Trouble, real trouble has started brewing in the problematic Nigerian Printing and Minting Company popular known as MINT. PowerSteering Magazine gathered that the staff of the publicly quoted company where the Central Bank of Nigeria holds majority shares are on the verge of exposing what has hitherto been the business as usual in that company; the staff who have perfected plans to expose the leadership rot will proceed on nationwide strike afterwards. Aside the alleged corruption, the operations of the company revolved around extreme partisanship such that only those brought in by powers that be are the ones smiling daily in a company that has severally suffered series of operational setback traceable to corruption.
It will be recalled that in the past, Nigeria Security Printing and Minting company was near comatose as it had a huge debt profile of over N6.7billion and in the words of the then Minister of Finance and chairman of the board of NSPM ‘at the rate it was going, in one year {from 2004}, the company NSPM may go bankrupt’. There were glaring cases of obsolete infrastructures, bloated work force of close to 2000 staff. Other factors responsible for the dwindling fortunes of NSPM was human factors bordering on corruption, indiscipline, consciously created bureaucratic bottlenecks upon which corrupt practices thrived and extreme partisan influences where appointments were made on basis of nepotism.
In view of the dismal status of the then NSPM, the government then in their thinking thought that the best way to deal with the level of rot in NSPM was to privatize it and make it a functional company that will not only compete favourably within the Sub Sahara Region, but become a ‘treasure’ that would provide employment for the teeming Nigeria populace and thus generate revenue to the government through taxes. Invariably, the BPE started to explore the possibility of selling the near-moribund company to foreign companies to manage and turn around in a view to privatizing it. Virtually all the foreign companies that were hoped would jump at the offer turned out to be those that are in competition with mints. This scenario played against the plan. It was even thought that handing over NSPM popular called MINT to the companies that had hitherto enjoyed Nigeria government patronage would benefit the foreign companies who many believe would do nothing to revamp it for economic benefit as the same companies were the ones that printed Nigerian Note and other security and sensitive documents such as Motor Licences, Cheque Books, Examination Papers, etc.
After a lot of stock taking around what is doable to revamp the already ailing company, the Federal Government of former President OlusegunObasanjo in 2005 thought it worthwhile among other options that the best way to revamp MINT was to get Central Bank of Nigeria to buy 77% which worth N6.3billions. Accenture and Philip Consulting were contracted to review the fortunes of MINT in a view to positioning it for optimal functionality. This led to mass retrenchment that involved up to 800 staff of the company. Old board was dissolved and new one formed. It would be noted as well that soon after MINT was taken over by CBN as core investor and owner, the new management was poised to change the company for better. Today MINTS ownership structure has CBN owing 88.73% shares, BPE 10.33 and De La Rue of UK owing 0.94%. Although there were allegations of corruption and nepotism, the new management in 2005 was able to take MINT above board by installing a more advance machineries, paying backlog of salaries and taking up the total production capacity additional 300,000 bank notes. Despite the modest achievement of the then board, corruption could not be said to have fizzled out in that Agency.
Today, the former Managing Director of MINT is behind bars on the orders of the court for many criminal allegations including Money Laundry, massive self-enrichment. It was alleged that the former MD Emmanuel Okoyomon used the names of his personal aids including drivers, house workers and personal secretary without their knowledge and consent to open different accounts and stuffed them with huge amount of money for himself. He allegedly forged the driver’s licence of his personal driver one Mr Paul Macauley with which he opened and stuffed money in an account with a new generation bank. Aside that, allegedly stolen monies were traced by Interpol to the account of the wife of former MD of Mint in Canada. In FCMB alone, Okoyomon was said to have more than five different accounts in Naira, Pounds, Dollars and Euro hosting over N1.billion, £156,000, $346,220 and $431,600. It was alleged that part of the money was a bribe received for facilitating the production of the N20 notes. Worried by the perennial corruption bedevilling MINT, former President Goodluck Jonathan in 2014 directed that the security agencies mainly EFCC and ICPC wade in, arrest and prosecute all those found culpable.
PowerSteering Magazine could authoritatively reveal that MINT has returned to its notoriety of indiscipline, corruption, self-enrichments of those saddled with the management of the Company. An insider information revealed that among the prevailing corrupt practices in MINT today include running the company like a family empire as those holding key and strategic positions in MINT are alleged to be related to the current CBN governor Godwin Emefiele. According to our source who craved anonymity, ‘MINT is today a household company where only the relatives and associates of the CBN governor is feeding fat from’. As a result of the anomalies, the staff are planning a nationwide strike. Lagos branch of MINT seems to be in the lead of the looming strike.
The following are among the allegations and grudges of the staff who insist that there are more than the eyes could see in MINT:
- Mint Managing Director – Engr. Joseph Ugbo Was said to be a former manager in Dangote Group of Companies but because he was the CBN governor’s inlaw, he was brought to head the Company as the Managing Director as well as an Executive Director of MINT.
- SA to CBN Governor in Mint (Dr.Odosi) is alleged to be CBN’s uncle who formerly worked as General Manager Lagos Factory of MINT but sacked in 2013 on corruption allegations which case is currently before EFCC.
- ED Finance of Mint Alh Abbas Umar Masanawa was the current CBN Governor’s confidant and ‘Private Errand Boy’ in Zenith Bank where the governor was the CEO/MD. He was alleged to have worked last in Zenith as a Pension management officer before being brought into MINT as Executive Director, Finance. (remember, he was the very person who brought money to Uba Sani’s residence on behalf of Godwin Emefeile as published in our September, 2015 edition.
Mint MD’s Salary
The Insider who spoke to us alleged that the MINT MD’s salary is three times more than that of the President of the Federal Republic of Nigeria.
Why the Staff are Angry:
We spoke with a number of staff both in MINT Abuja and Lagos offices and they all seem to be sounding the same tone and warning. They all agreed that National Strike is in the offing in view of the management’s inability to raise their pay by the 45% that has long been approved during the reign of the former CBN governor now the Emir of Kano – Mallam Sanusi Lamido Sanusi. Even though the MINT’s mission Statement reads – ‘To satisfy Customers’ needs by providing qualitative security print and mint products through a motivated workforce for the benefits of stakeholders’. The staff are alleging negligence by management. They claim that the only people smiling home with huge salaries and bounties are those whose appointments were political or politically influenced. ‘A situation where a manager in a whole government controlled sensitive company like MINT earns less than N130,000 a month is not just discouraging but a good irony of preaching something different from what is practiced. Otherwise how will you say you have a mission of satisfying customers through a motivated workforce and a typical manager’s salary is less than N130,000. That’s quite ironical’. Insisted a staff who spoke to us and requested that his identity be kept secret.
‘We have perfected every plan both in Abuja and in Lagos to proceed on strike. We can’t be neglected any more while they keep feeding fat on other’s sweat {Referring to the top management}’ Said another staff.
It is in the interest of Nigeria that the government of President Mohammadu Buhari should urgently wade into the looming crisis in MINT with the view to addressing the issues of corruption that may lead to another crisis that will threaten the fortunes of MINT and in the new spirit of placing round pegs in round holes.
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