Benue Investment Firm Hits N17bn Net Worth

The management of Benue Investment and Property Company Limited (BIPC) has disclosed that the current total net worth of the company stands at N17.8 billion.

The managing director, Dr Raymond Asemakaha, who revealed this during a media briefing explained that the share capital of the company is N8.3 billion while the performing and non-performing assets of the company stand at N9.5 billion bringing the total net worth of the company to N17.8 billion.

The firm’s boss said he inherited a backlog of seven months salaries and allowances on assumption of office, adding that Governor Hyacinth Alia, on hearing these approved the clearing of the salary arrears and allowances owed to the staff which was done immediately to improve their productivity, reposition the company, and enhance profitability.

Asemakaha said, “When I assume office last November, i move swiftly to organise the first-ever Benue Local Investors Forum (BELIF2023), where we brought local investors together to identify challenges confronting investment and hindering business operations in the state.

“Our aspirations are that in the last quarter of this year, we shall organize the Beninvest 2024 Summit, where we shall usher in state economic prosperity similar to or more than that obtainable in Kaduna and with the summit, our target will be to make Benue State the number one investment destination in Nigeria, thereby attracting both foreign and local investments.”

“To key into the vision of the Governor, we have move to further formulate projects that will stimulate the economy and improve the Gross Domestic Product (GDP) of the state   from 5.4 to 8 million dollars, and I am glad to announce to the people that we will soon start a palm plantation and also launch Benue Palm Oil.

“Already we have initiated discussions with the state government to transfer moribund industries and other properties to the company to ensure proper management on behalf of the state. We desire to consolidate the non-performing assets of the company in Abuja and Kaduna to make sure that we revamp moribund industries in the state thereby creating employment and curtailing post-harvest losses,” he said.