Again, FG shifts position on Mint .

The Federal Government may have approved another five-year management contract for the Central Bank of Nigeria (CBN) to run the state-owned security printing firm, Nigerian Security Printing and Minting Company (NSPMC), otherwise called the ‘Mint’ – a not surprising move that reflects the difficult financial state of the company. The renewal of the contract marks the second time the Federal Government would be shifting its position on the sale of the Mint. Charles Soludo, the former apex bank governor, had announced during the banking consolidation exercise in 2005 that the NSPMC would be sold via the stock exchange in 2007.

Indication to the fresh approval was given by both the management of Mint and that of the Bureau of Public Enterprises (BPE) differently.

Bolanle Onagoruwa, director-general, BPE, on Tuesday, told Oscar Onyema, the new chief executive officer of the Nigerian Stock Exchange (NSE) that the company would be taken to the capital market in 2015.

“Negotiations are on-going with the Central Bank of Nigeria (CBN) and once the apex bank hands off the running of the Nigerian Security Printing and Minting Company (NSPMC), it would also be listed on the Stock Exchange in 2015,” she said.

Ehi Okoyomon, the managing director, NSPMC, in a telephone interview told BusinessDay that the initial five-year management contract expired last year, 2010, but that the Mint has not reverted to the BPE, as it is still managed by the CBN.

“CBN is still in charge but discussions are on-going between the CBN and the BPE on the renewal of the management contract. We have not concluded because of the preparation for the just concluded general elections. The National Council on Privatisation (NCP) has not met to decide on the issue,” Okoyomon said.

The BPE on the directive of former President Olusegun Obasanjo handed over the running of the then moribund Mint to the CBN in February 2005. The CBN was to manage it for five years and afterwards, revert to the bureau in 2010, according to the Share Purchase Agreement (SPA) signed by the two institutions.

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