From Femi Mustapha and Edirin Robinson, in Kaduna
The New Nigeria Development Company, NNDC Limited, has announced a profit of N3.24bn for the financial year ended March 31, 2024, during its 56th Annual General Meeting held in Kaduna today, Wednesday.
Chairman of the company, Alhaji Lamis Dikko, attributed the improved performance to enhanced operational efficiency and prudent resource management.
According to Dikko, the company generated N794.64 million in revenue, representing a 33% increase from N532.53 million in the previous year. Operating expenses dropped by 9% to N974.14 million, while profit before tax rose from N2.51 billion to N3.24 billion.
“We are pleased to report a profit of N3.24 billion for the financial year ended March 31, 2024. This improved performance reflects the company’s continued operational efficiency and prudent management of its resources,” Dikko stated.
He commended the Northern governors for their bold and visionary reform agenda, which he said aligns with the legacy of the late Premier of Northern Nigeria, Sir Ahmadu Bello.
“This vision remains deeply relevant to our developmental aspirations. The Northern States Governors’ Forum has provided strategic leadership and direction, and we appreciate their commitment to our growth and development.
We will pursue our mandate with vigor and integrity, set clear performance indicators, uphold strong corporate governance, and foster a results-driven environment across the organization,” he added.
Dikko also highlighted NNDC’s investment in human capital development, including the Young Professionals Development Scheme and Student Special Projects, aimed at empowering Northern graduates.
He disclosed that as of November 2024, NNDC had trained 1,718 professionals across training centers in Kaduna, Kano, Ilorin, and Gombe in partnership with the Institute of Chartered Accountants of Nigeria.
“Our investment in human capital development is a key aspect of our strategy to drive growth and create value for our shareholders. We believe that our young professionals are the future of our company, and we are committed to providing them with the skills and training they need to succeed,” Dikko added.
He expressed optimism about the company’s future performance, stressing that strategic initiatives and emerging opportunities will further enhance growth.
Dikko also acknowledged the contribution of Alhaji Tanimu Yakubu, the immediate past Chairman of the Board, for his leadership.
“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,” he said.
The NNDC is jointly owned by the governments of the 19 Northern states under the Northern Governors’ Forum.
