TheCable

President Muhammadu Buhari has approved the appointment of Abbas Umar Masanawa as managing director of the Nigeria Security Printing And Minting Company, (NSPMC).

The president also approved the appointments of Abubakar Sule Minjibir, Chris Orewa and Tunji Kazeem as executive directors in the company.

This is sequel to the recommendation by Godwin Emefiele, governor of Central Bank of Nigeria (CBN), in a memo dated August 28.

Emefiele in the memo confirmed that the tenure of the current managing director, Joseph Ugboh, and executive director (finance), Abbas Masanawa, had ended in August.

He noted that the affected directors took over as executive management members of the company in 2014.

According to him, the Nigeria security printing and minting company is a wholly owned subsidiary of the CBN with the sole responsibility of producing Nigeria’s currency and a range of other important security documents.

He explained that prior to its takeover in August 2014 by the CBN, the NSPMC was a loss-making entity.

“Upon the takeover, the company 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,’’ he said.

He maintained that with these results, the management had displayed strong dexterity to turn around moribund institutions.

He, therefore, opined that “by the existing organisational structure and to attain its full potentials, the NSPMC should be managed by a team comprising managing director and four executive directors”.