Vietnam and Burkina Faso, where state-owned businesses play roles in economic development.
He said BIPC was positioning itself to follow similar models by strengthening its commercial operations, creating employment and supporting local industries.
‘Alia Is Building for 2057, Not 2027’
Asemakaha described the industrial projects as part of Governor Alia’s long-term economic legacy, saying the focus was on creating sustainable opportunities for future generations rather than pursuing short-term political gains.
He said the administration was challenging the perception that Benue could not manufacture products such as beer, process its agricultural produce or develop a strong industrial base.
According to him, the state’s agricultural resources provide a solid foundation for expanding manufacturing, reducing waste and improving household incomes.
Addressing the people of Benue, he said the fastest route to job creation was to produce more goods locally and strengthen the connection between farmers and industries.
“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.
Asemakaha maintained that the increase in BIPC’s valuation from ₦7.9 billion to ₦25.15 billion demonstrated the potential of a state-owned investment company to support industrialisation and economic development when properly managed.
He expressed optimism that ongoing projects and planned investments would further expand the company’s asset base, boost local production and create additional employment opportunities across Benue State.
