President Bola Tinubu has swiftly removed the Managing Director of the Nigerian Security Printing and Minting Plc (NSPM), Ahmed Halilu, along with four other top executives.
Ahmed Halilu, who is related to former First Lady Aisha Buhari and was appointed in September 2022 by former President Muhammadu Buhari, is among those dismissed.
Others removed include Ado Danjuma, Executive Director of Corporate Services; Chris Orewa, Executive Director of Operations (Lagos Factory); Tunji Kazeem, Executive Director of Security Documents; and Victoria Irabor, Company Secretary. Mrs. Irabor is married to retired General Lucky Irabor, a former Chief of Defence Staff.
Under Mr. Irabor’s leadership in 2023, the Defence Headquarters shielded former Central Bank Governor Godwin Emefiele from arrest by the State Security Services, providing troop protection at his residence and workplace.
Abubakar Minjibir, the Executive Director of Operations (Abuja Factory), will temporarily act as Managing Director. The reason for Mr. Minjibir’s retention remains unclear.
Attempts to reach Sidi Hakama, the spokesperson for the Central Bank of Nigeria (CBN), for comments were unsuccessful. However, a senior central bank official confirmed the immediate dismissal of the affected officials.
This shakeup follows the submission of a report by Jim Obazee, the special investigator appointed by President Tinubu to examine CBN’s affairs under the Buhari administration. The report highlighted NSPM’s involvement in the controversial currency redesign policy led by Mr. Emefiele, which caused significant disruptions for individuals and businesses nationwide.
According to the report, when the naira redesign policy was initiated, the former CBN governor instructed the now-dismissed managing director of NSPM to redesign the old naira notes. Mr. Halilu warned that the task would be complex and time-consuming due to advanced security features like watermarks, QR codes, and unique numbering styles. Despite this, Mr. Emefiele proceeded by hiring UK-based De La Rue for a fee of GBP 205,000 to expedite the redesign.
After De La Rue completed the redesign, NSPM was responsible for printing the new currency. The company’s failure to meet demand resulted in a severe currency shortage across the country.
