Journalism of Courage

Katsina guber race: Nigerian Security and Minting Company MD resigns

Persecondnews had reported that President Muhammadu Buhari had given Monday, May 16, 2022 as deadline for ministers and political appointees aspiring for elective positions ahead of 2023 polls to resign

A governorship aspirant and Managing Director of the Nigerian Security and Minting Company Ltd, Mr Abbas Umar Masanawa, says he has resigned his job in compliance with the presidential directive.

Masanawa, who is seeking APC ticket for Katsina State, said: “I have resigned my appointment as the Managing Director, and Chief Executive Officer of Nigeria Security, Printing and Minting Ltd.

” I have abided completely with the presidential directive.

“I sent in my resignation through the Chairman of the board, who also happens to be the Governor of the Central Bank of Nigeria,” he told newsmen in Abuja on Monday.

Persecondnews had reported that President Muhammadu Buhari had given Monday, May 16, 2022 as deadline for ministers and political appointees aspiring for elective positions ahead of 2023 polls to resign.

Reeling out his achievements at the company, Masanawa said he inherited a  moribund organization but that he was able to accomplish the three mandates of President Buhari 100 percent.

He recalled: “Our mandate was to see how we can reposition Mint towards four key mandates. Number one, to enhance profit generation.  The company was making heavy losses before we took over.

“Second, enhance the production capacity of Nigeria security, printing and minting because when we took over more than 50 percent of Nigerian currency was printed outside the shores of Nigeria.

“And our core mandate was to ensure we achieve zero importation of currency, that is printing our currency in Nigeria.

“Thirdly, to enhance the welfare of our staff, because human capital is the most important asset in any organization. So if the people are not happy, they cannot give you  their best.

“So these were the core mandates that we were given and without being immodest, we have almost 100 percent achieved all those mandates. As I’m talking, I can beat my chest and say 100 percent of Nigeria’s currency is being handled by Nigeria Security, Printing and Minting.

“That is the first time since 2014 and even when I was being screened by the screening committee of All Progressive Congress (APC), I was asked where I worked last, and I mentioned Mint.  One of the panelists said what have we achieved when our currency was still being imported outside the shores of Nigeria.

“So after I was screened I was given the opportunity to say anything I wanted to say. So I said, I believe that this is one of the most fundamental reforms that the Buhari administration has done and nobody is saying anything about it.

“As of today, we have achieved zero importation of currency into Nigeria. We don’t print one single kobo outside the shores of Nigeria anymore. We have two complexes, one in Abuja and another one on the island in Lagos. And we have even achieved full flexibility.

“When we came in most of the currencies were either printed in Lagos or Abuja, but as I’m talking to you now, all the denominations including the polymer notes, 5, 10, 20, 50 and the paper notes – 100, 200, 500,1000 Naira, we can now print either in our Lagos or Abuja factory.”

He added: “In case there is anything, you can do troubleshooting, you can print our currency in Abuja, you can print the currency in Lagos, and I mean all denominations, every single thing.

“There is a fundamental revolution by the Buhari administration, because that was the mandate given to us and we were able to achieve that.”

On what zero importation of currency has fetched the country, Masanawa

said it has helped to conserve foreign exchange, recalling that hard-earned resources were used to import the currencies.

” We now generate revenue for the company. As I told you earlier, Mint was moribund when we came on board. They were making losses, then there was no TSA, they had their accounts in commercial banks and sometimes they had to go to commercial banks to borrow to pay the salaries of their staff.

“We eliminated that and now it is a huge profit making company.  I am bold to say the Nigerian Security, Printing and Minting, as a government institution, is one of the most profitable and the most efficient institutions we have in Nigeria today and that you can easily find out.

“Then of course, we are able to generate employment because if we are able to print our own money, we can generate employment for our people.

“As I’m talking to you now we have a staff strength of 1,000 and there is no single foreigner, no expatriate. All the people we have in Mint both in Lagos and Abuja are all locals from Akwa Ibom, Warri, Lagos, Ondo, Osun, Anambra, Abuja, Kaduna, Katsina, Sokoto and Maiduguri. Both those who print the currency and even those that maintain the machine.

“And that is why even during the COVID we never had challenges. We never needed to bring expatriates outside the country to come and maintain our machines because our local engineers have developed enough capacity to be able to repair our machines,” he said.


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