The New Nigeria Development Company Limited (NNDC) has reported a profit before tax of ₦3.24 billion for the financial year ended March 31, 2024, representing a significant growth from ₦2.51 billion recorded in the previous year.
This was disclosed by the Chairman of the Board, Mr Lamis Dikko, during the company’s 56th Annual General Meeting held at The Raffle Suites on Wednesday in Kaduna.
In his address, Dikko appreciated the Northern States Governors’ Forum (NSGF) for its strategic direction and confidence in the newly restructured board.
He particularly commended the forum’s Chairman, Gov. Muhammadu Yahaya of Gombe State, for his leadership and commitment to the reforms that wete repositioning the NNDC for optimal performance.
The chairman also acknowledged the contributions of the immediate past biard led by Alhaji Tanimu Yakubu, highlighting their efforts in reorganising the Company’s investment activities, especially in the capital market.
According to him, in spite of the economic challenges in 2024, including soaring inflation that peaked at 34.6 per cent and food inflation at 39.93% the NNDC recorded a 33 per cent increase in revenue.
This totalled ₦794.64 million, while cutting down operating expenses to ₦974.14 million, a 9 per cent drop from the previous year.
Dikko attributed the improved performance to prudent resource management and operational efficiency, with the Company’s Shareholders’ Fund standing at ₦26.77 billion as of March 31, 2024.
As part of its corporate social responsibility, the NNDC was proposing sustained funding to the Young Professional Development Trust (YPDT) and the Musa Bello Learning Resource Centre Fund.
He said the company had so far trained 1,718 young Northern professionals across various fields including Accounting,Insurance, Stockbroking, and IT through partnerships with institutions like ICAN.
According to him,looking ahead, the NNDC board has pledged to maintain strong corporate governance and pursuance of strategic investments.
It would focus on drive of inclusive growth in line with the vision of its founding fathers, notably the late Sir Ahmadu Bello, the Sardauna of Sokoto.
“The new NNDC board is committed to building a stronger, more prosperous company that will continue to deliver long-term value for shareholders and contribute meaningfully to the development of Northern Nigeria,” Dikko affirmed.
The chairman concluded by commending the NNDC staff and the Northern Governors for their support while calling for continued collaboration to achieve shared developmental goals.
