President Bola Tinubu has ordered the immediate removal of the Managing Director of the Nigerian Security Printing and Minting Plc (NSPM), Ahmed Halilu, and four other executives of the company, PREMIUM TIMES can report today.
Mr Halilu, brother to former First Lady, Aisha Buhari, was appointed to the position in September 2022 by ex-President Muhammadu Buhari.
Also affected by the removal directive are the company’s Executive Director, Corporate Services, Ado Danjuma; Executive Director, Operations (Lagos Factory) Chris Orewa; Executive Director, Security Documents, Tunji Kazeem and Company Secretary, Victoria Irabor.
Mrs Irabor is married to a former Chief of Defence Staff, Lucky Irabor, a retired general.
The Defence Headquarters, under Mr Irabor, in 2023 shielded former Governor of the Central Bank, Godwin Emefiele, from arrest by the State Security Services by deploying troops to secure his home and workplace.
The former Central Bank Governor, Godwin Emefiele.
In the interim, Abubakar Minjibir, the organisation’s executive director of operations (Abuja factory), has been asked to remain in office to act as managing director. It is unclear why Mr Minjibir was sparred.
The spokesperson for the CBN, Sidi Hakama, did not answer or return calls when contacted for comments on the development at the security minting company. She also did not respond to a message sent to her on the matter.
However a top official of the central bank confirmed our findings, saying the affected officials were asked to leave with immediate effect.
This shakeup at the company comes months after Jim Obazee, the special investigator appointed by President Tinubu to probe CBN’s affairs under the Buhari administration, submitted his report to President Tinubu.
The report outlined NSPM’s role in the controversial currency redesign policy implemented by Mr Emefiele, which negatively impacted individuals and businesses in the country.
According to Mr Obazee’s report, in commencing the naira redesign policy, the former central bank governor invited the now removed managing director of NSPM to the CBN headquarters and directed him to redesign and reconfigure the old naira notes.
However, Mr Halilu informed Mr Emefiele that the task would be time-consuming due to the complexity of the new features, which included the positioning of the watermark, presence of QR codes, different numbering styles, and other advanced security elements.
He advised Mr Emefiele to reconsider revising the redesigns given the time constraints.
But Mr Emefiele was determined to overcome all obstacles to the policy. He therefore contracted De La Rue, a company based in the United Kingdom, to handle the redesign for a fee of GBP 205,000.
After De La Rue delivered on the task, the NSPM was then tasked with printing the redesigned currency. The company did not quite deliver, triggering an unprecedented shortage of currency in the country.
The Nigerian MINT
The NSPM Plc, also known as The MINT, was established 1963. It is the corporation responsible for printing and minting Nigeria’s currency notes and coins. It operates under the supervision of the CBN and is tasked with producing secure and high-quality currency to ensure financial stability in the country.
Central Bank of Nigeria (CBN) on the need for a Trade Remedies Legislation
Central Bank of Nigeria (CBN)
The company also produces security documents such as passports, stamps, and other vital records for both government and private entities.
NSPM Plc is known for its advanced security features and complex printing processes to prevent counterfeiting and ensure the integrity of Nigeria’s financial system.
