BIPC Stocks Valuation Hits N25.1Billion Growth In 3yrs Under Gov Alia- GMD

From Attah Ede, Makurdi

The Group Managing Director of Benue Investment Company(BIPC), Raymond Asemakaha has disclosed that the company’s stock valuation has grown from ₦7.9 Billion to  ₦25.1 Billion in the last three years of governor Hyacinth Alia’s administration.

He further stated that the growth showed a net increase of ₦17.2 Billion representing  a 216% that had tripled the value of the company from the date he took over as  Managing Director of the company, years ago.

The GMD made the disclosure at a press conference held at the company’s corporate headquarters in Makurdi.

Dr. Asemakaha who highlighted some of the achievements of the company recorded in the last three years under his watch, announced that BIPC is on the verge of being listed on the Nigerian Exchange (NGX) market to attract more profits to the State.

He maintained that the company has succeeded in constructing the Food Basket Brewery where Benue sorghum, paddy rice, and cassava from our farmers in Guma, Logo, Kwande, and other areas are being used for production.

“We revived and equipped Bensono Concentrate with high turn-key technology, with a full automatic concentrate line with a capacity of 40,000 bottles per hour, and changed the price of oranges in the market. As a result, oranges in Katsina-Ala, Vandeikya, and Ushongo will no longer rot.

“We have built the Benval Juice Factory — a 160,000-ton juice factory currently at 95% completion at the Industrial Layout. 

We built BIPC Bakery and Water Factory to feed our children with Benue-made bread. The Otukpo branch will soon be launched in November.

“We are building 150 units of Eco City Phase 1, 2, and 3 with Krecheche businesses like bread and water. Taraku Mills is currently on a test-run. Cake is currently available for market rollout, and our Golden Soya Oil will be available soon.

“Macafa Park is currently on the way to commissioning while BIPC Head Office is currently undergoing a facelift, just to mention a few”, Asemakaha stated 

The BIPC boss assured that all factories built and revived will be managed by expatriates with support from  local staff for knowledge transfer, under his guidance as a sustainability process.

He intimated that BIPC assets are currently undergoing valuation, geo-fencing and GIS mapping by Knight Frank, a UK-based company.

According to him, the Taraku asset worth ₦70 Billion that was dead on the balance sheet is now active, where people can now work and farmers can now add value to their raw materials instead of selling them raw.

He maintained that a proposed bill for Benue State Raw Materials Value Addition and Processing, with mandatory 30% local processing, would soon be passed, while the printing and nylon factory is now printing rolls for Taraba, Lafia, Makurdi, and other markets.

” Our money now stays in Benue State. BIPC has now been rated by Agusto & Co, now S&P, with AA Rating. Fitch Ratings has rated Benue State Government with B+ Rating, hence the influx of investors. No investor goes to a state that is not rated.

“KPMG International has done 100% restructuring of BIPC, including appointments of the GMD and Board of Directors. 

The restructuring includes corporate governance and investment policy, for those who are waiting for our 8 years to elapse to sell state assets.

“PKF Professional Services are our Auditors. For those looking for our financials, always check our website to download and know if we are making progress or not”, .

“I received a handover from 121 staff. Today, we are about 784 staff and are yet to recruit for Zeva, Benval Juice, Taraku Mills, and Bensono.

“This administration has capable and competent people at the helm of affairs and that is why His Excellency’s administration has been able to reverse the negative growth of -3.2% to a positive growth of 2.8%”, he maintained