CBN replaces management team of Nigerian Security Printing and Minting Plc – Investors King

The Central Bank of Nigeria (CBN) has dismissed top management of Nigerian Security Printing and Minting Plc (NSPM), appointing Abubakar Sule Minjibir as acting managing director.

The information was disclosed in an internal memo titled “House of Representatives Notice No. 2083 – Changes in Executive Leadership,” signed by Soji Ogungbesan, general manager of corporate services at NSPM.

The newly appointed interim executive management team includes Abubakar Sule Minjibir as Acting Managing Director, Mohammed Mustapha as General Manager, Finance and Strategy, and Adesoji Ogungbesan as General Manager, Corporate Services.

Minjibir replaces Ahmed Halilu, former Managing Director and Chief Executive Officer of NSPM, who was appointed to the position by former President Muhammadu Buhari in 2022.

Halilu’s appointment sparked controversy due to his alleged familial links with Aisha Buhari, the former president’s wife.

The memo, dated July 10, 2024, stated: “The Board has announced the immediate dissolution of the current NSPM management team and approved the immediate appointment of an interim management team.”

The memo also assured employees of the new management’s commitment to their well-being and of the strategic initiatives and organisational transformation developed by the board.

Employees were encouraged to work with the new management team to achieve the strategic vision for the company as set out by the board.

In addition to Halilu, other executives who were dismissed include Ado Danjuma, executive director of corporate services; Tunji Kazeem, executive director of security documents; Chris Orewa, executive director of the Lagos factory; and Victoria Lucky Irabor, company secretary and legal adviser.

The dismissal and appointment of new management comes against a backdrop of concerns raised by various groups about the affiliations of the previous management and the potential implications for the security and integrity of confidential materials produced by NSPM.

Gravitas Group, an international human rights organization, had previously condemned Halilu’s appointment, calling it a “family matter” and expressing concerns about the concentration of such sensitive responsibilities within a family relationship with the president.

As the CBN’s operations evolve under the leadership of the new interim management, the NSPM’s objective is to guide operations towards achieving its strategic objectives and ensuring the integrity and effectiveness of its operations.