By The Management, Benue Investment and Property Company (BIPC)
BIPC has read with deep respect the intervention of Senator Amb. Prof. Iyorwuese Hagher, OON, on Taraku Mills. We share his reverence for the vision of Governor Aper Aku and we completely agree with his central thesis: The burden of proof is production.
That is the exact standard this administration has set for itself. Skepticism is justified because of history, but history must not blind us to verifiable progress.
1. WHAT WE MET
When this administration took over Taraku Mills in 2023, the factory had been moribund for decades . An independent technical audit revealed:
– Less than 5% of machinery was functional
– No power connection and no industrial water; roofs had collapsed and equipment was grounded
– Zero supply chain linkage to Benue farmers
Previous attempts failed because they treated Taraku as a political ceremony, not as an industrial business.
2. WHAT WE HAVE DONE
We adopted a phased, business-first approach. Phase 1 rehabilitation is now 83% to be completed soon
The total installed capacity is 200MT per day, with two soybean crushing lines of 50MT per day each already restored. We will start small and upscale gradually. Mechanical rehabilitation will be completed soon.
The factory is currently under test-running and will proceed to commercial dry-runs and SON/NAFDAC certification before full market rollout in October/November 2026. We chose to be thorough rather than ceremonial.
3. ON POWER – OUR STRONGEST ANSWER
Senator Hagher is right that power has historically been Taraku’s fatal weakness. We do not treat this lightly.
To solve it, BIPC has introduced Low Pour Fuel Oil (LPFO) on site. LPFO reduces production cost by 40% compared to diesel and other alternatives that crippled similar plants.
In addition, there is a 5,000 KVA transformer on the industrial line in Taraku which guarantees up to 16 hours of power when connected. This administration is also finalizing a dedicated 2-megawatt supply for Taraku Mills, which will further cut energy costs by another 22%.
4. ON WATER AND TECHNICAL SUSTAINABILITY
We are finalizing a dependable industrial water connection, building on improvements at Otobi Water Works by His Excellency the Governor.
It is important to note that only the solvent extraction plant consumes large volumes of water. We will not start with the solvent plant. The current water in our tanks, supported by boreholes, can crush over 200 trucks of soybeans.
On technical sustainability, we have brought in foreign expatriates and technicians for critical rehabilitation works. Rather than lease the facility again to an operator without proven capacity, Taraku will be run initially by competent professionals before transitioning to a Public-Private Partnership. Professional management first, partnership after performance is proven, is more honest than handing over keys on a promise.
For long-term sustainability, we will sign a Technical Management Agreement with COFCO Engineering, a company that manufactures similar equipment. COFCO has already deployed 5 teams of engineers to Taraku.
5. ON SOYBEANS AND JOBS
We already have over 100 trucks of soybeans ready. The first 3 trucks (90MT) are only for test-running and calibration. Our commercial requirement is 50 to 100MT per day.
We have employed 47 highly professional staff (18 engineers/technicians and 29 operators). Our target at full capacity across all 10 product lines is 1,500 direct jobs.
6. BENEFITS TO BENUE PEOPLE
This is where our revival differs:
For Farmers, We have registered 2,847 soybean farmers in 12 LGAs Taraku, Gboko, Makurdi, Otukpo and others – through our aggregation model. We are offering N620,000 per tonne, which is 18% above middlemen price. We will established 3 aggregation centres in Taraku, Gboko and Otukpo with 3,000MT combined storage. To sustain 100MT per day, Benue needs about 18,000 hectares annually. We are providing improved seeds for next season.
For the Economy: At full capacity, Taraku will create 1,500 direct jobs and over 5,000 indirect jobs for farmers, transporters and distributors. Projected annual turnover is N8.2 billion, with over $2.5 million saved annually on edible oil imports.
For every project, BIPC thinks first of the value to citizens. That is why we structured our model around farmers before profit.
7. OUR COMMITMENT
Three truckloads cannot sustain an industry. They were never meant to. Commercial aggregation of 1,500MT for Q4 2026 is already contracted.
We invite Senator Hagher and the public to our Open Factory Day from October 1st to 30th, 2026, to see the machines run, meet the farmers and young Benue engineers, meet the 5 teams of foreign engineers, and buy our first product – Golden Oil – the first of 10 products to be rolled out.
ON LEASES
A BIPC 2024 Root Cause Analysis (RCA) on all moribund assets revealed that “Non-Debt” commitments on previous leases became tomorrow’s public debt.
What was presented as non-debt leases for Taraku, Benue Hotels and other assets later became a direct financial burden on the State. Payments being made today on these assets are debts inherited from failed leases. This is why this administration refused the easy path of leasing anh Government asset again on paper. We chose to rehabilitate first and prove viability.
Taraku Mills will not survive on press statements. It will survive on production, profit and people. We are ready to be judged by that standard.
Dr. Raymond Asemakaha Jr. CFA
Group Managing Director, BIPC
September 25, 2026
