The Benue Investment and Property Company Limited (BIPC) has successfully recovered N133 billion from unpaid allocations at Nyiman Layout in Makurdi, marking a significant achievement in asset management and revenue recovery.
The unpaid properties were originally allocated between 2004 and 2008. Over years of default, interest and penalties ballooned the amount owed. Under the leadership of Managing Director Dr. Raymond Asemakaha, BIPC took a firm stance—revoking access, initiating foreclosures, and moving to sell properties when necessary.
This bold recovery strategy addressed longstanding debt and served to maintain the company’s credibility with creditors—particularly the Federal Mortgage Bank, from which BIPC secured funding for these estates in 2007. Dr. Asemakaha explained that prolonged defaults, originally charged at 4% interest, had risen above 35%, putting BIPC’s financial standing at risk.
BIPC’s decisive actions included publishing names of defaulters, issuing court orders to revoke allocations, and marketing foreclosed homes to recover dues . The recovery effort aligns with broader efforts to digitize operations and improve transparency within the company.
This recovery not only strengthens BIPC’s balance sheet but also restores trust in public property schemes. As of early 2024, the company reported assets worth nearly N24 billion and had moved to repay outstanding debts owed to multiple institutions
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