BIPC MD counts achievements, projects future
By Titus Atondu, Makurdi
The Managing Director and the Chief Executive Officer, Benue Investment and Property Company (BIPC), Dr. Raymond Asemakaha, is beaming with smiles, as he gazes into the future as the Benue portfolio management and investment company.
On 29th October last year, the Executive Governor of Benue State, Rev. Fr. Dr. Hyacinth Iormem Alia, appointed Dr. Asemakaha, as Managing Director/CEO of BIPC, with a clear vision and mission, to embark on a transformative path for the company.
“Together, we will continue to propel economic transformation and prosperity in Benue State,” says Dr. Asemakaha, as he shares the remarkable achievements of his first year as Managing Director/CEO of BIPC. And according to Dr. Asemakaha, the journey has been marked by innovation, growth, and strategic expansion.
Key achievements by the MD include the following;
– Benue Local Investors Forum (BELIF)
Shortly after assuming his new role, he organised 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.
— Modernisation of BIPC Headquarters
The Benue Investment House underwent significant restructuring and modernization, creating a conducive environment for staff. This upgrade enhances BIPC team’s ability to serve the public effectively.
— Guest House Renovations
BIPC remodelled the 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
BIPC successfully completed 14 units of three-bedroom flats at the BIPC Fountain Estate in Nyorgyungo, Makurdi, expanding the housing offerings.
— Fitch Rating Achievement
Earlier this year, Benue State received commendable recognition from Fitch Ratings, which revised the outlook on the BIPC 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, BIPC under the watch of the innovative MD, launched a state-of-the-art bakery, providing fresh bread to the Benue people. Additionally, BIPC 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 percent of traineeships at BIPC water and bakery factory to them. BIPC 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, BIPC brewery is 70 percent completion. 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 BIPC commitment to economic development and job creation.
— Bakery Expansion
Due to the high demand for BIPC Loaf, BIPC under the innovative leadership of the MD, is expanding its 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 BIPC management to empower youths in Benue state. The program offers affordable motorcycle ownership through a flexible hire-purchase agreement.
— Procurement of BIPC Official Cars
BIPC management has also acquired official vehicles to help in the day to day operations of the company. When he resumed office, he met two Toyota Hilux vans which were not even in a good condition for site visits, client meetings, emergency responses etc.
BIPC conducted a need assessment and have procured 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
BIPC 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 communities.
— Strategic Partnerships
BIPC has partnered with Radio Benue to develop a 90-unit Eco-City Estate, promoting sustainable urban development. Additionally, its signed agreements with a Chinese firm to create a mining and agricultural commodity hub in Benue, ensuring local farmers benefit through joint coordination. BIPC is also collaborating with CNG providers to introduce 600 powered tricycles and motorcycles to reduce reliance on petrol-powered vehicles.
— BIPC Forensic Audit Report (2018 – 2023)
The forensic audit examines BIPC’s financial transactions, operational processes and management practices from 2018 – 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 organisation’s efficiency, transparency and accountability.
— Industrial Revolution drive for BIPC and Benue State.
BIPC management has indeed initiated an industrial revolution drive for BIPC and the State. This ambitious project aims to transform the State’s economy and create employment opportunities for its residents.
These initiatives demonstrated BIPC’s commitment to driving economic growth and industrialization in the State under the able leadership as MD, the company aims to create over 1 million jobs in the State’s industrial sector.
— Impact Highlights
Through these initiatives, BIPC has created approximately 1,500 direct and indirect jobs across various sectors and significantly contributed to the State’s GDP growth.
— Looking Ahead
As the company enter the second year, its 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
The MD has extended his deepest appreciation to His Excellency, Rev. Fr. Dr. Hyacinth Iormem Alia, for the opportunity to serve. He also thanked the dedicated BIPC staff for driving the transformation they have achieved so far.
“Together, we will continue to propel economic transformation and prosperity in Benue State.” Dr. Asemakaha maintained.
