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NNDC AGM Approves Dividends Of 125M Naira In Cash And Bonus Shares



The Oasis Reporters


February 12, 2022

 

Tanimu Yakubu, Chairman, NNDC.



By
Mike Odeh
Greg Abolo



..turnover at N629.15 million against the corresponding period’s figure of N625.58 million

…turnover increase of N5.57 million or 0.98%

***Young Professionals Development Scheme and Musa Bello Learning Centre to get N15 million each




Chairman of the New Nigeria Development Company Limited (NNDC), Tanimu Yakubu has presented the audited financial statements of the Company for the financial year ended 31st March, 2021 during the 53rd Annual General Meeting held on Friday, 11th February, 2022.





The shareholders have approved the distribution of cash dividends of N100 million (equating to 20 kobo per share) as well as approving the distribution of N25 million of bonus shares, equating to 1 bonus share for every 20 shares held by the shareholders of NNDC.




Additionally, the AGM approved an appropriation of N15 million each for the Young Professionals Development Scheme and Musa Bello Learning Centre respectively.


Commenting on the progress achieved by the company during the year under review, the Chairman noted that, turnover stood at N629.15 million against the corresponding period’s figure of N625.58 million which represents an increase of N5.57 million or 0.98%.




Operating expenses for the period under review stood at N541.99 million as against the preceding year’s figure of N589.91 million giving a favourable variance of N47.92 million or 8.8%.



Pre-tax profit for the year ended 31st March, 2021 stood at N335.42 million against the corresponding period’s pre-tax of N273.22 million.



Yakubu stated that the company continued to manage investments in associate and quoted companies with a view to optimizing returns while pursuing an optimal management strategy for the subsidiary companies.




He added that the nominal value of NNDC quoted investments stood at N692.14 million as against their combined market value at N10.61 billion as at 31st March, 2021.





He further stated that Shareholder’s Funds stood at N19.21 billion as of 31st March 2021.”





On Manpower Development, the Chairman said, the Company continued to support the Manpower Power Development Scheme (YPDS) and Students Special Project (SSP) where graduates of Northern Origin are trained to be Chartered Accountants, Chartered Insurers, Stock brokers and IT Specialists.




He disclosed that so far NNDC have 1438 Professionals, in these fields in Kaduna, Kano, Ilorin and Gombe centres, in conjunction with our Partner, the Institute of Chartered Accountants of Nigeria (ICAN).





On the future outlook of the company, the Board Chairman said, “We are optimistic about the next financial year as it is anticipated that various policies of the government would start having positive impacts on the business environment’’.





He said NNDC shall continue to pursue vigorously the various initiatives that the Company has put in place, while taking advantage of new business opportunities with a view to improving the Company’s earnings. NNDC expects both local and foreign partners to play major roles in this regard.



NNDC is the umbrella investment arm that belongs to all the states in the old northern part of Nigeria and continues to serve as a beacon of oneness for the multi ethnic, multi religious and multi cultural region that has had challenges blending the diverse peoples together.

Greg Abolo

Blogger at The Oasis Reporters.

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