The Benue Investment and Property Company (BIPC) has increased its stock valuation to N25.1 billion in three years, representing a 216 per cent growth under Fr. Hyacinth Alia’s administration.
TNT understands that when the current management of the company took over, the total stock valuation of BIPC was N7,949,075,082.30 (N7.9b)
BIPC Group Managing Director Dr Raymond Asemakaha disclosed this while presenting the corporation’s performance report, describing the N17.2 billion increase as evidence of the state government’s drive to build a productive economy.
Dr Asemakaha said the company’s stock valuation stood at N7,949,075,082.30 when the current management took over, but rose to N25,150,927,722.63, more than tripling within three years.
He attributed the growth to the revival of moribund industries, establishment of new factories, improved asset management and a shift from dependence on property and share sales to local production and value addition.
Highlighted projects included the Food Basket Brewery, Bensono Concentrate, Benval Juice Factory, BIPC Bakery and Water Factory, and the ongoing revival of Taraku Mills.
He said Bensono Concentrate had been equipped with an automated production line capable of processing 40,000 bottles per hour. At the same time, the Benval Juice Factory, with a projected capacity of 160,000 tonnes, was 95 per cent complete.
Dr. Asemakaha added that Taraku Mills had commenced test-running, with cake ready for market rollout and Golden Soya Oil expected to follow. He said the revival had also activated Taraku’s assets, previously valued at about ₦70 billion but lying dormant on the company’s balance sheet.
The GMD disclosed that BIPC’s workforce had increased from 121 employees at takeover to about 784, with further recruitment expected for the Benval Juice, Taraku Mills, Bensono and Zeva projects.
He also said the company’s assets were undergoing valuation, geo-fencing, and geographical information system mapping by international property consultancy Knight Frank, while KPMG International reviewed its restructuring and corporate governance framework.
According to Dr Asemakaha, BIPC has received an AA rating from Agusto & Co, now part of S&P. In contrast, the Benue State Government has received a B+ rating from Fitch Ratings, developments he said could strengthen investor confidence.
Dr Asemakaha said the company was also preparing for a potential listing on the Nigerian Exchange, adding that its printing and nylon factory was already supplying markets in Taraba, Lafia and Makurdi.
He said the state government was pursuing a proposed law to mandate at least 30 per cent local processing of raw materials, a move intended to boost industrialisation, create jobs and increase earnings for farmers.
The BIPC boss said the company’s expansion reflected the administration’s determination to create wealth through production rather than imports, adding that the ultimate goal was to ensure Benue retained more value from its agricultural resources.
He described the increase in the company’s valuation as a form of generational savings, arguing that the government was building productive assets for future generations rather than merely spending public resources.
