So, there’s some exciting news coming out of Nigeria! The New Nigeria Development Company Limited (NNDC) is all set to launch its Code of Ethics and Business Conduct in Kaduna today. This is a big deal because NNDC has been around for a long time and has been a major player in the development finance sector in Northern Nigeria. The new code is aimed at ensuring that NNDC and its subsidiaries uphold the highest standards of service delivery and ethical conduct. It’s all about rewarding good behaviour and cracking down on any misconduct. NNDC is really stepping up its game!
Let’s take a quick look at NNDC’s history. It’s been around since 1949, even before Nigeria gained independence. Back then, it was known as the Northern Regional Production Development Board (NRPDB), and it was all about boosting the economic development of the Northern Region. Over the years, it went through a few name changes and reconstitutions before becoming the New Nigeria Development Company (NNDC) in 1976. Since then, it has been a key player in fostering entrepreneurship and development in the region.
NNDC is no small fry – it’s jointly owned by the governments of Nigeria’s 19 Northern States and has a strong presence in various sectors including agriculture, real estate, manufacturing, hospitality, oil and gas, telecommunications, and the capital market. As a holding company, it offers a wide range of services including equity participation, project planning, consultancy, and much more. It’s also got a bunch of subsidiaries and investments in associate companies all over Nigeria. Last year, NNDC made headlines with the commissioning of its Kolmani River II oil field, which is expected to have a huge impact on the oil and gas industry in the region.
With all this going on, it’s no surprise that NNDC is taking its ethical responsibilities seriously. The Board, chaired by former Economic Adviser to the President Malam Tanimu Yakubu, has adopted the Code of Ethics and Business Conduct to ensure that all stakeholders are served diligently and transparently. This means looking out for the shareholders, employees, and communities, and making sure everyone is treated fairly and responsibly.
But that’s not all – NNDC is also ramping up its compliance and ethics program to make sure it’s following all the laws and regulations. The Group Managing Director/CEO, Shehu Mai-Bornu, is really pushing for NNDC to update its business practices and uphold the best standards of corporate governance. It’s all about making sure that NNDC is on the right track and ready for even greater things in the future.
So, there you have it – NNDC is making some big moves with its new Code of Ethics and Business Conduct. It’s a sign that this powerhouse of development finance is committed to doing things the right way and setting the bar high for others to follow. Exciting times ahead for NNDC and the development sector in Nigeria!