FG sells N12.4bn minting company’s shares to CBN

The Central Bank of Nigeria (CBN) has acquired shares worth N12.4 billion in the Nigeria Security Printing and Minting Company (NSPMC).

This accounts for 21% of the shares in the company.

NSPMC is responsible for printing currency, visas, passports, electoral materials and security documents for the federal government and the private sector.

The formal signing of the instrument for the transfer was witnessed by the Vice President Yemi Osinbajo at the presidential villa.

The instrument was signed by Godwin Emefiele, CBN governor and Alex Okoh, BPE director general, on behalf of their institutions.

Osinbajo, who is the chairman of the National Council on Privatization (NCP), said the idea behind divesting 21% in the NSPMC is to take advantage of both public and private sector capacity especially for the execution of complex projects.

“Security printing has taken new dimensions, it is no longer what it used to be,” he said.

“If you look at some of the cards that are being printed today, that in the chips are not just security they are actually technological assets.

“So, there are new assets, dimensions and ideas and it’s just the private sector that can really be at the cutting edge of technology and innovation.”

According to the vice president, 140 publicly-owned companies have been privatized in the past 30 years.

“Government should stick to its regulatory role and its incentivizing role and allow the private sector to do business, allow the private sector to take the risk where possible,” he said.

In his remarks, Emefiele said the minting company has the capacity to produce currency for not just Nigeria but also for the West African region, also to produce sensitive security documents for government and for private companies.

“We intend to embark on aggressive marketing to see to it that not only produces for itself but also produces for other important stakeholders that may require its services in the area of currency printing,” the CBN governor said.

“Our next phase is to see to it that the NSPMC eventually begins the printing of the digital Nigerian passport.”