CBN, BPE Move To Sell FG’s Shares

The Central Bank of Nigeria (CBN) and the Bureau of Public Enterprises (BPE) have signed an agreement for the sale of the Federal Government’s 12.4 billion shares in Nigerian Security Printing and Minting Company (NSPMC) to CBN.
The ceremony was chaired by the Vice President, Prof. Yemi Osinbajo, who is the Chairman, National Council on Privatisation (NCP) at the Presidential Villa yesterday.
Osinbajo said that the event was a landmark in the privatisation journey of the country.
“I am delighted to witness this signing of the sale of 12.4 billion shares of NSPM Plc to the CBN.
“I think this is an important event in our privatisation journey. Many, of course, will recall that in the past 30 years or so over 140 publicly-owned companies have been privatised.
“This is, perhaps, one of the very largest that has been privatised so far.
“The very idea of selling public asset to credible investors is one that is fundamental to our economic philosophy.’’
The vice president said that security printing had taken new dimensions as it was no longer what it used to be.
According to him, there are new assets, new dimensions and new ideas and it is just the private sector that can really be at the cutting edge of technology and innovation.
“I think that particular union between the CBN and De La Rue-the technical partners is good; and we believe that as time goes on even better expertise will be drawn into the company.
“And we think that this is possibly one of the best moves that have occurred especially with respect to the National Security Printing and Minting Company,’’ he said.
He expressed optimism that Nigeria would reap bountifully from the deal.
In his remark, CBN Governor, Godwin Emefiele, said that the capacity of the mint had increased and expanded and it produced all the currency that was needed in the country.
He said that the company’s capacity had been expanded to where it had idle capacity that could produce for other ECOWAS countries.
“We intend to embark on aggressive marketing to see to it that it not only produces for itself but also produces for other important stakeholders that may require its services in the area of currency printing.
“In the area of security document, we are working assiduously given the fact that the mint was in the past producing passports visas and other very sensitive security documents.”