NNDC’s newly unveiled ethics code
The New Nigeria Development Company Limited (NNDC), one of the oldest and most impactful regional development finance institutions in Nigeria, formally inaugurated its Code of Ethics and Business Conduct at a ceremony in Kaduna on November 16. It is a great leap forward, designed to commit NNDC Ltd and its subsidiaries to the highest standards […]
The New Nigeria Development Company Limited (NNDC), one of the oldest and most impactful regional development finance institutions in Nigeria, formally inaugurated its Code of Ethics and Business Conduct at a ceremony in Kaduna on November 16. It is a great leap forward, designed to commit NNDC Ltd and its subsidiaries to the highest standards of service delivery and to instill in all of the company’s stakeholders legal and ethical cultural values in their daily conduct. It is also intended to reward good behaviour and sanction misconduct.
NNDC itself is older than independent Nigeria. It was established in 1949 as the Northern Regional Production Development Board (NRPDB), meant to contribute to the economic development of the then-Northern Region of Nigeria. In 1956, NRPDB was reconstituted as the Northern Region Development Corporation (NRDC) and in 1960, its name changed again to the Northern Nigeria Development Corporation (NNDC).
It was incorporated under the Companies Act (CAP. 37) 1958 in October 1965. In 1976, the corporation was dissolved and replaced by the New Nigeria Development Company (NNDC), its current name.
For more than seven decades, NNDC has been the beacon of development finance in Northern Nigeria. It has played an extremely important role in nurturing entrepreneurship in the region and the country by interconnecting business, government, academia, and the community.
NNDC is jointly owned by the governments of Nigeria’s 19 northern states. It has a visible presence in many business sectors, including agriculture, real estate, manufacturing, hospitality, oil and gas, telecommunications, and the capital market.
As a holding company, its many services include equity participation, project planning and implementation, feasibility studies, consultancy services on financial investments, legal and secretarial services, underwriting of shares and debentures, management skills development, agriculture and agro-allied projects, hotel development and management, construction services and real estate development, property management and maintenance, prospecting, mining, processing and exporting of solid minerals, oil and gas exploration and telecoms.
NNDC’s subsidiaries include NNIL, Arewa Hotels, Arewa Suites Abuja, Kaduna Hotels (Hamdala Hotel), New Capital Properties, Drake & Scull, Aso Motel Kaduna, Sokoto Hotel, Lake Chad Hotel Maiduguri and Integrated Development Consultants (IDC). It also has investments in 39 associate companies spread across Nigeria.
In November last year, NNDC made a big splash with the commissioning of its Kolmani River II oil field in Gombe and Bauchi states. The field has an estimated one billion barrels of oil reserves and 500 billion cubic feet of gas. The project’s take-off is expected to result in the building of oil and gas processing facilities, modular refineries, fertiliser manufacturing and power plants in and around the general area and neighbouring states.
Such a business and development finance behemoth must nurture and protect its culture of responsibility and development. Hence, its board, chaired by former Economic Adviser to the President, Malam Tanimu Yakubu, adopted the Code of Ethics and Business Conduct. The code commits NNDC to serve all its critical stakeholders diligently and with full accountability and transparency. It promises for the shareholders profitability and long-term value of investment; for the employees, a conducive working environment, job security and an enhanced career path; and for the communities, corporate social responsibility, responsible investment, integrity, cultural diversity and safe environment.
The code is for application in NNDC Group’s Holding Company, its subsidiaries and associate companies. All its stakeholders, including directors, managers, employees, contract staff, third-party personnel seconded to NNDC and its business partners, must adhere to the code.
NNDC’s Board of Directors is also upgrading the policy by instituting a Corporate Compliance and Ethics Programme to ensure adherence to existing laws, regulations and procedures and to further propel the company on the path of responsible operations. The Code of Ethics and Business Conduct captures NNDC’s desire to update its business practices and ensure adherence to the best practices of corporate governance.
With this well-crafted Code of Ethics and Business Conduct, this great corporation, which has already left indelible footprints in the sands of investment and social responsibility, is primed for even greater things to come.
Mahmud Jega wrote from Abuja