Tinubu Cracks Down On NSPM, Fires Ahmed Halilu, Buhari’s In-law, Other Officials Linked To Controversial Currency Redesign Policy

President Bola Tinubu has ordered the removal of Ahmed Halilu, the Managing Director of the Nigerian Security Printing and Minting Plc (NSPM), and four other executives.

BIGPEN NIGERIA (https://bigpenngr.com) reports that Halilu, who is the brother of former First Lady Aisha Buhari, was appointed by ex-President Muhammadu Buhari in 2022.

The removal is seen as a shakeup in the company, which has been criticized for its role in the controversial currency redesign policy.

According to a top official of the central bank, “The affected officials were asked to leave with immediate effect.”

The official also confirmed that the removal is related to the report submitted by Jim Obazee, the special investigator appointed by President Tinubu to probe CBN’s affairs under the Buhari administration.

According to Premium Times report, also affected by the removal directive are the company’s Executive Director, Corporate Services, Ado Danjuma; Executive Director, Operations (Lagos Factory) Chris Orewa; Executive Director, Security Documents, Tunji Kazeem and Company Secretary, Victoria Irabor.

Mrs Irabor is married to a former Chief of Defence Staff, Lucky Irabor, a retired general.

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The Defence Headquarters, under Mr Irabor, in 2023 allegedly shielded former Governor of the Central Bank, Godwin Emefiele, from arrest by the State Security Services by deploying troops to secure his home and workplace.

The sack, according to the report is trached to NSPM’s role in the currency redesign policy, which was implemented by former central bank governor Godwin Emefiele.

According to the report, Emefiele contracted a UK-based company, De La Rue, to handle the redesign for a fee of GBP 205,000, despite warnings from Halilu that the task would be time-consuming.

It reads; “This shakeup at the company comes months after Jim Obazee, the special investigator appointed by President Tinubu to probe CBN’s affairs under the Buhari administration, submitted his report to President Tinubu.

“The report outlined NSPM’s role in the controversial currency redesign policy implemented by Mr Emefiele, which negatively impacted individuals and businesses in the country.

“According to Mr Obazee’s report, in commencing the naira redesign policy, the former central bank governor invited the now removed managing director of NSPM to the CBN headquarters and directed him to redesign and reconfigure the old naira notes.

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“However, Mr Halilu informed Mr Emefiele that the task would be time-consuming due to the complexity of the new features, which included the positioning of the watermark, presence of QR codes, different numbering styles, and other advanced security elements.

“He advised Mr Emefiele to reconsider revising the redesigns given the time constraints.

“But Mr Emefiele was determined to overcome all obstacles to the policy. He therefore contracted De La Rue, a company based in the United Kingdom, to handle the redesign for a fee of GBP 205,000.

“After De La Rue delivered on the task, the NSPM was then tasked with printing the redesigned currency. The company did not quite deliver, triggering an unprecedented shortage of currency in the country”.

The NSPM Plc, also known as The MINT, is responsible for printing and minting Nigeria’s currency notes and coins, as well as producing security documents such as passports and stamps.

Meanwhile, Abubakar Minjibir, the organisation’s executive director of operations (Abuja factory), has been asked to remain in office to act as managing director. It is unclear why Mr Minjibir was sparred.

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The spokesperson for the CBN, Sidi Hakama, did not answer or return calls when contacted for comments on the development at the security minting company. She also did not respond to a message sent to her on the matter.