tinubu sitting down (1).jpeg
President Tinubu removes top executives of Nigerian Security Printing and Minting Plc, including Ahmed Halilu, following a report on the controversial naira redesign policy. Abubakar Minjibir to act as interim Managing Director.

President Bola Tinubu has dismissed Ahmed Halilu, Managing Director of Nigerian Security Printing and Minting Plc (NSPM), along with four other top executives. Halilu, brother to former First Lady Aisha Buhari, was appointed by ex-President Muhammadu Buhari in September 2022. Other executives affected include 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, wife of retired General Lucky Irabor. Abubakar Minjibir, Executive Director of Operations (Abuja Factory), will temporarily serve as Managing Director.

This major shakeup follows the submission of a report by Investigator Jim Obazee, appointed by President Tinubu to investigate the Central Bank of Nigeria (CBN) under Buhari’s administration. The report highlighted NSPM's role in the controversial naira redesign policy, which led to significant disruptions in the country. Halilu reportedly informed former CBN Governor Godwin Emefiele about the extensive time required for redesigning the currency, which included complex new security features. Despite this, Emefiele contracted UK-based De La Rue to expedite the redesign for GBP 205,000. NSPM’s subsequent printing challenges triggered a severe currency shortage.

Established in 1963, NSPM, also known as The MINT, is responsible for producing Nigeria's currency and other secure documents. It operates under the supervision of the CBN, aiming to maintain financial stability and prevent counterfeiting.

Source: Premium Times