By Ahmed Idris
President Muhammadu Buhari has approved the appointment of Abbas Masanawa as the new Managing Director of the Nigeria Security Printing and Minting Company (NSPMC).
The President also approved the appointment of Abubakar Sule Minjibir, Chris Orewa and Tunji Kazeem as executive directors of the company.
A Presidency source said the tenure of the Managing Director, Mr. Joseph Ugboh and other executive directors of the company ended on August 31, 2018.
The source, who spoke on condition of anonymity, said the approval was sequel to the recommendation by the authorities of the Central Bank of Nigeria (CBN).
The Nigeria Security Printing and Minting Company is a subsidiary of the Central Bank of Nigeria with sole responsibility to produce Nigeria’s currency and a range of other important security documents.
Prior to take over of the a focused management in August 2014, the Presidency source, said the Nigeria Security Printing and Minting Company was operating at a loss, but returned to profitability with profit before taxes of N611 million, N4.6 billion and N12.1 billion during financial years ended 2015, 2016 and 2017, respectively.
According to the source, this paradigm shift has placed the Nigeria Security Printing and Minting Company on the path of a sustainable growth and progress.
“The people that piloted the affairs of Nigeria Security Printing and Minting Company from 2014 to August 2017, have exhibited high level of competence and strong dexterity that turned around the fortunes of the hitherto moribund institution,” the source said.
