Plans aimed at repositioning the New Nigeria Development Company Limited (NNDC) have been unveiled in a five-year transformation blueprint to modernise and make the company commercially driven investment holding and a catalyst for regional economic development.
This is contained in a statement signed by Mohammed Abdullahi, anipr Head, Corporate Relations made available to newsmen.
Yhe Chairman of the Board, Alhaji Lamis Shehu Dikko (Ajiyan Katsina), while speaking at the Company’s 57th Annual General Meeting (AGM) stated that NNDC remains resilient despite Nigeria’s challenging economic environment, characterised by high inflation, exchange-rate volatility and tight monetary conditions.
He disclosed that the Company recorded a 1.8 per cent increase in revenue, from ₦794.64 million in 2024 to ₦808.88 million in 2025. NNDC also strengthened its balance sheet, with total assets increasing by 12.7 per cent to ₦31.43 billion, while shareholders’ equity rose by 11.9 per cent to ₦29.95 billion. Cash and cash equivalents increased to ₦3.94 billion, underscoring the Company’s strong liquidity position.
Although profit after tax declined to ₦1.37 billion, the Chairman explained that the reduction was largely attributable to a ₦1.07 billion impairment charge on bad debts, recognised in accordance with International Financial Reporting Standards (IFRS).
The charge formed part of the Company’s continuing efforts to clean up its financial records and strengthen the integrity of its balance sheet.
He further noted that the financial statements received an unmodified audit opinion, confirming that they fairly present NNDC’s financial position.
To preserve capital and support the ongoing transformation programme, the Board resolved not to recommend the payment of a dividend for the financial year. A major highlight of the AGM was the presentation of the 2026-2031 Strategy Blueprint, themed “NNDC: The Rebirth.” Developed with KPMG, the Blueprint provides a roadmap for transforming NNDC from a legacy institution into a commercially focused investment holding company centred on active portfolio management, sustainable value creation and regional development.
The Blueprint prioritises corporate governance, portfolio optimisation, capital raising, operational excellence, investment facilitation, enterprise development and human capital growth. It also identifies investment opportunities across agriculture, information and communications technology, solid minerals, oil and gas, power, infrastructure, manufacturing, hospitality, real estate and financial services.
The Chairman also announced that the Board would undertake a comprehensive review of NNDC’s subsidiary companies to strengthen governance, restructure underperforming businesses, attract strategic investors and ensure greater operational accountability. NNDC further reaffirmed its commitment to human capital development across Northern Nigeria through an allocation of ₦30 million to the Young Professionals Development Trust and the Musa Bello Learning Resource Centre, both of which support professional education and manpower development.
Expressing confidence in the Company’s outlook, Alhaji Dikko stated that NNDC would focus on completing the clean-up of its financial records, implementing the transformation strategy, strengthening subsidiary performance, mobilising investment capital and delivering measurable commercial and developmental impact.
Ahead of the AGM, NNDC hosted a Pre-AGM Dinner featuring Dr. Armstrong Takang, Managing Director of the Ministry of Finance
Incorporated (MOFI), as Guest Speaker. The event was attended by members of the NNDC Board, representatives of the 19 Northern shareholder states, the Northern States Governors’ Forum Secretariat, NNDC Management, Managing Directors of NNDC subsidiaries and associate companies, and other stakeholders.
In his address, Dr. Takang observed that NNDC could draw valuable lessons from the MOFI turnaround model while adopting global best practices in the active ownership of assets and companies.
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He highlighted the importance of starting with a clear mandate, maintaining a comprehensive understanding of the assets owned, exercising active ownership without interfering in day-to-day operations, establishing strong governance, deploying capital catalytically and building an enduring institution.
Dr. Takang added that the similarities between NNDC’s transformation agenda and MOFI’s operating model provide a strong basis for collaboration. Such collaboration, he said, could accelerate portfolio value creation, support the development of investable platforms around Northern value chains, prepare assets for investment, enhance creditworthiness and mobilise institutional and private capital.
