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CBN begins restructuring of NSPMC, retires directors

Published by Tribune on Fri, 29 Aug 2014


The Central Bank of Nigeria has begun the restructuring of the Nigerian Security Printing and Minting Plc 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 the current acting Managing Director, Alh Bamali Ahmed, 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 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.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 the Governor of the Central Bank of Nigeria, Mr Godwin Emefiele to reposition the NSPMC to enable it become a global player in the printing of security documents.
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