Nigerian Mint Nets N14.3bn Profit, Appointed Sole Printer Of e-Passports

In its bid to further conserve scarce foreign exchange, enhance local capacity and sustain domestic jobs, the Federal Government, on Thursday appointed the Nigerian Security Printing & Minting Company (NSPMC) sole printer of the country’s e-Passports.
A State House press statement said President Muhammadu Buhari directed that the company takes sole responsibility “of all Nigerian E-passports and related documentation.”
The directive, the statement said, means that “all existing memoranda of understanding and contracts on printing by other institutions/companies will not be renewed.”
Already, under the chairmanship of the Central Bank Governor, Godwin Emefiele and Managing Director/Chief Executive, Abbas Umar Masanawa, the Mint has recalled zero importation of currency since 2014, with attendant benefits of conservation of foreign reserve, revenue and employment generation, as well as safeguarding the nation’s sovereignty.
As a result of the consistent patronage, according to Masanawa, the company which was once moribund has since returned from an N14.6m loss in 2014 to N14.3bn profit last year. Turnover also improved from N17.8bn in 2014 to N61.4bn in 2018, he explained.
He listed other achievements of the Mint, the largest banknote and security documents specialist printing company in West Africa to include “enhanced production capacity, revenue diversification, reduced cost of production, institutionalization of corporate governance, improved staff welfare and industrial harmony, among others.”
He assured that the Mint would justify the renewed confidence reposed in it by the President, as it moves to boost national security and integrity while conserving the nation’s “scarce foreign exchange, improve revenue generation, create job opportunities, and boost acquisition/transfer of technology.”
Popularly known as The Mint, the company was established in 1963 with the objective of producing the nation’s currency notes and coins for the Central Bank of Nigeria as well as security documents for Ministries, Departments & Agencies of Govt, banks & other blue-chip companies.