The Chairman of Jaiz Bank Plc, Alhaji Mohammed Mustapha Bintube, has emphasised the need for the New Nigeria Development Company (NNDC) to embark on a strategic repurposing.
Bintube spoke during his keynote address at the launch of the NNDC Code of Ethics and Business Conduct in Kaduna recently, according to a statement by Mohammed Abdullahi, NNDC’s Head, Corporate Relations Department.
While highlighting the importance of repurposing, Bintube said “You repurpose when your present purpose is obsolete, discarded, or about to be obliterated.”
He commended the efforts of the Board and Management Team for devising transformative plans to rejuvenate the company.
He listed these to include:
* Exploration of Value-added Opportunities in Oil & Gas such as the Kolmani Project in Gombe/Bauchi States.
* Solid Minerals Opportunities Blueprint: A strategic roadmap guiding the harnessing of opportunities in the solid minerals sector across the 19 Northern States.
* Stock Portfolio Management & Realignment: Resulting in a substantial improvement in NNDC’s stock valuation.
* Sustainability Initiatives: Proposing the establishment of a Northern Nigeria Sustainable Development Programme with a 10-year master plan, encompassing Youth Mobilization for Change, Climate Smart Agricultural Revolution, Clean Energy, New Age Education & Skills Enhancement, Health, and Wellness.
Identifying NNDC’s challenges such as Capital Raising, Human Capital, and Proliferation of State Investment Companies, Alhaji Bintube stressed the importance of conducting a frank assessment.
He recommended NNDC find its niche in sectors like Oil & Gas (especially clean and sustainable energy), Telecom, ICT/Digitalization, Innovation, Economic/Financial Inclusion, and the establishment of ICT-based schools.
He emphasised the need for NNDC to be a facilitator rather than a competitor with State Investment Companies. Alhaji Bintube further suggested a rebranding aligned with the dynamic business environment.
Highlighting NNDC’s wealth of highly experienced and wellconnected alumni across various sectors of the Nigerian economy, Alhaji Bintube urged the company to draw from this valuable resource as it charts a new course.
He commended the shareholders, Board, Management, staff, and alumni for upholding the dreams of Sir Ahmadu Bello, the Sardauna of Sokoto.
The launching ceremony witnessed the presence of Kaduna State Governor, Senator Uba Sani, represented by the Secretary to the State Government, Dr. Abdulkadir Muazu Meyere.
Other attendees included Secretaries to the Government of the 19 Northern states, captains of industries, opinion leaders, and other dignitaries.
The New Nigeria Development Company (NNDC) Limited was established in 1949 under the name Northern Regional Production and Development Board (NRPDB). It was then a statutory corporation specifically established to contribute to the economic and social development of the Northern Region of Nigeria.
At independence in 1960, its name was changed to Northern Nigeria Development Corporation. In 1968, the Corporation was transformed and incorporated into a limited liability company thus assumed its present name New Nigeria Development Company (NNDC) Limited. The Company is jointly owned by the Governments of the 19 Northern States of Nigeria.
