How Alia Grew BIPC's Stock Valuation from ₦7.9bn to ₦25.1bn in Three Years - Asemakaha

How Alia Grew BIPC's Stock Valuation from ₦7.9bn to ₦25.1bn in Three Years - Asemakaha

From reviving dormant industrial assets to investing in manufacturing and expanding employment, BIPC Managing Director Dr. Raymond Asemakaha says Benue State's investment company has recorded a 216% increase in stock valuation in three years under Governor Hyacinth Alia.

The Benue Investment and Property Company (BIPC) has recorded a significant increase in its reported stock valuation, rising from approximately ₦7.9 billion to ₦25.1 billion in three years under Governor Hyacinth Iormem Alia's administration.

The figures, disclosed by BIPC Managing Director, Dr. Raymond Asemakaha, CFA, represent an increase of approximately ₦17.2 billion, equivalent to 216.4 per cent growth over the period.

Asemakaha attributed the development to the administration's focus on industrialisation, asset recovery, local production and the expansion of the company's manufacturing capacity.

Presenting his account of BIPC's performance, the managing director described the transformation as a shift from dependence on share and property sales towards building productive assets capable of generating employment and creating long-term economic value for Benue State.

"When His Excellency entrusted BIPC to me, he did not just hand over a company. He handed over a question Benue people have asked for 20 years: Can Benue make money for Benue?" Asemakaha said.

According to him, the administration's approach has centred on turning the state's agricultural resources into industrial opportunities rather than relying on the sale of raw materials or the importation of finished products.

From ₦7.9bn to ₦25.1bn: The Numbers Behind the Growth

When the current management assumed responsibility for BIPC, the company's reported stock valuation stood at ₦7,949,075,082.30.

The latest valuation, according to Asemakaha, stands at ₦25,150,927,722.63.

The difference amounts to approximately ₦17.2 billion, representing a reported increase of 216.4 per cent in three years.

The figures place BIPC's asset and stock development at the centre of the administration's economic narrative, particularly its ambition to expand local manufacturing, support agricultural producers and create employment opportunities.

However, stock valuation is distinct from revenue, profit and cash reserves. The figures describe the reported change in valuation and do not, on their own, establish the company's profitability or the amount of cash generated by its operations.

1. Turning Benue's Agricultural Strength into Industrial Opportunities

One of the central pillars of the BIPC strategy is the processing of agricultural produce within the state.

Benue is widely recognised for its agricultural potential, but the economic benefits of farming depend partly on the availability of processing facilities, reliable markets and industries that can convert raw materials into higher-value products.

Under the industrial development programme outlined by Asemakaha, BIPC is pursuing investments designed to connect farmers with manufacturing facilities and expand the market for locally produced agricultural commodities.

The Food Basket Brewery is among the projects highlighted by the managing director. He said the facility was designed to utilise locally sourced agricultural products, including sorghum, rice and cassava.

The strategy is intended to strengthen demand for agricultural produce while supporting the development of manufacturing and distribution businesses.

If implemented sustainably, the approach could help farmers access more reliable markets, create opportunities across agricultural value chains and retain a greater share of the economic benefits of production within Benue State.

2. Reviving Bensono Concentrate and Expanding Fruit Processing

Another project highlighted by Asemakaha is Bensono Concentrate, which he said had been revived and equipped with an automated concentrate production line.

According to the managing director, the facility has a stated capacity of 40,000 bottles per hour.

The investment is expected to support fruit processing and create additional commercial opportunities for citrus farmers in areas including Katsina-Ala, Vandeikya and Ushongo.

For farmers, the availability of processing facilities could help expand demand for their produce and reduce losses associated with limited markets.

BIPC is also developing the Benval Juice Factory at the Industrial Layout. Asemakaha said the facility was approximately 95 per cent complete, with a stated capacity of 160,000 tonnes.

The two projects form part of the company's broader push to develop agro-processing industries capable of converting agricultural produce into commercially valuable products.

Their long-term contribution will depend on commissioning, production efficiency, access to raw materials, distribution networks and sustained market demand.

3. Building Local Brands Through Bakeries and Water Production

BIPC has also invested in bakery and water production as part of its effort to expand local manufacturing.

Asemakaha said the BIPC Bakery and Water Factory were established to supply locally produced goods to consumers, with an Otukpo branch expected to be launched in November 2026.

The investments reflect an approach that seeks to build commercial operations around everyday consumer products while expanding the market for goods manufactured within the state.

Beyond production, the success of these businesses will depend on their ability to compete on price, quality, distribution and customer demand.

For the Alia administration, the broader objective is to establish businesses that can operate commercially, create jobs and contribute to the growth of Benue's private-sector economy.

4. Bringing Taraku Mills Back into Production

The revival of Taraku Mills is another major development cited by the BIPC managing director.

Asemakaha disclosed that the facility was undergoing test runs, with cake available for market rollout and Golden Soya Oil expected to follow.

He described the revival as an effort to reactivate an industrial asset that had remained underutilised.

According to him, the Taraku asset, which he valued at approximately ₦70 billion, was no longer dormant but was being prepared for renewed industrial activity.

