BIPC more than triples asset valuation to N25bn as it shifts from property sales to production
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Benue Investment and Property Company says its stock valuation has risen from N7.95bn to N25.15bn in three years, helped by a Knight Frank valuation, geo-fencing and GIS mapping of its property portfolio.
The stock valuation of the Benue Investment and Property Company (BIPC) has climbed from N7.95 billion to N25.15 billion in three years under Governor Hyacinth Alia's administration, the state-owned company's managing director said while presenting its scorecard.
Managing Director and Chief Executive Officer Dr Raymond Asemakaha said BIPC was valued at N7,949,075,082.30 when the current management took office, a figure he said depended largely on the sale of shares and properties while several assets and industrial facilities sat underutilised or idle. The current valuation of N25,150,927,722.63 represents an increase of about N17.2 billion over that period.
He said Governor Alia had directed the management to move beyond administering existing resources and to focus on wealth creation through production and investment, a shift that shaped a restructuring strategy built around reviving industrial and commercial ventures, creating jobs and adding value to locally produced agricultural commodities.
The portfolio now spans the Food Basket Brewery, Bensono Concentrate Factory, Benval Juice Factory, the BIPC Bakery and Water Factory, Eco City projects, Taraku Mills and Macafa Park. Asemakaha said Bensono Concentrate has been revived with a fully automated line capable of producing 40,000 bottles an hour, the Benval Juice Factory in Makurdi is about 95 per cent complete, and the bakery and water factory are operating with an Otukpo branch due in November. Taraku Mills has begun test runs, with cake production under way and Golden Soya Oil expected in the market shortly; the Taraku facility is valued at about N70 billion.
On its property holdings, Asemakaha said BIPC is undertaking valuation, geo-fencing and Geographic Information System mapping of its assets through Knight Frank, while its corporate structure and investment policies have been reviewed with support from KPMG International. PKF Professional Services serves as auditor, and the company is working towards a listing on the Nigerian Exchange.
He said the workforce has grown from 121 employees at handover to about 784, with further recruitment expected as the revived businesses expand. "We did not go to China to import. We went to the farm to aggregate," Asemakaha said, describing the emphasis on local sourcing and agricultural value addition as the basis for converting a company dependent on asset disposals into a productive investment institution.