29th August, 2014
The Board of Directors, Nigerian Security Printing and Minting Plc has dissolved the executive management of the company and directed its acting Managing Director, Alhaji Bamali Ahmed, to proceed on retirement.
A statement issued on Thursday in Abuja by the company’s Secretary and Legal Adviser, Mr Lawal Adamu, said that the Board also directed two executive directors of the company to proceed on retirement.
It said that the retirement of Ahmed and the directors would be effective from 1 September.
The Board then approved the appointment of Mr Joseph Ugbo as substantive Managing Director and Chief Executive Officer of the company and named Alhaji Abbas Masanawa as new Executive Director, Finance and Strategy.
The statement described Ugbo as “a seasoned chemical engineer with over 29 years of engineering and managerial experience with internationally reputed manufacturing companies.”
According to it, Ugbo has also completed extensive training in Banknote Production and Security Minting from the Royal Joh Enschede in the Netherlands.
On Masanawa, it said that he “has over 17 years cognate banking experience and rose to the position of Deputy General Manager in Zenith bank,” adding that, prior his appointment, he was Special Assistant to Governor of Central Bank of Nigeria.
The statement explained that the latest changes in the company was in line with its strategic direction aimed at repositioning it as an efficient and profit-oriented company.
It added that the repositioning would afford the company the opportunity to serve “not only the banknote and security printing needs of Nigeria but also those of West Africa sub-region.”