BIPC denies selling N1.3bn shares

Benue state Investment and Property Company (BIPC) yesterday denied selling shares worth N1.3 billion from the company’s investments.
The new Managing Director and Chief Executive Officer of the company, Mr. Alfred Adem, in an interaction with newsmen yesterday in Makurdi, said rather than sold shares the company had bought back its position, which was earlier sold by past administration from Julius Berger group.
He said the company’s shares in Julius Berger were sold by the past administration and as a result of that Benue lost its position as one of the directors in the company.
According to him, the company had to buy 9.4 million units of shares to gain back the position which he said its absence had denied the state of a lot of benefits.
He said the Benue investment and Property Company is working to revamp the moribund companies in the state.
Adem noted that if revived the companies “will help create employment for the teeming population in the state.” Adem also noted that the company had already started expansion of its oil and gas section with establishment of its subsidiaries in every local government headquarters.
“As I am talking to you now, the company is beginning phase one of the housing estate in the first quarter of this year with 30 units of houses.
This apart from opening the area where the housing estate is situated will boost the economy and ease the problem of accommodation experienced in Makurdi, the state capital.
He said the company under his leadership “intends to generally reform and reposition the company to function better and achieve its mission and vision.”