Connect with us

NEWS

Buhari orders local production of Nigeria’s E-Passport

Published

on

President Muhammadu Buhari has ordered that the production and customization of all Nigerian electronic passports and related documentation be carried out exclusively by the Niger County Security and Mining Company, NSPMC.

His directive was contained in a signed declaration sent to DAILY POST by his media advisor, Femi Adesina, on Thursday.

Popularly known as The Mint, the company was founded in 1963 with the aim of producing national notes and coins for the Central Bank of Nigeria, CBN, as well as security documents for ministries, departments and government agencies, banks and other chip companies .

According to the statement: “With the new directive from the President, all existing memoranda of understanding and contracts on printing by other institutions/ companies will not be renewed.

“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.

Under the chairmanship of the CBN 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.

READ ALSO:  Police arrest Ani, wanted robber, cultist in Enugu

Speaking, Masanawa said: “The Mint has returned to profitability. From a moribund organization 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.

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

The Managing Direction pledged that The Mint would justify the renewed the confidence reposed on it by the President, “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.”

Naira Marley Net Worth Naira Marley House and Cars Naira Marley Biography