December 02, (THEWILL) – The Benue Investment and Property Company Limited has incurred losses amounting to N10.2 billion, alongside outstanding liabilities of over N3.2 billion, spanning the period from 2015 to 2023.
This revelation was contained in a memo dated November 19, 2024, from the company’s Managing Director, Dr. Raymond Asemakaha, to the Benue State Commissioner for Industry, Trade, and Investment.
The findings were based on audited reports made available to the BIPC management.
The memo highlighted that the losses were recorded prior to Dr. Asemakaha’s assumption of office.
“A forensic analysis of BIPC’s financial statements, records, and operations from 2015 to 2023 revealed significant losses totaling N10,229,702,342,” the memo stated.
The losses were reportedly incurred under the leadership of former Managing Directors, including Dr. Alex Adum, Alfred Adem, and Jack Mulya.
Asemakaha’s report also flagged numerous challenges facing BIPC, including, outdated infrastructure, operational inefficiencies, and non-performing assets constituting 87% of the company’s portfolio.
The memo further disclosed that the remaining 11% of BIPC’s assets are under long-term leases of 10 to 35 years, with rental payments expected to commence in 2027.
To address its financial woes, the Managing Director called for substantial recapitalisation, noting the critical role BIPC plays in Benue State’s economy.
“BIPC is vital to Benue State’s economic development, public service provision, job creation, revenue generation, infrastructure development, and overall economic growth,” Asemakaha emphasised.
