Shake-up at NSPMC as Jonathan orders reforms

Author: ONYINYE NWACHUKWU, Abuja

The board and directors of the Nigerian Security Printing and Minting Company (NSPMC) has dissolved the executive management of the institution, directing the acting managing director, Nuhu Bamali, and two executive directors to proceed on retirement effective Monday, September 1, 2014.

The announcement came just few hours after President Goodluck Jonathan said he had directed the Central Bank of Nigeria (CBN) to begin reforms in the ‘near comatose’ institution.

The reforms became critical following years of low performance and poor delivery heightened by squabbles among the three executive directors over who becomes the substantive managing director since Ehi Ekoyomon’s removal by former CBN governor, Sanusi Lamido Sanusi.

NSPMC’s woes, as learnt, is further worsened by poor local patronage particularly the CBN, seen as the mint’s only customer, since the banks, as was also gathered, had long stopped printing materials with the company.

While the fight continues and the poor patronage rages, NSPMC, it was learnt, may have recorded losses ranging as must as N1 billion just last year.

Speaking at an event at the Presidential Villa, Jonathan announced that he has already asked Godwin Emefiele, CBN governor, to look into the NSPMC management and also get the best global players who run similar printing and minting business to partner with the institution.

The president said he is particularly worried that the NSPMC lacks the capacity to effectively conclude and deliver deals, for instance on voting materials and even some currency denominations, a situation, he said, had often led to job exports to other countries.

The president’ words, “… when I appointed the new CBN governor, I told him that the Nigerian Security and Minting Company must be reformed. The board must look into the management and get the best global players who are into this business and partner with them.

“There is no way we will be doing local government, House of Assembly, governorship elections and we will be producing the materials outside this country. Why? Other countries produce their needs.

“We claim to be a giant, a giant that will just send everything out and empower others. The place must be restructured to create jobs for our people and after then, we can no longer give approvals at FEC to print anything outside, except if NSPMC say they cannot produce that. But as long as it can, we must produce it in this country.”

http://businessdayonline.com/2014/08/shake-up-at-nspmc-as-jonathan-orders-reforms/#.VABwtcVdWT4

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@bolded: Thank you, Mr President!

Nice move