The Central Bank of Nigeria (CBN) has made a significant change at the Nigerian Security Printing and Minting Plc (NSPM), the nation’s sole producer of currency.
On Wednesday, July 10th, 2024, the CBN announced the immediate dissolution of the company’s entire executive management team. This unexpected move comes amidst ongoing scrutiny of the CBN’s activities under the previous administration.
Shifting Tides at NSPM
The news of the leadership shakeup was communicated internally through a memo titled “House Notice No. 2083 – Executive Management Changes.” Signed by Soji Ogungbesan, General Manager of Corporate Services at NSPM, the memo confirmed the dismissal of Ahmed Halilu, the company’s former Managing Director and CEO.
Halilu was appointed in 2022 by former President Muhammadu Buhari.
The move extends beyond Halilu. The memo further details the dismissal of other key figures who held leadership positions at NSPM. These include Ado Danjuma (ED, Corporate Services), Tunji Kazeem (ED, Security Documents), Chris Orewa (ED, Lagos Factory), and Victoria Lucky Irabor (Company Secretary and Legal Adviser).
New Leadership Emerges
While the CBN has dissolved the previous leadership team, it has also taken steps to ensure continuity at NSPM. The memo announces the formation of an interim executive management team tasked with steering the company forward. Leading this team is Abubakar Sule Minjibr, appointed as the acting Managing Director. Joining Minjibr are Mohammed Mustapha (GM, Finance and Strategy) and Adesoji Ogungbesan (GM, Corporate Services).
The memo emphasizes the commitment of the new management team to the well-being of NSPM staff. It assures continued support for strategic initiatives and organizational transformations previously outlined by the board. Additionally, the memo encourages staff members to cooperate with the new leadership to achieve the board’s vision for the company.
Reasons Behind the Shakeup Remain Unclear
While the official announcement offered no specific explanation for the dismissals, analysts point to several potential factors. One theory centers on the recent controversy surrounding the naira redesign policy implemented under former President Muhammadu Buhari’s administration. Critics argued the policy caused unnecessary hardship for businesses and individuals, with reports suggesting the NSPM may have played a role in the rollout.
According to a recent investigation by Premium Times, President Bola Tinubu, who took office in May 2023, received a report from special investigator Jim Obazee detailing the NSPM’s involvement in the redesign. The report’s findings could be linked to the leadership shakeup, though CBN officials have not confirmed this connection.
Another possibility lies in the CBN’s broader strategic objectives for the NSPM. The bank may be seeking a fresh perspective to improve efficiency, modernize operations, or explore new areas of business. The memo itself hints at this, stating the new management team is “committed to the strategic initiative and organization transformation developed by the board.”
Impact on NSPM’s Future
The dismissal of the NSPM leadership team raises questions about the company’s future direction. The new interim leadership, led by Minjibr, faces the challenge of navigating a potentially complex situation. Key areas to watch include:
Continuity of Strategic Initiatives: The memo assures continued support for existing strategic initiatives, but it remains to be seen if there will be any adjustments under the new leadership.
Relationship with the CBN: The relationship between NSPM and the CBN is crucial, as the central bank is the primary client for the printing of naira notes. The shakeup could potentially impact this dynamic.
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Staff Morale: A significant leadership change can affect staff morale. The new leadership team will need to take steps to ensure employee confidence and stability.
If You Ask Me
The CBN’s abrupt dismissal of the NSPM’s leadership raises questions about transparency and accountability. A clearer explanation for the shakeup would not only address public curiosity but also reassure stakeholders, including financial institutions and the business community, of the CBN’s commitment to sound governance.
Furthermore, the CBN must articulate a clear long-term strategy for the NSPM. Will the new leadership focus on addressing past controversies, or will the focus shift towards modernization and diversification? A well-defined plan will be crucial for attracting and retaining talent, fostering investor confidence, and ensuring the NSPM’s continued success in safeguarding Nigeria’s financial system.
The coming weeks and months will be critical for the CBN and the NSPM. The new leadership team must navigate a challenging environment, restore public trust, and chart a clear course for the future. The CBN’s handling of this situation will be closely watched, with significant implications for the stability and
