Benue: BIPC MD holds meetings with defaulters of North Bank, Nyiman Estates

 Raymond Asemakaha Jr., CFA, the Managing Director of Benue Investment and Property Company Limited (BIPC), convened separate meetings on Saturday, March 16th, 2024, with defaulters of North Bank and Nyiman Estates in Makurdi.

Accompanied by company staff, Dr. Asemakaha announced that the company has finalized the foreclosure agreements with allottees of the two estates. Henceforth, houses of defaulters will be put up for sale to recover funds owed. These funds will then be remitted to the Federal Mortgage Bank, from whom the company secured the facility.

Emphasizing that the 2007 loan agreement now carries accumulated interest at the expense of the company, Dr. Asemakaha stressed the risk of jeopardizing the company’s credit score with the Federal Mortgage Bank. He assured that under his management, the company’s reputation will not be tarnished, and defaulters will either pay or face eviction.

He clarified that after 15 years, allottees cannot claim ignorance of their financial obligations. The interest rate, which was initially 4 percent, has now soared to over 35 percent, resulting in significant annual costs for the company.

The Managing Director/CEO also instructed the publication of the names of defaulters slated for foreclosure next week. He mentioned that the company has initiated court orders, affirming that no leniency will be granted to any allottee.

Representing North Bank Estate, EXCO Chairman Mr. Victor Asobo and Joseph Ornguga Antyam appealed for additional time for defaulters to settle their dues. They cited economic challenges and requested a grace period of four months to facilitate payments.

Similarly, at Nyiman Estate, Chairman Mr. Raphael Abo expressed gratitude to BIPC for the extended time given to allottees to meet their financial obligations. He also appealed for more time and assured that the EXCO would convey the company’s decision to members yet to complete their payments, urging compliance.

Initiated in 2007, the BIPC Evergreen Estates—North Bank and Nyiman—aimed to provide urban shelter for low-income earners through collaboration with the Federal Mortgage Bank and Benue Investment and Property Company Limited (BIPC).