From Noah Ebije, Kaduna
At the 56th Annual General Meeting (AGM) of the New Nigeria Development Company Limited (NNDC) on Wednesday, Chairman of the Board of Directors, Alhaji Lamis Shehu Dikko, announced a profit before tax of ₦3.24 billion for the financial year ending 31 March 2024.
Presenting the financial report, Dikko stated, “This improved performance reflects the company’s continued operational efficiency and prudent management of resources.”
The report spotlighted a 33% revenue increase to ₦794.64 million from ₦532.53 million, a 9% reduction in operating expenses to ₦974.14 million from ₦1.07 billion, and a shareholders’ fund of ₦26.77 billion.
Dikko commended the Northern States Governors’ Forum (NSGF) for their reform agenda, aligning NNDC with the vision of Sir Ahmadu Bello, saying, “This vision remains deeply relevant to our developmental aspirations.”
Dikko proposed contributions to the Young Professional Development Trust (YPDT) and Musa Bello Learning Resource Centre Fund, noting NNDC’s training of 1,718 professionals in accounting, insurance, stockbroking, and IT by November 2024.
He expressed optimism about macroeconomic reforms, stating, “We remain cautiously optimistic that the macroeconomic reforms will begin to yield tangible improvements in the business environment.”
The NNDC, owned by 19 northern states, is pursuing strategic initiatives to enhance earnings and expand investments.
Dikko acknowledged NSGF Chairman Governor Muhammadu Inuwa Yahaya for restructuring the board and thanked the previous chairman, Alhaji Tanimu Yakubu, for reorganising investment activities. He stated, “We will consolidate on the solid foundation laid and the achievements recorded by the past Board.”
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