CBN Restructures NSPMC, Appoints Ugbo as MD

Central Bank of Nigeria (CBN) has begun the restructuring of the Nigerian Security Printing and Minting Plc (NSPMC) in line with the directive of President Goodluck Jonathan.

To this end, the board of the company has approved the dissolution of the executive management of the company.

It also directed  Alh Bamali Ahmed, acting managing director and two executive directors to retire from the company with effect from September 1.

The development was confirmed by a statement signed by the company Secretary/Legal Adviser, Lawal Adamu and made available to our corespondent on Thursday in Abuja.

The statement said that the board has approved the appointment of Mr. Joseph Ugbo as the substantive Managing Director/Chief Executive of the company.

The board also appointed Alhaji Abbas Masanawa as the executive director in charge of finance and strategy of the company.

It said, “The board of directors of the NSPM Plc has dissolved the executive management of the company and directed the current acting managing director and two executive directors to retire with effect from Monday September 1.

“Consequently, the board has approved the appointment of Mr. Joseph Ugbo as substantive managing director/chief executive officer and Alh Abbas Masanawa as executive director in charge of finance and strategy of the company.”

The changes, it added, are in line with the new strategic direction of the company aimed at repositioning it as an efficient and profit oriented company that would serve not only the banknotes and security printing needs of the company, but those of the West African sub-region.

Jonathan had on Thursday, while speaking during the presidential launch and unveiling of the National identity card said he had directed Mr. Godwin Emefiele, Governor of the Central Bank of Nigeria,  to reposition the Nigerian Security and Minting Company to enable it become a global player in the printing of security documents.

He said, “In fact when I appointed the new CBN governor, I told him that the Nigerian Security and Minting Company must be reformed.

“There is no way we are doing local government election, electing House of Assembly members, electing governors in Oyo, Ekiti, Adamawa that all what we will produce will be done outside this country. Why?

“Other countries produce their needs, we claim to be a giant, a giant that will just send everything out‎, we empower others we don’t create jobs for our people. And so mint must be restructured and both Independent National Electoral Commission and other bodies.

“But then those who will use these services must have their credibility to protect, that means Mint must be in a position to tell INEC Chairman that whatever I give you, the security devices are okay and you will get the result you want.

“We must change our institutions, we must strengthen to move to the direction we want.”