The long-expected shakeup at Nigeria’s currency printer, the Nigerian Security Printing and Minting Plc (the MINT) occurred yesterday as the company’s board, chaired by the governor of the Central Bank of Nigeria (CBN), Mr. Godwin Emiefele, dissolved the MINT’s executive management committee and named Mr. Joseph Ugbo as new substantive managing director.
A statement by company secretary/legal adviser of the MINT, Lawal Adamu, said the board directed the erstwhile acting managing director/chief executive officer, Alhaji Ahmed Nuhu Bamali; director of finance, Alhaji Ibrahim Babayo and director of operations, Alhaji Muhammodu Gambo, to retire with effect from September 1, 2014. The statement also announced the appointment of an executive director in charge of finance and strategy, Alhaji Abbas Umar Masanawa, a former special assistant to Emefiele and a former deputy general manager of Zenith Bank.
“These changes are in line with the new strategic direction of the company aimed at repositioning the NSPM Plc as an efficient and profit-oriented company that would serve, not only the banknote and security printing needs of our country but also those of the West African sub-region”, the statement read.
LEADERSHIP had reported on July 7, 2014, that the planned shake-up at the MINT was predicated on alarming records of dwindling performance confirmed by an 85 per cent decline in profit after tax between 2009 and 2012.
Audited accounts obtained by LEADERSHIP confirmed that profit dropped from N3.711billion in 2009 to N1.562billion in 2010. The figure increased to N2.128billion in 2011 but declined again in 2012 to NN1.040billion. The company made a loss of N215million in 2013.
Also, since 2009, turnover at the MINT has nose-dived from N32.6billion in 2009 to less than N20billion in 2013.
LEADERSHIP learnt that the MINT’s woes stem partly from bloated overheads following introduction of a new corporate structure in 2009. The new organogram featured one managing director/chief executive officer, four executive directors, seven general managers and 17 assistant general managers.
This contrasts with one managing director/chief executive, four general managers and 13 assistant general managers before the new corporate structure.
Also, there was bickering among directors as they tried to outdo each other to grab the job of managing director as Alhaji Ahmed Nuhu Bamali had served in acting capacity for 18 months without being confirmed. Also, LEADERSHIP reported that the MINT’s board had not been properly constituted for years.