The New Nigeria Development Company Limited (NNDC) has reported a profit before tax of ₦3.24 billion for the financial year ending March 31, 2024. The announcement was made during the company’s 56th Annual General Meeting held in Kaduna.
Board Chairman Alhaji Lamis Shehu Dikko presented the company’s financial performance, describing the results as a sign of operational efficiency and careful management of resources. Key figures from the report include a 33% rise in revenue to ₦794.64 million, up from ₦532.53 million the previous year. Operating expenses fell by 9%, decreasing to ₦974.14 million from ₦1.07 billion. The shareholders’ fund stood at ₦26.77 billion.
Dikko credited the Northern States Governors’ Forum (NSGF) for pushing reforms that support NNDC’s strategic direction. He linked the company’s vision to that of the late Sir Ahmadu Bello, saying it still guides the company’s developmental focus.
The chairman also suggested support for youth development and education through contributions to the Young Professional Development Trust and the Musa Bello Learning Resource Centre Fund. By November 2024, NNDC is expected to have trained 1,718 professionals across various sectors, including accounting, insurance, stockbroking, and information technology.
Looking ahead, Dikko said the company remains cautiously optimistic about Nigeria’s ongoing economic reforms and their potential to improve the business environment. NNDC, jointly owned by 19 northern states, is advancing its efforts to boost income and grow its investments.
He appreciated NSGF Chairman Governor Muhammadu Inuwa Yahaya for restructuring the NNDC board and acknowledged the contributions of the former chairman, Alhaji Tanimu Yakubu, for revitalising the company’s investment approach. Dikko concluded by affirming the company’s plans to build on the successes achieved under previous leadership.
