NNDC Unveils 5-Year Transformation Plan, Grows Assets To N31.4bn

The New Nigeria Development Company (NNDC) Limited has unveiled a five-year transformation plan aimed at repositioning the company as a commercially driven investment holding company, even as it recorded growth in assets and shareholders’ equity despite prevailing economic challenges.

The Chairman of the NNDC Board, Alhaji Lamis Shehu Dikko, disclosed this at the company’s 57th Annual General Meeting (AGM), where he said the strategy would reposition the company as a commercially driven investment holding company and drive regional economic development across Northern Nigeria.

Dikko said the company grew its revenue by 1.8 per cent from N794.64 million in 2024 to N808.88 million in 2025, adding that NNDC’s total assets increased by 12.7 per cent to N31.43 billion, while shareholders’ equity rose by 11.9 per cent to N29.95 billion.

According to him, cash and cash equivalents also increased to N3.94 billion, reflecting the company’s strong liquidity position.

The board chairman, however, said profit after tax declined to N1.37 billion due largely to a N1.07 billion impairment charge on bad debts recognised in line with the International Financial Reporting Standards (IFRS).

He explained that the provision formed part of the company’s efforts to clean up its financial records and strengthen the integrity of its balance sheet, adding that the financial statements received an unmodified audit opinion.

Dikko said the board resolved not to recommend the payment of dividends for the financial year to preserve capital and support the implementation of the transformation programme.

He explained that the 2026-2031 strategy, themed ‘NNDC: The Rebirth,’ was developed in partnership with KPMG to transform the company from a legacy institution into a commercially focused investment holding company anchored on active portfolio management, sustainable value creation and regional development.

According to him, the strategy prioritises corporate governance, portfolio optimisation, capital raising, operational excellence, investment facilitation, enterprise development and human capital growth.

He said the blueprint also identifies investment opportunities in agriculture, information and communications technology, solid minerals, oil and gas, power, infrastructure, manufacturing, hospitality, real estate and financial services.

The chairman further disclosed that the board would undertake a comprehensive review of NNDC’s subsidiary companies to strengthen governance, restructure underperforming businesses, attract strategic investors and improve operational accountability.

He also announced a N30 million allocation to the Young Professionals Development Trust and the Musa Bello Learning Resource Centre as part of the company’s commitment to human capital development across Northern Nigeria.

Dikko expressed confidence that the company would complete the clean-up of its financial records, implement the transformation strategy, strengthen the performance of its subsidiaries, mobilise investment capital and deliver measurable commercial and developmental impact.

He thanked the governments of the 19 Northern shareholder states, the board, management, staff and business partners for their continued support, expressing optimism that NNDC would emerge stronger and play a greater role in the economic transformation of Northern Nigeria.

Speaking at a pre-AGM dinner, the Managing Director of the Ministry of Finance Incorporated (MOFI), Dr. Armstrong Takang, said NNDC could draw lessons from MOFI’s turnaround model by embracing global best practices in the active ownership of assets and companies.

Takang said both organisations shared similar transformation objectives, noting that collaboration between them could accelerate portfolio value creation, strengthen investable platforms across Northern Nigeria, improve creditworthiness and attract institutional and private capital.

He added that MOFI was willing to partner with NNDC in implementing its transformation agenda.