By Steven Ortese

For years, Benue State struggled with chronic underdevelopment, weak institutions, and mismanaged public enterprises. The eight years preceding Governor Hyacinth Alia’s administration left the state on the brink. One of the starkest symbols of this decay was the Benue Investment and Property Company Limited (BIPC), originally established in 1979 by Governor Aper Aku to promote enterprise-led governance, diversify the economy, and manage state assets. However, under the previous government, BIPC became a drain on state resources, losing up to ₦10 billion annually due to poor leadership, fiscal recklessness, and underperforming ventures.

This narrative began to shift with the emergence of Rev. Fr. Hyacinth Alia, who appointed technocrat Dr. Raymond Asemakaha, CFA, as Group Managing Director/CEO of BIPC in October 2023. Since then, BIPC has undergone a remarkable transformation driven by strategic reforms, disciplined leadership, and people-oriented investments. The company is now functioning as a catalyst for economic revival in Benue.

Upon assumption of office, Dr. Asemakaha inherited a deeply indebted and inefficient organisation. Under his guidance, BIPC embarked on a restructuring programme targeting 40% operational growth across its investment sectors—agriculture, agro-processing, real estate, manufacturing, and automobile assembly. In less than two years, over ₦21 billion has been mobilised in investments, a forensic audit has been launched to clean up past inefficiencies, and key infrastructure like BIPC’s headquarters and guest houses have been renovated to boost professionalism. The completion of 14 three-bedroom flats at Fountain Estate in Makurdi further underscores the renewed focus on asset development.

BIPC is now at the heart of Benue’s industrial revival, creating over 1,500 direct and indirect jobs through projects such as the state’s first integrated nylon production plant, a nail factory, a water bottling plant, and the Benva Juice Factory. The company also oversees the Food Basket Brewery and a modern bread bakery, the latter of which has empowered local families by enabling them to earn from distribution networks. Notably, the Electric Vehicle (EV) Solar Car Assembly Plant has already delivered 14 EVs, with a target of 500 units—highlighting the state’s move towards green technology.

In agriculture, BIPC is revitalising Benue’s food production capacity. The Cluster Farming Project has yielded 100,000 tons of soya beans in a single harvest. Through a partnership with Emperor Fertiliser, the company supplies subsidised fertilisers at ₦17,000 per bag. An agro-commodities hub is also in development to enhance post-harvest management and processing efficiency. These efforts are reigniting Benue’s status as Nigeria’s food capital.

True to its original vision, BIPC has become a vehicle for job creation and economic inclusion. Over 3,600 jobs have been created, and the issue of casualisation has been tackled with more than 1,000 permanent in-house staff now employed. Through its Okada Rider Empowerment Scheme, 75,000 commercial motorcyclists have benefitted from flexible hire-purchase arrangements. BIPC also prioritises Internally Displaced Persons (IDPs), reserving at least 15% of its traineeship slots for them, helping to reintegrate vulnerable groups into productive livelihoods.

Benue’s clean energy transition is being led by BIPC’s EV programme and its plans to introduce 600 gas-powered tricycles and motorcycles. The company is also exploring biogas production, CNG kit centres, and pharmaceutical manufacturing, all of which support job creation and environmental sustainability.

Strategic partnerships are multiplying the company’s impact. BIPC has established the Benue Local Investors Forum (BELIF) to harmonise state policy with grassroots investment. A landmark MoU with a Chinese consortium is facilitating the development of a Mining and Agricultural Commodity Hub, while a housing partnership with Radio Benue has delivered the 90-unit Eco-City Estate. Upcoming projects include Benue AIR, eco-tourism resorts, calibration centres, and local manufacturing initiatives.

The results speak for themselves. GDP growth in Benue is projected at 4.5% in the next fiscal cycle. BIPC has reversed annual losses and is now on a 40% growth trajectory, engaging in ventures from airport development to estate construction and hydropower generation. Investor confidence is rising, driven by the transparency, innovation, and performance culture that now defines BIPC.

Under Governor Alia and Dr. Asemakaha, BIPC has become a case study in public-sector transformation. It is not just reviving Benue’s economy; it is setting a new standard for governance, vision, and execution in Nigeria. From industrial parks to clean energy, from agriculture to housing, BIPC is proving that with the right leadership, public institutions can drive real-time, people-focused development.

Benue’s future is no longer a distant dream. It is unfolding—in factories, farms, and homes—through a bold and deliberate restructuring of its economic foundations.