President Muhammadu Buhari has named a new management for Nigerian Security Printing and Minting Company.

Those appointed include Abbas Masanawa as managing director and Abubakar Minjibir, Chris Orewa and Tunji Kazeem as executive directors.

The appointment followed a memo sent to the president by governor of the Central Bank of Nigeria (CBN), Mr Godwin Emefiele, dated August 28, in which he informed Mr Buhari that the tenures of the current managing director, Mr Joseph Ugboh, and executive director, Finance, Mr 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.

Emefiele said 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 N611m, N4.6bn and N12.1bn during the financial years ended 2016, 2016 and 2017”.

The CBN governor said with these results the current management has displayed great dexterity to turn around moribund institutions.

The document also stated that by the existing organisational structure of the company and the need for 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 managing director, Messrs Kazeem, Orewa and Minjibir should be appointed as executive directors.

Mr Emefiele provided 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 that you consider and approve the appointment of Mr Abbas Umar Masanawa as Managing Director of 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 request.

The new MD, Masanawa, obtained a degree in Agricultural Economics from 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 to CBN governor in September 2014.

He was subsequently appointed as 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 UK.

He has 28 years working experience spanning through the public and private sector.

Mr Kazeem holds a B. A Economics and Accounting from Rutgers University, New Jersey USA and a Masters in Business Administration with specialization 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.

PT