Tinubu Removes Officials Including Buhari’s In-Law From Nigerian Security Printing And Minting Company

Tinubu Removes Officials Including Buhari’s In-Law From Nigerian Security Printing And Minting Company

In a significant restructuring move at the Nigerian Security Printing and Minting Plc (NSPM), President Bola Tinubu has reportedly directed the immediate dismissal of its Managing Director, Ahmed Halilu, alongside four senior executives. The decision follows a thorough review prompted by findings from a special investigation into the activities of the Central Bank of Nigeria (CBN) during the previous administration…….. CONTINUE READING

Ahmed Halilu, who assumed office in September 2022 under former President Muhammadu Buhari, is notably the brother of Aisha Buhari, the former First Lady. Among those affected are Ado Danjuma, Chris Orewa, Tunji Kazeem, and Victoria Irabor, the outgoing Company Secretary, who is married to retired General Lucky Irabor, former Chief of Defence Staff.

Abubakar Minjibir, currently serving as the Executive Director of Operations at NSPM’s Abuja factory, will temporarily assume the role of Managing Director.

A senior official from the central bank disclosed to Premium Times that the dismissed officials were instructed to vacate their positions immediately.

This overhaul at NSPM comes in the aftermath of an investigation led by Jim Obazee, appointed by President Tinubu to scrutinize CBN’s activities during the tenure of Governor Godwin Emefiele. The investigation report highlighted NSPM’s involvement in the contentious currency redesign policy, which had adverse repercussions on businesses and individuals across Nigeria.

According to the report, during the implementation of the naira redesign policy, Emefiele engaged the now-ousted NSPM managing director to overhaul the existing currency notes. However, due to technical complexities such as watermark placement, QR codes, and security enhancements, Halilu advised reconsideration of the redesign timeline, which was disregarded by Emefiele.

Emefiele proceeded to contract UK-based De La Rue for GBP 205,000 to execute the redesign, following which NSPM was tasked with printing the revamped currency. However, the company’s performance reportedly contributed to a significant currency shortage in the nation.