Juliana Taiwo-Obalonye, Abuja
President Muhammadu Buhari has approved the appointment of Abbas Masanawa as Managing Director of the Nigeria Security Printing And Minting Company (NSPMC).
He also approved the appointment of Abubakar Sule Minjibir, Chris Orewa and Tunji Kazeem as Executive Directors in the Nigeria printing and minting company.
The approval followed their recommendation by top management of the Central Bank Of Nigeria (CBN), to President Buhari, according to a Presidency source.
The tenure of the current Managing Director, Joseph Ugboh, and Executive Director Finance, Masanawa, ended on August 31, while the directors took over as executive management members of the company in 2014.
The Nigeria Security Printing and Minting Company is wholly owned subsidiary of the CBN with sole responsibility to produce Nigeria’s currencies and a range of other important security documents.
Prior to take over in August 2014, a Presidency source stated that the NSPMC was unfortunately 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.
The source stressed that with these results, the management has displayed strong dexterity to turn around moribund institutions.