The Chairman of the Board of Directors of the New Nigeria Development Company Limited (NNDC), Alhaji Lamis Shehu Dikko, on Wednesday announced a profit of ₦3.24 billion at the company’s 56th Annual General Meeting (AGM).
Presenting the financial report to members of the board and other stakeholders, Alhaji Dikko stated that the improved performance reflected the company’s continued operational efficiency and prudent management of resources.
He commended the Northern governors for their bold and visionary reform agenda, which seeks to reposition NNDC in line with the legacy and foresight of the late Premier, Sir Ahmadu Bello, the Sardauna of Sokoto.
“The vision remains deeply relevant to our developmental aspirations,” Dikko noted.
“It is my honour and privilege, on behalf of the Board of Directors, to warmly welcome you all to the 56th Annual General Meeting of the New Nigeria Development Company Limited (NNDC). I am pleased to present the Annual Report for the financial year ended March 31, 2024, highlighting the key developments, performance, and prospects of your company.
“For the financial year ended March 31, 2024, the company recorded: Revenue: ₦794.64 million, a 33% increase from ₦532.53 million; Operating Expenses: ₦974.14 million, down 9% from ₦1.07 billion; Profit Before Tax: ₦3.24 billion, up from ₦2.51 billion; Shareholders’ Fund: ₦26.77 billion as of March 31, 2024. This improved performance reflects the company’s continued operational efficiency and prudent management of resources.”
Dikko highlighted NNDC’s commitment to corporate philanthropy and professional capacity development, proposing annual contributions to the Young Professional Development Trust (YPDT) and the Musa Bello Learning Resource Centre Fund.
“NNDC continues to invest in human capital through strategic partnerships. Under the Young Professionals Development Scheme and the Student Special Projects, we support Northern graduates to become Chartered Accountants, Insurers, Stockbrokers, and IT specialists.
“As of November 2024, the company has produced 1,718 professionals across training centres in Kaduna, Kano, Ilorin, and Gombe, in collaboration with the Institute of Chartered Accountants of Nigeria (ICAN).”
Dikko expressed cautious optimism that macroeconomic reforms would begin to yield tangible improvements in the business environment as the current administration approaches its second year.
“We commend the bold and visionary reform agenda of the Northern States Governors’ Forum, which seeks to reposition NNDC in line with the legacy and foresight of our founding fathers—led by the late Premier, Sir Ahmadu Bello, the Sardauna of Sokoto. This vision remains deeply relevant to our developmental aspirations.
“The new NNDC Board and Management are resolutely committed to this renewed vision. We will pursue our mandate with vigour and integrity, set clear performance indicators, uphold strong corporate governance, and foster a results-driven environment across the organisation.”
Dikko assured stakeholders that NNDC would continue to advance strategic initiatives while exploring emerging opportunities to enhance earnings, expand its investment portfolio, and generate long-term value for shareholders.
“I wish to commend my colleagues on the Board, the Management, and the entire staff of NNDC for their steadfast dedication and resilience in the face of economic headwinds.
“I also extend our deepest appreciation to the Northern States Governors’ Forum for its enduring support. As we look forward to the future with renewed determination, let us remain united in our commitment to building a stronger and more prosperous NNDC for the benefit of our shareholders and the entire Northern region.”
Dikko expressed gratitude to the Northern States Governors Forum (NSGF) for providing strategic direction and confidence in the Board’s recent appointments. He also acknowledged the leadership of His Excellency Alhaji Muhammadu Inuwa Yahaya, the Dan Maje of Gombe, for restructuring the Board as part of broader reforms aimed at reinvigorating the company for optimal performance.
He praised the immediate past Chairman of the Board, Alhaji Tanimu Yakubu, for his expertise in reorganising the company’s investment activities for greater returns, particularly from the capital market. Dikko pledged to build on the solid foundation laid by the past Board.
“We acknowledge the commendable service of the immediate past Board, composed of the Secretaries to the Governments of the 19 Northern States, who, despite their busy schedules, served diligently for over a decade and held the company together,” Dikko concluded.
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