<p>President Muhammadu Buhari, on Thursday, July 11,  ;granted the Nigerian Security Printing &; Minting
Company (NSPMC) the monopoly for the production and personalization of all
Nigerian E-passports and related documentation.</p>



<p>Popularly known as The Mint, the company 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 and Agencies of government, banks and other blue chip companies.</p>



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



<p>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.</p>



<p>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: 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.</p>





<p>



Mr Masanawa counts the blessings further: “The Mint has returned to
profitability. </p>



<p>From a moribund organisation 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.</p>



<p>“Other achievements include enhanced production capacity,
revenue diversification, reduced cost of production, institutionalisation of
corporate governance, improved staff welfare and industrial harmony, among
others.”</p>



<p>He however, promises to  ;justify the renewed confidence reposed in it
by the President, saying ; “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.”</p>

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