In a significant shakeup, President Bola Tinubu has ordered the immediate removal of Ahmed Halilu, the Managing Director of the Nigerian Security Printing and Minting Plc (NSPM), alongside four other top executives. This directive comes months after Investigator Jim Obazee submitted his report to President Tinubu, detailing various issues within the company.
Mr. Halilu, appointed in September 2022 by former President Muhammadu Buhari, is the brother of former First Lady Aisha Buhari. Alongside him, the Executive Director of Corporate Services, Ado Danjuma; Executive Director of Operations (Lagos Factory), Chris Orewa; Executive Director of Security Documents, Tunji Kazeem; and Company Secretary, Victoria Irabor, have also been relieved of their duties. Mrs. Irabor is notably married to retired General Lucky Irabor, a former Chief of Defence Staff. In the interim, Abubakar Minjibir, the Executive Director of Operations (Abuja factory), has been directed to act as Managing Director. The reason behind sparing Mr. Minjibir from removal remains unclear. Efforts to obtain comments from the Central Bank of Nigeria (CBN) spokesperson, Sidi Hakama, were unsuccessful as she did not respond to calls or messages
A top CBN official confirmed the removal of the NSPM executives, stating that the directive was to be executed immediately. This development follows the investigation led by Jim Obazee, who was appointed by President Tinubu to probe the affairs of the CBN under the Buhari administration. Obazee’s report highlighted NSPM’s involvement in the controversial currency redesign policy spearheaded by former CBN Governor Godwin Emefiele. The policy, which aimed to redesign and reconfigure old naira notes, led to significant disruptions in the economy. The report detailed how Mr. Halilu had informed Mr. Emefiele of the complexities and time-consuming nature of the redesign due to advanced security features. Despite this, Mr. Emefiele proceeded with the redesign, contracting De La Rue, a UK-based company, for a fee of GBP 205,000. The NSPM then struggled to print the redesigned currency, resulting in an unprecedented shortage.
The NSPM Plc, established in 1963 and known as The MINT, is responsible for printing and minting Nigeria’s currency notes and coins. It operates under the supervision of the CBN, producing secure and high-quality currency to ensure financial stability. Additionally, the company manufactures security documents such as passports and stamps for both government and private entities. The MINT is renowned for its advanced security features and complex printing processes designed to prevent counterfeiting and maintain the integrity of Nigeria’s financial system.
