The board of directors of the Nigeria Security Printing Company (NSPMC) Thursday sacked its management and sent the Acting Managing Director and two executive directors on retirement with effect from Monday September 1.


This came few hours after President Goodluck Jonathan ordered the Central Bank of Nigeria (CBN) Governor, Godwin Emefiele, to restructure the  mint with a view to making it viable.


In their place, the board approved the appointment of Mr Joseph Ugbo as substantive managing director/chief executive officer and Alhaji Abbas Umar Masanawa, as Executive Director in charge of Finance and Strategy of the company.


Ugbo, according to the statement signed by the Company Secretary/ Legal Adviser, Lawal Adamu, is a seasoned chemical engineer with engineering and managerial experience with an international manufacturing firm.


He said the changes are in line with the new strategic direction of the company aimed at repositioning it as an efficient and profit oriented entity that would serve not only as the banknote and security needs of the country but also those of the West African subregion.