he New Nigeria Development Company Limited (NNDC) is a financial conglomerate owned by the nineteen northern states of Nigeria to facilitate investment development in the region and Nigeria at large. The corporation’s business portfolios capture various sectors of the northern economy including agriculture, oil and gas, capital market and investments, solid minerals, real estate, hotel management, construction, telecommunications and information technology. It aims at achieving commercial and industrial development in all the nineteen northern states.
The company’s story began in 1949 when the Northern Region Production Development Board (NRPDB) was created by the British colonial government to expand agricultural resources for export. With intense engagement in agricultural support facilities, the board succeeded in providing agricultural extension services, road projects, motor parks, markets, and agricultural settlement scheme. In 1956, it redefined its focus by moving away from export commodities production to the overall development of economic activities in the region under the nomenclature, the Northern Region Development Corporation (NRDC).
With the actualization of self-government in 1960, the firm sought to re-assert itself in Nigeria’s economic space and progressed towards achieving a legal status as a corporation to become the Northern Nigeria Development Corporation (NNDC). At this point in time, the company had become the development finance house, providing socio-economic assistance to stimulate industrial growth in the north. Five years later, it became incorporated.
In 1976, the New Nigeria Development Company (NNDC) was created in place of the Northern Nigeria Development Corporation, amidst a new political order that restructured the Northern Region into sixteen (16) states. The new order involved the incorporation of the company as a limited liability company and an expansion of its portfolios. There upon, NNDC commenced its new financial role in the north requiring it to provide services on development banking operations for the new states. Today its activities are cherished in the north, with its shareholders spreading across all the current 19 states in the region—Adamawa, Bauchi, Benue, Borno, Gombe, Jigawa, Kaduna, Kano, Katsina, Kebbi, Kogi, Kwara, Nassarawa, Niger, Plateau, Sokoto, Taraba, Yobe and Zamfara.
NNDC plays an active role in development finance in the north. It works in synergy with the various secretaries of the states and the company’s team of professionals to identify and exploit investment opportunities across the region. Part of the company’s abiding goals is to achieve diversity of its revenue base through profitable investment in infrastructure, assets, and technology. This has positioned it to comfortably drive development in the region and earn for itself recognition as a leading and self-sustaining conglomerate.
NNDC’s sphere of influence as a multi-source revenue generator is not limited to the north. Its contribution towards Nigeria’s bid for the diversification of its economy is equally significant. It has been the source of finance in the promotion of agricultural products apart from oil and gas. Its expert intervention through its highly trained finance, investment, and banking professionals, in 2017 led to the birthing of the New Nigeria Commodity Marketing Company (NNCMC), a marketing and storage company that hit the ground running. Already, it has created over 1 million jobs (directly and indirectly) and rejuvenated several comatose key industries. The company’s other objectives include to contribute to the food reserves of the nation; engage local buying agents in 416 local government areas; and increase the supply of raw materials to agricultural based industries.
The group has established systems of maintaining active collaboration with reputable firms for development financing. It has forged partnership with both local and international organizations to promote investment in the northern region. Its partnership with SUR Investment, a Turkish firm, aimed at negotiating the structuring of Kaduna Textile Limited is a boon straight out of this initiative. NNDC was able to get SUR Investment to pledge to provide 35% ($15 million) funding for the project, while 45% and 20% equities respectively from the federal government and NNDC and its owners complete the funding required for the project. In its appreciation of the potentials of even development, the company provided contemporary affordable housing estate in Kaduna. It has also in 2019 signed a strategic management and investment agreement with the Castle HMG Africa, a subsidiary of Africa Alliance Group, to take over the management, reconstruction, and upgrade of the Arewa Hotels Development Limited to rival the level of sophistication of similar branded hotels in southern Nigeria.
Senior Management Team
Mallam Abbas A. Waziri, Executive Director (Business Development & Corporate Planning) www.nndcgroup.com.ng/content/nndc-board/
Alhaji Abdullahi A. Gombe, MNI, Executive Director (Investment Supervision Directorate) www.nndcgroup.com.ng/content/nndc-board/
Mrs. Kaneng D. Adole, Executive Director (Management Services Directorate) www.nndcgroup.com.ng/content/nndc-board/