BIPC’s Total Net Worth Reaches N17.8 Billion, Says MD

Benue Investment and Property Company Limited (BIPC) has revealed that its current total net worth stands at N17.8 billion.

The Managing Director, Dr. Raymond Asemakaha, who disclosed this during a media briefing, explained that the company’s share capital is N8.3 billion, while its performing and non-performing assets amount to N9.5 billion, contributing to the overall net worth.

He noted that upon assuming office, he inherited a backlog of seven months’ worth of salaries and allowances, however, following Governor Hyacinth Alia’s approval, the salary arrears and allowances were promptly cleared to enhance productivity and reposition the company for increased profitability.

He said, ‘When I assumed office last November, I moved swiftly to organise the first-ever Benue Local Investors Forum (BELIF2023), bringing local investors together to identify challenges facing investment in the state.

“Our aspirations are to organise the Beninvest 2024 Summit in the last quarter of this year, aiming to make Benue State the number one investment destination in Nigeria, attracting both foreign and local investments.”

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Dr. Asemakaha shared plans to stimulate the economy and improve the Gross Domestic Product (GDP) of the state. According to him, the initiatives include starting a palm plantation and launching Benue Palm Oil.

He added that discussions with the state government were underway to transfer moribund industries and properties to the company for efficient management.

He said, “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, 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.

“As such, I’ve therefore directed our real estate and investment department to commence work on 10 out of the 23 hectares of land the company has in Abinsi, Guma LGA area of the state, for the palm plantation project. We also agreed that the remaining 13 hectares of land at Abinsi would be used for a low-income earners’ Estate in the state”

During a visit to the company’s Fountain Estate at Nyorgyungu, Makurdi, Dr. Asemakaha identified financial impropriety, revealing that over 700 million was disbursed for the project, but only 16 out of the 30 units were completed when he took over.