Kano's Agricultural Company Ends Profit Drought, Pays ₦200.4 Million to State
In a significant economic turnaround, the Kano Agricultural Supply Company (KASCO) has broken a decade-long streak by remitting profits to the Kano State Government for the first time since 2014. The company presented ₦200.4 million to Governor Abba Kabir Yusuf, representing 60% of its 2024 annual profit.
Historic Financial Milestone Achieved
The symbolic handover occurred during the 33rd State Executive Council meeting at the Government House in Kano. Kabiru Sani Yakubu, the Managing Director of KASCO, presented a dummy cheque to Governor Yusuf, marking what he described as a historic achievement since the company's establishment in 1991.
Yakubu revealed that KASCO recorded a total profit of ₦334 million for the 2024 financial year, the highest in the company's history. He attributed this remarkable success to the state government's supportive policies and business-friendly environment that revived operational efficiency and enhanced financial transparency.
Government Commitment to Public Enterprise Reform
Governor Abba Kabir Yusuf praised KASCO's management team for restoring the company to profitability after years of underperformance. The governor assured continued government support to maintain this growth momentum and strengthen accountability across all state-owned enterprises.
This development aligns with our administration's commitment to reposition Kano's public institutions for economic self-sufficiency and public benefit, Governor Yusuf emphasized during his remarks. The successful turnaround of KASCO serves as a model for other government enterprises struggling with profitability.
The profit remittance demonstrates that with proper management and government support, even long-struggling public corporations can achieve financial sustainability and contribute to state development.
