FG Sells 21% shares in the Nigeria Minting Company to CBN

The Federal Government has sold 21 per cent shares in the Nigerian Security Printing and Minting Company to the Central Bank of Nigeria  after signing  the transfer instrument yesterday at the Presidential Villa in Abuja.

CBN Governor, Chief Godwin Emefiele and the Director-General of BPE, Mr. Alex Okoh, at a meeting presided over by Vice President Yemi Osinbajo, who is also the Chairman of the National Council on Privatisation, co-signed an instrument for the sale of 12.69 billion shares, representing 21 percent of federal government’s interest in the Nigeria Security Printing and Minting Company (NSPMC) to CBN.

Vice President Yemi Osinbajo, who presided over the meeting stated that over 140 publicly-owned companies had been privatised in the past 30 years, he said the Federal Government divested its 21 per cent public interest in the NSPMC to give room for synergy that could come from the public and private sectors coming together.

While speaking at the meeting, Emefiele described NSPMC as an asset which had the capacity to produce currency not only for Nigeria but also for the entire West African sub-region.He also said this fresh move would enable the company to produce sensitive security documents for both the federal government and private companies.

He added that the current move would involve aggressive marketing that would enable the NSPMC to produce currency for other important stakeholders, pointing out that the capacity of the company will also be enhanced to produce documents such as digital Nigerian passport.