President Muhammadu Buhari has ordered that the production and personalization of all Nigerian electronic passports and related documentation be carried out solely by the Nigerian Security Printing and Mining Company, NSPMC.
His directive was contained in a signed statement sent to GISTOK by his media adviser, Femi Adesina, on Thursday.
Popularly known as The Mint, the company was established in 1963 to produce the nation’s notes and coins for the Central Bank of Nigeria, CBN, as well as security documents for ministries, departments and government agencies, banks and other companies chip.
According to the statement: “With the new directive of the President, not all memorandums of understanding and existing contracts on printing by other institutions/companies will be renewed.
“The Mint is West Africa’s largest specialized printing and security document printing company. However, its performance was declining rapidly in terms of production of currency and security documents before 2014.
Under the chairmanship of the Governor of CBN, Mr. Godwin Emefiele, new objectives were established and the Managing Director / Executive Director of The Mint, Mr. Abbas Umar Masanawa recounts some of the achievements that include: zero import of currency from 2014 to the date, with the benefits derived from the conservation of the foreign reserve, the generation of income and employment, as well as the safeguarding of the sovereignty of the nation.
Speaking, Masanawa said: “The Mint has returned to profitability. From a dying organization with massive losses, the company grew from a position of loss of N14. 6 million in 2014 at a profit of N14. 3 billion in 2018. Billing also increased from N17.8 billion in 2014 to N61. 4 billion in 2018.
“Other achievements include greater production capacity, diversification of income, reduction of the cost of production, the institutionalization of corporate governance, improvement of staff welfare and industrial harmony, among others.”
The Administrative Directorate promised that The Mint would justify the renewed confidence placed in him by the President, “as we move to the next level, and we are prepared to promote national security and integrity, we will preserve the scarce foreign exchange and improve the generation of income. ” create job opportunities and boost the acquisition/transfer of technology “.