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CBN begins restructuring of NSPMC, retires directors

By BusinessNews Staff on August 30, 2014

The Central Bank of Nigeria has begun the restructuring if the Nigerian Security Printing and Minting Plc in line with the directive of President Goodluck Jonathan.

To this end, the board of the company has approved the dissolution of the executive management of the Mint.

It also directed the current Acting Managing Director, Alhaji Bamali Ahmed, and two executive directors to retire from the company with effect from September 1, 2014.

The development was confirmed in a statement signed by the Company Secretary/Legal Adviser to the NSPMC, Mr. Lawal Adamu, and made available to our correspondent on Thursday in Abuja.

The statement said that the board had also approved the appointment of Mr. Joseph Ugbo as the substantive managing director/chief executive of the company.

The board also appointed Alhaji Abbas Masanawa as the Executive Director in charge of Finance and Strategy of the company.

The statement read in part, “The board of directors of the NSPM Plc has dissolved the executive management of the company and directed the current acting managing director and two executive directors to retire with effect from Monday, September 1.

“Consequently, the board has approved the appointment of Mr. Joseph Ugbo as substantive managing director/chief executive officer and Alhaji Abbas Masanawa as executive director in charge of finance and strategy of the company.”

The changes, it added, were in line with the new strategic direction of the company aimed at repositioning it as an efficient and profit-oriented firm that would serve not only the banknotes and security printing needs of the company, but those of the West African sub-region.

Jonathan had on Thursday, while speaking during the unveiling of the national identity card, said he had directed the CBN governor, Mr. Godwin Emefiele, to reposition the NSPMC to enable it become a global player in the printing of security documents.

He said, “In fact, when I appointed the new CBN governor, I told him that the Nigerian Security and Minting Company must be reformed. There is no way we are doing local government election, electing House of Assembly members, electing governors in Oyo, Ekiti, Adamawa that all what we will produce will be done outside this country. Why?

“Other countries produce their needs, we claim to be a giant, a giant that will just send everything out, we empower others we don’t create jobs for our people. And so, the Mint must be restructured as well as the Independent National Electoral Commission and other bodies.”

[Punch]

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