President Muhammadu Buhari has approved the appointment of Abbas Masanawa as managing director of the Nigeria Security Printing And Minting Company (NSPMC).

The president also approved the appointment of Abubakar Sule Minjibir, Chris Orewa and Tunji Kazeem as executive directors in the Nigeria printing and minting company.

This is sequel to the recommendation made by the governor of Central Bank Of Nigeria (CBN), Godwin Emeifiele to the president, which was approved.

According to a top federal government source, Emefiele said that the tenure of the current MD, Joseph Ugboh and executive director, finance, Abbas Masanawa, ended on August 31, 2018, noting that these directors took over as executive management members of the company in 2014.

He explained that the NSPMC Company is a wholly owned subsidiary of the CBN with sole responsibility to produce Nigeria’s currency and a range of other important security documents.

Prior to take over in August 2014, the CBN governor pointed out that the NSPMC was unfortunately a loss making entity and upon take over, the company returned to profitability with profit before taxes of N611m, N4.6bn and N12.1bn during financial years ended 2015, 2016 and 2017 respectively.

He contended that with these results, the management has displayed strong dexterity to turn around moribund institutions.

He stated, “By the existing organisational structure and to attain its full potentials, the NSPMC should be managed by a team comprising of managing director and four executive directors.

“To ensure that the company continues the track record of strong profitability, I wish to respectfully present to you for your thoughtful consideration and kind approval, candidates for the position of managing director and executive directors.

“Your Excellency, we have been discreetly, uprightly, meticulously conducting the search for a suitable replacement for Joseph Ugboh, under the guide post of three principles – intrinsic quality, geopolitical balance, working experience.

“Please permit me to note that given the resume of the candidates and having considered other personality, characteristic and capability related facts, I am convinced that the best persons for the position of managing director and executive directors are Messrs Abbas Masanawa ( MD), Tunji Kazeem, Chris Orewa and Abubakar Suleiman Minjibir respectively as EDs,” he stated.