wither away the interim common services agency? – Part 3 | The Guardian Nigeria News
The New Nigeria Development Company Limited (NNDC) is a financial conglomerate owned by the nineteen states of northern Nigeria to facilitate the development of investments in the region and in Nigeria in general. The company’s business portfolios encompass various sectors of the northern economy including agriculture, oil and gas, financial markets and investments, solid minerals, real estate, hotel management, construction , telecommunications and information technology. It aims to achieve commercial and industrial development in all nineteen northern states.
The company’s history began in 1949 when the Northern Region Production Development Board (NRPDB) was established by the British colonial government to develop agricultural resources for export. With intense engagement in agricultural support facilities, the board has been successful in providing agricultural extension services, road projects, car fleets, markets and an agricultural settlement program. In 1956, he redefined his orientation from the production of export products 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 company sought to reassert itself in the Nigerian economic space and progressed towards obtaining legal status as a corporation to become the Northern Nigeria Development Corporation. (NNDC). By this time, the company had become the house of development finance, providing socio-economic assistance to stimulate industrial growth in the north. Five years later it was incorporated.
In 1976, the New Nigeria Development Company (NNDC) was formed in place of the Northern Nigeria Development Corporation, in the midst of a new political order that restructured the northern region into sixteen (16) states. The new order involved the incorporation of the company into a limited liability company and the expansion of its portfolios. Thereupon, the NNDC began its new financial role in the north, requiring it to provide development banking services for the new states. Today, its activities are cherished in the north, with its shareholders spread across the current 19 states of the region: Adamawa, Bauchi, Benue, Borno, Gombe, Jigawa, Kaduna, Kano, Katsina, Kebbi, Kogi, Kwara, Nassarawa , Niger. , Plateau, Sokoto, Taraba, Yobe and Zamfara.
The management of the company was sacked on July 23, 2018 by the chairman of the Northern Governor Forum and former Governor of Borno State, Kashim Shettima. Prior to the sacking, the company was run by its former managing director, Dr Ahmed Musa Mohammed. The president of the company was Alhaji Bashir Dalhatu. The other members of the management are the executive directors Abbas A. Waziri (corporate planning and business development), Ms. Kaneng Dokotri Adole (management services department), Abdullahi Ali Gombe, (investment supervision department), as well as lawyer Barnabas Baba (company secretary / legal adviser). The chairman of the board lobbied for the reappointment of management even though insiders believed he had failed in his mandate to execute the five-year strategic plan approved by the governors in 2013. The majority of the subsidiaries of the NNDC cannot pay staff salaries, let alone stay afloat to pay dividends, insiders said. In the letter, Shettima told Dalhatu that “you may recall that during our discussion you made a strong and compelling case for renewing the tenure of the executive leadership…. In the meantime, you are again requested to advise the executive management to step down immediately, as their current term has expired. ”
In 2013, the NNDC raised 1.82 billion naira through the divestiture of 19 of its prime properties in Kaduna, and an additional 4.1 billion naira through the sale of its shares in blue-chip companies like Nestlé. , Union Bank, among others, to finance the five-year strategic plan. But five years later, most of the subsidiaries whose NNDC budgeted 2.65 billion naira for their overhaul are still in a coma. Some of the problems affecting the business, according to insiders, include a heavy reliance on income from its capital market investments, the inability to attract and secure loans from local and foreign sources, lack of personnel with the necessary skills in critical operational functions, performing and leveraged subsidiaries, insufficient returns on equity and assets, and insufficient capital base for required investments. The company has a shareholder fund of 9,194 billion naira, which is down from 9,407 billion naira in 2016, according to its financial statement dated March 31, 2017.
The 19 states are represented on the company’s board of directors by their state secretaries. The conglomerate has 10 subsidiaries, 33 associated companies, and participations in 25 listed companies. The 19 governors have yet to form a new leadership.
These societies and institutions were created by the Prime Minister of the Northern region, Sir Ahmadu Bello (June 12, 1910 – January 15, 1966) and his party, the Congress of the Peoples of the North. He worked so hard to establish these properties and institutions. If these institutions and businesses have not survived to this day or are poorly managed, it is a sad comment from those who have survived Sir Ahmadu Bello since 1966. The last time the governors of the north met in Kaduna, under the leadership of the governor of Plateau State, Mr. Simon Lalong (67), the Interim Common Services Agency was not on the agenda for discussions.
If the spirit of the Interim Common Services Agency had survived, the economy of the former Northern Region would have avoided the insecurity that is currently ravaging the region.
Very sad and disappointing.