The project is significant because industrial facilities can support employment and agricultural value addition when they operate consistently and establish viable markets for their products.

However, the reported ₦70 billion figure is an asset valuation cited by the managing director and should not be confused with BIPC's reported stock valuation of ₦25.15 billion.

The facility's long-term impact will depend on its ability to sustain production, generate revenue and operate efficiently.

5. Expanding Manufacturing Beyond Food Processing

BIPC's industrial programme extends beyond food and beverages.

Asemakaha said the company's printing and nylon factory was producing materials for markets in Taraba, Lafia, Makurdi and other locations.

The operation is intended to serve demand for packaging and printing products while enabling businesses to source some of their supplies from within the region.

The company is also pursuing the development of 150 housing units under Eco City Phases One, Two and Three, alongside the planned commissioning of Macafa Park and renovation work at its head office.

Together, these projects reflect a broader investment strategy that combines manufacturing, property development and commercial infrastructure.

The challenge ahead will be ensuring that each investment delivers sustainable returns while supporting the company's overall financial position.

6. Workforce Expansion and Employment Opportunities

According to Asemakaha, BIPC's workforce has grown from 121 employees at the time of handover to approximately 784.

He added that the company was yet to complete recruitment for several operations, including Zeva, Benval Juice, Taraku Mills and Bensono Concentrate.

The reported expansion represents a substantial increase in the company's workforce and reflects its growing operational ambitions.

Asemakaha also said expatriate professionals would manage some of the factories, working alongside local employees to facilitate knowledge transfer and strengthen technical capacity.

The approach is intended to combine specialised expertise with the development of local skills.

As the projects progress, employment numbers, staff productivity and the sustainability of the jobs created will be important indicators of their economic impact.

7. Strengthening Corporate Governance and Asset Management

Beyond factory development, the BIPC management says it is taking steps to improve the company's corporate governance and asset management.

Asemakaha disclosed that BIPC's assets were undergoing valuation, geofencing and geographic information system mapping through Knight Frank.

He also said KPMG International had undertaken a restructuring exercise covering corporate governance, investment policy, board arrangements and executive management.

According to him, PKF Professional Services serves as the company's auditor, while BIPC is working towards a potential listing on the Nigerian Exchange (NGX).

The managing director further stated that the company had received an AA rating from Agusto & Co.

These claims, including the precise scope and date of the reported rating, would need to be confirmed through the relevant corporate and rating documentation.

Nevertheless, transparent financial reporting, independent audits, credible asset valuations and sound corporate governance are important foundations for a state-owned investment company seeking to attract investors and sustain long-term growth.

8. Alia's Economic Vision: From Managing Assets to Creating Value

At the heart of the BIPC programme is a policy direction that emphasises production, local processing and the commercial use of state-owned assets.

Asemakaha credited Governor Alia with encouraging the company to pursue industrial development rather than depend primarily on the disposal of existing assets.

He said the administration's emphasis was on building businesses that could generate economic opportunities and create value beyond the immediate period of investment.

The strategy also aligns with a broader development question facing agricultural states: how to convert their natural and agricultural resources into competitive industries, sustainable employment and stronger local supply chains.

For Benue, the potential benefits extend beyond BIPC itself.

Farmers could gain access to additional markets, manufacturers could benefit from locally sourced raw materials, and businesses could find new opportunities in transportation, packaging, distribution and retail.

Whether these benefits materialise on a significant scale will depend on the successful operation of the factories and the strength of the commercial networks supporting them.

What the ₦25.1bn Valuation Means for Benue

The reported increase in BIPC's stock valuation from ₦7.9 billion to ₦25.1 billion represents a notable change in the figures presented by the company's management.

For Governor Alia's administration, it provides a headline indicator of progress in its efforts to reposition BIPC as an industrial and investment vehicle for the state.

But valuation growth is only one measure of performance.

The company's audited accounts, operating revenue, net profit, liabilities, cash flow and returns on investment will help establish whether the reported increase is translating into a stronger and more commercially sustainable business.

The operational performance of the factories will also be critical. Commissioning projects is an important milestone, but sustained production, market competitiveness and profitability determine whether industrial investments can deliver lasting benefits.

For the administration, the next test is to demonstrate that the expansion in valuation can be matched by measurable improvements in production, employment, internally generated revenue and economic opportunities for Benue residents.

The Road Ahead for BIPC

Asemakaha described the increase in valuation as evidence of the company's progress under the Alia administration, arguing that Benue could build prosperity by processing more of what it produces.

The management's stated priorities include completing ongoing projects, expanding production, strengthening corporate governance and developing local technical capacity.

If these objectives are achieved, BIPC could play a more substantial role in linking Benue's agricultural sector with manufacturing and commercial activity.

For now, the reported movement from ₦7.9 billion to ₦25.1 billion provides the central figure in the company's account of its transformation over three years.

The ultimate measure of that transformation, however, will be the extent to which the investments become productive, financially sustainable businesses that create jobs, support farmers and deliver lasting value to the people of Benue State.

From asset valuation to industrial production, BIPC's next chapter will be judged not only by the value it reports, but by the economic results its investments deliver.