A credible source from the Mint’s finance department told THISDAY the company’s management led by the acting Managing Director, Alhaji Ahmed Nuhu Bamali, appeared to have been overwhelmed by some challenges including a succession dispute among the company’s directors.
The situation is worsened by the often lack of patronage from local players particularly the Central Bank of Nigeria (CBN), which is considered the mint’s only customer, while other firms have refused awarding printing contracts to the company.
“Now, the CBN wants to start importing money and the local industry is dying,” a reliable source confided in THISDAY.
The source, which further warned that the mint was currently on the precipice unless action is taken to salvage the entity, added that until recently, the CBN had refused to pack currencies already minted upon its request while the banks have also stopped the printing of cheque books at the NSPMC.
THISDAY learnt the mint’s major source of revenue for its operations and payment of salaries are largely from commissions from CBN’s orders to print currency.
“Could you believe that up till today, the mint is still unable to print ballot papers for elections? They (government) prefer to take it to South Africa when we have the capacity here. If we can print the currency, then why can’t we print other security documents,” the source added, saying the mint is on the verge of collapse.
However, the development comes amid an alleged inability of the management to discuss and finalise its budget for 2014 as internal rancour over who should become the substantive managing director of the company following the removal of former chief executive of the mint, Mr. Ehi Ekoyomon, by former CBN Governor, Mallam Sanusi Lamido Sanusi, lingers.
THISDAY investigation has revealed the prospect of a shake-up at the NSPMC following internal divisions among three executive directors fighting over who should succeed Ekoyomon as substantive managing director.
Ekoyomon, who held sway as managing director for about seven and a half years was removed from office over allegations of irregularities particularly on the polymer currency deal introduced during the former CBN Governor, Prof Charles Soludo, which later went awry, according to sources which confided in THISDAY.
Following his sack, Sanusi, who was statutorily the chairman of the mint, was said to have singlehandedly appointed the Executive Director, Corporate Services, Ahmed Nuhu Bamali, as acting MD with a design to upgrade him to be the substantive chief executive in no time.
However, the former CBN governor could not make that happen before his suspension by the presidency and eventual expiration of his tenure as the apex bank’s boss in June.
Nevertheless, there appears to be bad blood within the mint, given that all the three executive directors are northerners; Bamali, who is currently in acting capacity for almost one and a half years now is from Kaduna while Ibrahim Babayo, the executive director, finance is from Gombe as well as Muhammad Gambo, who is executive director, operations who hails from Bauchi State.
But the constant bickering between the three directors that have been trying to outdo one another in an attempt to grab the plum job of the MD, which is still vacant is said to be dampening staff morale and negatively affecting the progress of the institution, according to sources within the mint.
Meanwhile, THISDAY further learnt the three directors had sought an appointment with the new CBN Governor, Mr. Godwin Emefiele, upon his assumption of office, to table their concerns, which he granted.
The directors, THISDAY further learnt, had planned to write the presidency in order to intimate it with the dire state of affairs in the mint which as at the time of filing this report, was yet to attend to its 2014 budget while its new line of production remained unfinished and behind schedule among other nagging problems within the organisation.
Following the meeting, which was held three weeks ago, the CBN governor was said to have directed the management to forward report of stewardship, which they had already complied with.
But informed sources said none of the directors whose tenure expire in November this year is likely to be re-appointed as the CBN governor is currently weighing alternative options of appointing fresh directors from outside the mint to fill the vacant post of the MD.
However, when contacted on the telephone over the issues raised, Bamali said: “I am bereaved and at home, so I am not in a position to discuss anything now”, while Babayo said: “Whoever is giving that report is not correct” adding that he was not competent to speak on the claims on CBN’s currency importation drive.
THISDAY also contacted Gambo who said:” I am at a meeting, you can’t just call and start talking to me.”
Source: Thisday
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