BIPC recovers N133 billion assets in one year

The Benue Investment and Property Company Limited (BIPC) has recovered over N133 billion worth of assets within a year, following a review of properties allocated without payment between 2004 and 2008. Group Managing Director of BIPC, Dr. Raymond Asemakaha, disclosed this while addressing journalists at the Nigeria Union of Journalists (NUJ) Secretariat in Makurdi. Asemakaha […]

The Benue Investment and Property Company Limited (BIPC) has recovered over N133 billion worth of assets within a year, following a review of properties allocated without payment between 2004 and 2008.

Group Managing Director of BIPC, Dr. Raymond Asemakaha, disclosed this while addressing journalists at the Nigeria Union of Journalists (NUJ) Secretariat in Makurdi.

Asemakaha explained that the recovery was initiated upon his assumption of office, during which he discovered that staff salaries had not been paid for seven months. 

He said that the recovered funds were used to settle salary arrears and fund new ventures, including the BIPC bread factory.

“The books were not clean, and the company was not generating profit. We needed to diversify and redirect our economic focus, which led to the introduction of micro-businesses,” he said.

The GMD noted that among the new ventures launched are a bread factory, water production plant, nail and fertiliser manufacturing, and a motorcycle hire-purchase scheme that has leased 71 bikes to riders.

He added that proceeds from bread sales are deposited in Novus Microfinance Bank, a BIPC subsidiary, where youths in the state can access loans through the bank to start businesses, a move he said helps reduce capital flight and retain money within Benue State.

 “In one year, we have directly employed over 580 staff and created more than 3,080 indirect jobs for indigenes who sell our bread along the roads,” he added.

Asemakaha disclosed that BIPC plans to launch a juice factory along Naka Road by October 1, 2025, noting that the facility, with a 65,000-liter capacity, is 100 percent installed, and testing is scheduled to begin in August.

He said, “We aim to set a benchmark in pricing by buying fruits directly from local farmers and determining market rates, especially for Benue’s high-quality oranges and mangoes that are often sold to the North at inflated prices.”