BIPC Management Conducts Strategic Audit of Company’s Assets in Abuja

In a proactive move towards ensuring transparency and optimal utilization of its assets, the management of Benue Investment and Property Company Limited (BIPC) embarked on a strategic tour of properties leased to TAJ Bank in the central district area and Cosgrove in Mabushi, Abuja.

Led by the Managing Director, Dr. Raymond Asemakaha, CFA, the BIPC management team expressed their satisfaction with the impressive renovation and remodeling executed by TAJ Bank at Benue Plaza. However, the visit also served as an opportunity to revisit the 2019 lease agreement, and address any potential ambiguities.

In response to the concerns raised by BIPC, Taj Bank’s Managing Director, Hamid Joda, and Executive Director, Sheriff Idi, lauded the BIPC team for their diligence. A collaborative approach was proposed, with both entities considering the formation of a joint team to meticulously address any grey areas in the lease agreement.

The scrutiny continued at Cosgrove, where Dr. Asemakaha directed a comprehensive review of the joint venture agreement between BIPC and Cosgrove. Emphasizing the need for transparency, he requested documentation, including the list of directors who endorsed the agreement, details of the legal search conducted prior to the agreement and the state executive approval that was given before the decision.

A point of inquiry revolved around the sharing ratio determined by Cosgrove, with particular attention to the Villa units constructed, which seemingly were not captured in the Joint Venture Agreement. The management sought clarification on this matter.

Responding to these queries, Dr. Chioma, Head of Business Development at Cosgrove, assured the BIPC team of the company’s commitment to upholding the terms of the contractual agreement.

She stated that the dialogue exemplifies a collaborative effort between the two entities to ensure clarity, transparency, and adherence to contractual obligations for the mutual benefit of both parties.

This strategic audit reaffirms BIPC’s dedication to optimal asset management and accountability.