By Jude Opara, Abuja
Controversy has continued to trail the Benue Investment and Property Company Limited (BIPC) following allegations of illegal sale of equities, large-scale asset stripping and financial mismanagement in the state-owned agency.
The BIPC which was established in 1979 by the late Governor Aper Aku was created to drive industrial growth and manage investments on behalf of the people of Benue State.
However, four decades after, the company is still facing accusations of corruption, poor transparency and political interference that critics say have eroded its founding vision.
As at December 2023, BIPC’s balance sheet was valued at about ₦30 billion, including ₦10 billion in real estate, ₦18 billion in stocks and equities and ₦3 billion in receivables.
Its assets included the BIPC/Cosgrove Smart Homes Estate in Abuja, Fountain Estate in Makurdi, and Benue Plaza, also in Abuja.
Despite the impressive portfolio, insiders claim the company received more than ₦15 billion from the “illegal sale of equities” and other unrecorded revenues between 2022 and 2024.
A civil rights advocate, Comrade Abah Isaac in a letter invoking the Freedom of Information (FOI) Act, demanded that the BIPC Managing Director disclose details of the share sale and other financial transactions.
The petition urged that the company’s books and sale contracts be made public to verify whether proceeds were remitted to the state treasury.
The petitioners claim that under the current Managing Director, Mr. Raymond Asemakaha, the company has executed only a few visible projects, a bakery, a small water bottling plant and a warehouse.
Industry observers value these at no more than ₦150 million, yet internal records reportedly indicate that over ₦1 billion was retired as project costs
Meanwhile, the company has embarked on a high-profile bid to recover ₦65 billion allegedly owed by the Dangote Group, a move critics dismiss as an attempt to divert attention from internal irregularities.
They allege that financial records were deliberately manipulated to mask profit streams and justify questionable expenditures.
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