President Muhammadu Buhari, has named a new management for the Nigerian Security Printing and Minting Company, NSPMC.
Those appointed include: Abbas Masanawa as Managing Director, and Abubakar Minjibir, Chris Orewa, and Tunji Kazeem, as Executive Directors.
The appointments followed a memo sent to the President by the Governor of the Central Bank of Nigeria, CBN, Godwin Emefiele, dated August 28, in which he informed Buhari that the tenures of the current Managing Director, Joseph Ugboh, and Executive Director, Finance, Abbas Masanawa, were ending on August 31.
According to a source familiar with the development, Emefiele had in the memo, told Buhari that the two Directors took office as members of the Executive management of the company, in August 2014.
In the document, Emefiele stated that prior to the takeover of the company, in August 2014, the company “unfortunately was a loss making entity, and upon takeover, the company returned to profitability with profit before taxes of N611 million, N4.6 billion, and N12.1 billion, during the financial years ending 2015, 2016, and 2017.”
The CBN Governor, revealed that with these results, the current management has displayed great dexterity to turn around moribund Institution.
The document also stated that by the existing organisational structure of the company, and the need for the NSPMC to attain its full potential, Emefiele suggested that a team comprising of a Managing Director, and four Executive Directors should be appointed.
“To ensure the company continues the track record of strong profitability, I wish to respectfully present for your thoughtful consideration and kind approval, candidates for the position of Managing Director and Executive Directors”, the CBN Governor said.
He then went ahead to recommend that while Mr. Masanawa should be appointed as the Managing Director, Messrs Kazeem, Orewa, and Minjibir, should be appointed as Executive Directors.
Emefiele provided the detailed explanation of the nominees qualifications, experience, and suitability for the office for which they were being nominated.
He requested Buhari, that: “In the light of the rich credentials of the candidates, I humbly request your Excellency Sir, that you consider and approve the appointment of Abbas Umar Masanawa, as the Managing Director of the Nigeria Security Printing and Minting Company; Mr. Abubakar Sule Minjibir, Chris Orewa, and Mr.
Tunji Kazeem, as Executive Directors in Nigeria Security Printing and Minting Company.”
Buhari granted the approval.
The new MD, Masanawa, obtained a degree in Agricultural Economics, from the Ahmadu Bello University, Zaria, in 1992, and a post graduate degree in Business Administration, from the University of Maiduguri, in 2000.
He worked at Zenith Bank for 17 years, rising to the position of Deputy General Manager, in 2014, before he left to serve as a Special Assistant and Chief Liaison Officer, to the CBN Governor, in September 2014.
He was subsequently appointed as the Executive Director Finance, Strategy, and Marketing, at NSPMC.
On his part, Mr. Minjibir studied and obtained a degree in Chemistry, from Bayero University, Kano, in 1989, and a postgraduate degree in Business Administration, with emphasis on Financial Management, from Chennai, Kinsgter Education, and a Doctor of Business Administration, Honoris Causa, Commonwealth University, United Kingdom.
He has 28 years working experience, spanning through the public and private sector.
Kazeem holds a B.A. Economics and Accounting, from Rutgers University, New Jersey, United States of America, and a Masters in Business Administration, with specialisation in Investment Management, from Columbia Business School, New York.
He is a seasoned Business Executive, with experience in developing strategic risk management framework, to support overall business strategies.
Chris Osawe obtained a Degree in Engineering, in 1985, and a Masters in Business Administration, in 1995.