The Federal Government has transferred its 21 per cent shares (equivalent to 12.69 billion shares) in the Nigerian Security Printing and Minting Company (NSPMC) to Central Bank of Nigeria.
According to the Federal Government, this divestment will help to bring experts on board of NSPMC also known as The MINT to effectively run company. Vice-President Yemi Osinbajo, who is the Chairman of the National Council on Privatisation, pointed out that the move was to also engender partnerships between the public and private sectors in complex projects that require cutting-edge technology. “Security printing has taken new dimensions; it is no longer what it used to be. As a matter of fact, there are those who think that today there is more of technology than merely security printing. If you look at some of the cards that are being printed today, that the chips are not just security, they are actually technological assets. So, there are new assets and new dimensions, and there are new ideas, and it’s just the private sector that can really be at the cutting edge of technology and innovation” expressed Osinbajo while adding that the government would stick to its regulatory and incentivising roles in business, while allowing the private sector to bear the risks. “Government should stick to its regulatory role and its incentivising role and allow the private sector to do business, allow the private sector to take the risk where possible,” the Vice-President added.
In his remarks, Central Bank Governor, Godwin Emefiele informed that the NSPMC was producing all the currencies needed in the country and had the capacity to produce for other countries of the Economic Community of West African States (ECOWAS). He said, “The capacity of the MINT has increased, and it now produces all the currency that is needed in the country. The MINT’s capacity has been expanded to where it has idle capacity that can produce for other ECOWAS countries.
“We intend to embark on aggressive marketing to see to it that not only does it produces for itself, but also produces for other important stakeholders that may require its services in the area of currency printing.” The apex bank Governor added that; “in the area of security documents, we are working assiduously given the fact that the MINT in the past produced passports, visas and other very sensitive security documents. Our next phase is to see to it that the NSPMC eventually begins the printing of the digital Nigerian passport.”
Managing Director, Nigerian Security Printing and Minting Company (NSPMC), Mallam Abbas Masanawa (left); Central Bank of Nigeria (CBN) Governor, Godwin Emefiele; Vice President Yemi Osinbajo; Director General, Bureau of Public Enterprises (BPE), Alex Okoh, and Mrs. Olamide Olajide of the Business Development Department, DelaRue England, at the signing for the sale of Federal Government’s 12.4 billion shares in NSPMC to CBN at the State House.
