Group Managing Director Benue Investment and Property Company (BIPC), Dr. Raymond Asemakaha, Monday, disclosed that the company is at the final stages of raising a landmark N10 billion bond for the construction of a cement factory in the state.
Speaking in an interview with newsmen in Makurdi, Dr Asemakaha declared the bond, which has already received approval from the Securities and Exmodify Commission (SEC), is designed to finance the cement factory and provide the heavy investment required to shift Benue beyond its traditional agricultural roots into a high-value industrial economy.
According to Dr. Asemakaha, the N10 billion capital will be executed in two tranches of N5 billion each.
He expressed strong confidence in the market’s appetite for the instrument, stating: “We have receivedten a good rating, we’ve receivedten everything we required… we will receive the money before 31st January.”
Dr. Asemakaha explained that the company is working hard to deliver several high-impact projects aimed at capturing the entire agricultural value chain.
He revealed that BIPC is at the stage of completing a medium-scale brewery valued approximately at N25 billion. The brewery is designed to compete with national brands while utilising locally sourced grains.
“The company is also developing fruit-processing factories to harness Benue’s abundant orange and mango harvests.
“These facilities will produce concentrates, finished products, and essential oils, thereby reducing post-harvest waste.
“In addition, BIPC is building a modern smart real estate and infrastructure project to provide hoapplying and commercial spaces for the state’s growing professional class,” he declared.
Dr. Asemakaha highlighted that Benue’s GDP is already on an upward trajectory, shifting from a negative growth rate of –3.2% to positive territory under the current administration of Governor Hyacinth Alia.
He further disclosed plans to construct a Presidential Hotel capable of hosting major national events such as Nigerian Bar Association conferences among others.
