NASCO HQ, Jos, Nigeria
At Wahed, we find great inspiration in the examples of our investors, their stories, their principles, and their contributions to humanity. They remind us of the values our business is based on and the social impact we wish to engender. Here is just one inspiring example from our esteemed investors:
Once Upon a Time:
It all started in 1963 with a jute bag factory, the first of its kind in Sub-Saharan Africa in the newly-formed Nigeria nation. The country had only gained independence from the British 3 years prior.
Its early years saw an influx of foreign investment into the country, from everywhere from Europe to Asia and growth in domestic agriculture. These changes brought a new concern for industrial development, one which visionary mogul Dr Ahmed Nasreddin sought to address, starting with his factory in Jos and culminating in the foundation of the NASCO Group (NASCO).
Dr Ahmed Nasreddin is an intrinsic part of the NASCO story, from its humble beginnings through its evolution into a major conglomerate operating across various sectors and geographic regions. He was succeeded by his son, Attia Nasreddin, who has served as the company’s Chairman since 2004. The passing of the late Dr Ahmed Nasreddin was mourned by various public figures worldwide, including the Nigerian head of state, President Buhari.
Over the years, NASCO has been at the forefront of local development, establishing itself as a renowned national corporate symbol. A pioneer in manufacturing, trade, real estate, agriculture, logistics and other services, the company prides itself on its quality and communal values.
With People in Mind
Beyond industry, NASCO has also made tremendous contributions to community work and philanthropy. Under its principles of Corporate Social Responsibility (CSR), the company is actively involved in various community-oriented efforts across five main areas: education, empowerment, healthcare, water aid and orphan welfare.
In healthcare, NASCO has been at the vanguard in fighting against illnesses such as malaria, meningitis and cholera. Their testing and treatment programmes operate across the Nigerian Plateau region and beyond. With the emergence of the COVID-19 pandemic in 2020, the company provided financial support to the Nigerian Federal Government’s COVID Response Initiative. Additionally, it provided numerous states with millions of Naira worth of vital food and hygiene products.
With education being crucial to Nigeria’s better future, NASCO has established numerous youth-oriented institutes and facilities, including schools and libraries. They also run a dedicated youth empowerment programme, committed to providing vocational education- teaching trade skills such as welding, agriculture and computer science- and facilitating young entrepreneurship through micro funds for small businesses. Additionally, the company actively supports local orphanages and homes for the blind.
NASCO upholds a strong commitment to sustainability and environmental consciousness through the development of a sustainable procurement roadmap. NASCO maintains a close working relationship with Nigeria’s National Environmental Standards & Regulations Enforcement Agency (NESREA). Together with NESREA, the company has reduced its overall waste and carbon footprint by streamlining energy and water usage. In addition, it has committed to supporting local farmers by sourcing much of raw materials domestically.
A company with great concern for its immediate society and dedication to its local economy, NASCO continues to uphold the standards and values of its founder; quality and community service. Their work has not gone unrecognised, with the company has been the recipient of numerous awards from local and international authorities, including the United Nations.
NASCO’s story is inseparable from that of Nigeria; It is forever wedded to the economic heritage of its nation, its industry, its agriculture and its social welfare. At Wahed, we endeavour to make a similar mark upon our communities through our business, in a similar spirit to the late Dr Nasreddin and NASCO, to make ethics paramount in our ventures and make sure that what we achieve is in service of a greater economy for all.