I am thrilled to share the remarkable achievements of my first year as Managing Director/CEO of the Benue Investment and Property Company (BIPC). Our journey has been marked by innovation, growth, and strategic expansion.
On October 29, 2023, His Excellency, the Executive Governor of Benue State, Rev. Fr. Dr. Hyacinth Iormem Alia appointed me as Managing Director/CEO of BIPC. With a clear vision and mission, I embarked on a transformative path for the company.
Key Achievements
Benue Local Investors Forum (BELIF)
Shortly after assuming my role, I organized the inaugural Benue Local Investors Forum summit. This event successfully brought together local investors to discuss their activities and explore avenues for government support, fostering collaboration between the government and local enterprises.
Modernization of BIPC Headquarters
The Benue Investment House underwent significant restructuring and modernization, creating a conducive environment for staff. This upgrade enhances our team’s ability to serve the public effectively.
Guest House Renovations
We remodelled our Kaduna and North Bank guest houses into state-of-the-art facilities, ensuring a comfortable and enjoyable stay for all guests.
Completion of Housing Units
We successfully completed 14 units of three-bedroom flats at the BIPC Fountain Estate in Nyorgyungo, Makurdi, expanding our housing offerings.
Fitch Rating Achievement
Earlier this year, Benue State received commendable recognition from Fitch Ratings, which revised the outlook on our Long-term Issuer Default Rating (IDR) to positive, affirming it at “B”. This recognition reflects the commitment of His Excellency to sound fiscal policies that promote transparency and economic growth.
Launch of BIPC Bakery and Water Brands
In May, we launched a state-of-the-art bakery, providing fresh bread to the Benue people. Additionally, we introduced a bottled water brand, ensuring access to clean and affordable drinking water. These initiatives aim to break monopolistic tendencies in the market, providing quality products at competitive prices.
Introduction of Emperor Fertilizer
To support agricultural production, BIPC launched the processing of Emperor Fertilizer, offered at an affordable price to benefit farmers in Benue State.
Empowerment Initiatives for IDPs and Refugees
BIPC is dedicated to integrating internally displaced persons (IDPs) and refugees by allocating 15% of traineeships at our water and bakery factory to them. We also introduced a motorcycle hire purchase scheme for refugees in Ikyogen, providing them with economic opportunities.
Food Basket Brewery Development
1.2 hectares located at Akile village along Gboko Road, our brewery is 70% complete. This facility will create both direct and indirect employment opportunities for the youth of Benue State and align with the vision of His Excellency.
Revitalization of Ben Fruit
After being dormant since 2015, the Ben Fruit enterprise is undergoing maintenance and upgrades, reinforcing our commitment to economic development and job creation.
Bakery Expansion
Due to the high demand for our BIPC Loaf, we are expanding our bakery on Naka Road to improve production capacity and ensure a steady supply.
BIPC Motorcycle Hire-Purchase Scheme
BIPC Motorcycle Hire-Purchase Scheme is an innovative financing solution designed by our management to empower youths in our state. The program offers affordable motorcycle ownership through a flexible hire-purchase agreement.
Procurement of BIPC Official Cars
My management has also acquired official vehicles to help in the day to day operations of the company. When I resumed, I met two Toyota Hilux vans which were not even in a good condition for site visits, client meetings, emergency responses etc.
We conducted a need assessment and have procured six six official vehicles for accessibility and mobility of all official activity. Not just that, these vehicles are branded to represent the company’s image as well as brand recognition across the state
New Manufacturing Initiatives
We are establishing a manufacturing plant for polythene products and a nail manufacturing factory to meet the needs of the construction industry, generating employment opportunities for our community.
Strategic Partnerships
We have partnered with Radio Benue to develop a 90-unit Eco-City Estate, promoting sustainable urban development. Additionally, we signed agreements with a Chinese firm to create a mining and agricultural commodity hub in Benue, ensuring local farmers benefit through joint coordination. We are also collaborating with CNG providers to introduce 600 powered tricycles and motorcycles to reduce reliance on petrol-powered vehicles.
Forensic Audit Report: BIPC (2018-2023)*
This forensic audit examines BIPC’s financial transactions, operational processes, and management practices from 2018 to 2023. The audit aimed to identify potential irregularities, inefficiencies, and areas for improvement.
The forensic audit identified significant areas for improvement in BIPC’s financial management, operational processes, and management practices. Implementation of the recommended changes will enhance the organization’s efficiency, transparency, and accountability
Industrial Revolution drive for Bipc and Benue State
My management has indeed initiated an industrial revolution drive for BIPC and Benue State. This ambitious project aims to transform the state’s economy and create employment opportunities for its residents.
These initiatives demonstrate BIPC’s commitment to driving economic growth and industrialization in Benue State. Under my leadership, the company aims to create over 1 million jobs in the state’s industrial sector
Impact Highlights
Through these initiatives, we have created approximately 1,500 direct and indirect jobs across various sectors and significantly contributed to Benue State’s GDP growth.
Looking Ahead
As we enter our second year, we aim to embark on the following projects:
1. Agro Commodities HUB
2. Normal Saline Manufacturing
3. Calibration Centre
4. Nail Production
5. Expansion of Bread Factory
6. Eco City
7. Benue AIR
8. Pharmaceutical Centre
9. Vocational Training Centre
10. Eco Tourism Resort
11. Insurance
12. Automotive Parts Manufacturing
13. Biogas Production
14. CNG Kit Centre
15.Syringe manufacturing
Conclusion
I extend my deepest appreciation to His Excellency, Rev. Fr. Dr. Hyacinth Iormem Alia, for the opportunity to serve. I also thank the dedicated BIPC staff for driving the transformation we have achieved so far. Together, we will continue to propel economi transformation and prosperity in Benue State.
Dr. Raymond Asemakaha, CFA*
Managing Director/CEO, BIPC
