The Benue Investment and Property Company Limited (BIPC) has commenced processes to raise a N10 billion bond from the Securities and Exchange Commission (SEC) for the establishment of a cement factory in the state.
Group Managing Director of BIPC, Dr Raymond Asemakaha, disclosed this while briefing journalists in his office during a review of the company’s 2025 performance.
He said the proposed cement plant is expected to drive industrial growth and create employment opportunities in Benue State.
According to him, the bond will be issued in two series and is expected to be secured before the end of the year, noting that key agreements and regulatory approvals have already been obtained to ensure the timely commencement of the project.
Asemakaha also highlighted major milestones recorded by the company, including the Benue Brewery project, which he said has reached 85 per cent completion, with about 85 per cent of its raw materials sourced locally.
He said test production has begun at the brewery, with one trailer each of bottled and canned drinks already produced, adding that full-scale production is scheduled to commence on December 23, 2025, following the resolution of earlier power-related challenges.
The BIPC managing director further disclosed that Benfruit has been powered and test production conducted, while full commercial production is expected to begin in February 2026 after the installation of the required software.
He added that the company’s Eco-City project is progressing steadily, with three housing units completed to roof level, stressing that BIPC is currently operating without losses and projects the creation of over 4,000 jobs when its three major industries become fully operational in 2026.
