From JOHNSON NONGU, Makurdi
The Benue Investment and Property Company (BIPC) has reported an increase in its asset valuation from N7.95 billion to N25.15 billion in three years, as it prepares to list on the Nigerian Exchange.
The Group Managing Director, Raymond Asemakaha, presented the company’s performance report on Wednesday in Makurdi, attributing the growth to Governor Hyacinth Alia’s industrialisation drive, the revival of dormant assets and increased local production.
The valuation represents a rise of about N17.2 billion, or 216 per cent, over the period.
Asemakaha said the company had expanded its operations and revived several facilities, including Taraku Mills, which is undergoing test runs, while its cake product is ready for market rollout. Golden Soya Oil is also expected to enter the market soon.
The Benval Juice Factory is 95 per cent complete, while the Bensono Concentrate automated production line can produce 40,000 bottles per hour.
He said BIPC’s workforce had grown from 121 employees to about 784, alongside investments in the Food Basket Brewery, BIPC Bakery and Water Factory, Eco City, Macafa Park, and printing and nylon production facilities.
The company has also undertaken asset valuation and geographical information system mapping through Knight Frank, while KPMG supported its restructuring and governance processes. PKF serves as its auditor.
Asemakaha said the company had received an AA rating from Agusto & Co and was working towards listing on the Nigerian Exchange.
“We did not go to China to import. We went to the farm to aggregate,” he said, describing the company’s approach to sourcing and local production.
He also highlighted a proposed law requiring at least 30 per cent local processing, which he said would support the state’s industrialisation efforts.
“From handover to heritage, from N7.9 billion to N25 billion, the story has just begun,” Asemakaha said.