The Benue Investment and Property Company Limited (BIPC) has recovered over N133 billion from previously unpaid property allocations at Nyiman Layout in Makurdi.
The properties, which were distributed to individuals between 2004 and 2008, had been allocated without any form of payment made to the company.
This was revealed by BIPC’s Group Managing Director, Dr Raymond Asemakaha, during a press briefing in Makurdi, according to a report by the News Agency of Nigeria (NAN) on Wednesday.
Asemakaha said the irregularities were uncovered shortly after he assumed office, adding that BIPC staff had been owed salaries for over seven months at the time. Part of the recovered funds was used to clear the backlog of salaries, while the rest was invested in reviving and expanding the company’s business operations across the state.
“The Benue Investment and Property Company Limited (BIPC) says it has recovered over N133 billion from its properties at Nyiman Layout, Makurdi.
“BIPC Group Managing Director (GMD) Dr Raymond Asemakaha, who made the disclosure in Makurdi while interacting with newsmen, said that the properties were given out to individuals from 2004 to 2008 without payment,” the NAN report read in part.
In addition to stabilising internal operations, BIPC directed the funds towards establishing several small-scale enterprises, including a bread factory, water production facility, and other light manufacturing initiatives as part of a broader diversification effort.
Dr Asemakaha explained that the recovered funds have laid the groundwork for a long-term economic strategy aimed at retaining wealth within Benue State.
Proceeds from the bread factory are deposited into Novus Microfinance Bank, a financial institution operated under BIPC, which in turn provides business loans to young entrepreneurs across the state.
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The NAN report further noted that, as part of its diversification drive, BIPC introduced a motorcycle hire-purchase scheme through which 71 motorcycles were leased to commercial riders.
The company is also close to completing a beer factory, now 84% finished. Once operational, the facility is expected to create at least 1,000 jobs and will rely on local farmers to supply 65 per cent of its raw materials, primarily cassava and rice.
- In addition, BIPC is preparing to launch a juice factory by October 1, 2025. With full equipment already on site, the factory will process oranges and mangoes sourced within Benue. According to Asemakaha, the company plans to set benchmark prices for these fruits in order to prevent external buyers from exploiting local producers.
BIPC’s recovery and reinvestment drive is part of a broader effort to revive state-owned enterprises and turn public assets into jobs and local economic growth.
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