0 C
Lagos, NG
13th July 2020
LOCAL NEWS

Buhari gives NSPMC sole authority to print E-Passport

Coronavirus: Nigeria Restricts Travelers From U.S, UK, 11 Others
Coronavirus: Nigeria Restricts Travelers From U.S, UK, 11 Others

President Muhammadu Buhari has on Thursday 11th July 2019 directed that the production and personalization of all Nigerian E-passports and related documentation shall be the sole responsibility of the Nigerian Security Printing & Minting Company (NSPMC).

The NSPMC popularly known as The Mint, was established in 1963 with the objective of producing the nation’s currency notes and coins for the Central Bank of Nigeria as well as security documents for Ministries, Departments & Agencies of Govt, banks and other blue-chip companies.

With the new directive issued to NSPMC from the President, all existing memoranda of understanding and contracts on printing by other institutions/companies will not be renewed.

The Mint is the largest banknote and security documents specialist printing company in West Africa. However, its performance was rapidly dwindling in terms of both currency production and security documents prior to 2014.

Under the chairmanship of the Central Bank Governor, Mr Godwin Emefiele, new targets were set, and Managing Director/Chief Executive Officer of The Mint, Mr Abbas Umar Masanawa recounts some of the achievements to include:

The zero importation of currency from 2014 to date, with attendant benefits of conservation of foreign reserve, revenue and employment generation, as well as safeguarding the nation’s sovereignty.

Mr Masanawa: “The Mint has returned to profitability. From a moribund organization with heavy losses, the company grew from a loss position of N14. 6 million in 2014 to a profit of N14. 3 billion in 2018. Turnover also grew from N17.8 billion in 2014 to N61.4 billion in 2018.”

“Other achievements include enhanced production capacity, revenue diversification, reduced cost of production, the institutionalization of corporate governance, improved staff welfare and industrial harmony, among others.”

The Managing Direction pledged that The Mint would justify the renewed confidence reposed in it by the President, “as we are moving to the Next Level, and poised to boost national security and integrity, we will conserve scarce foreign exchange, improve revenue generation, create job opportunities, and boost acquisition/transfer of technology.”

Related posts

Femi Otedola celebrates Aliko Dangote on his 62nd birthday

yellowdanfo

Gov. Wike Demolishes Hotels In Rivers For Flouting COVID-19 Order

yellowdanfo

EFCC Secures Conviction of 17 Illegal Petroleum Dealers

yellowdanfo

U S imposes Visa restrictions on some Nigerian Politicians

yellowdanfo

Ghanaian fraudster Emmanuel Poku Jailed For ‘industrial scale’ Scam

yellowdanfo

COVID-19: Tinubu To Donate N200m To Fight The Deadly Virus

yellowdanfo

Peter Okoye ‘Mr P’ Lekki recording studio gutted by fire

yellowdanfo

PHOTO: Sani, Tejuoso and other APC Senators meet with Buhari

yellowdanfo

Dr Wahab Adegbenro: Gov Akeredolu Mourns Health Commissioner

yellowdanfo

APC urges Tambuwal to stop political victimisation of workers

yellowdanfo

Leave a Comment

Login

X

Register