Nigerian Security Printing and Minting Company Limited
Nigeria's government-controlled security printer and mint, producing currency-related and other protected documents.
Last updated August 25, 2026
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Overview
The Nigerian Security Printing and Minting Company Limited, commonly known as NSPM, is Nigeria's state-controlled security-printing and minting enterprise. Established in 1963 as a partnership between the Federal Government of Nigeria and De La Rue, the company was created to develop domestic capacity for producing banknotes, postage stamps, postal orders and licences. Its establishment gave Nigeria a local industrial base for documents and instruments requiring specialized printing and anti-counterfeiting controls. NSPM's principal activities are the printing of Nigerian banknotes and the production of coins, although the Central Bank of Nigeria remains the country's sole issuer of legal-tender money. The company therefore operates as a manufacturing and security-printing supplier rather than as an independent monetary authority. Currency management—including procurement, distribution, processing, reissue and disposal of notes and coins—is handled within the Central Bank of Nigeria's Currency and Branch Operations Department. In practice, Nigerian currency requirements have been met through a combination of NSPM production and orders placed with overseas printing and minting companies. The company also produces other protected government and public-sector materials. Sources identify postage stamps and postal orders among its historical outputs, alongside licences and other security documents. These products place NSPM within the broader public-security-printing sector, where the value of the service lies not only in physical production but also in controlled processes, specialized materials and resistance to forgery. NSPM expanded during Nigeria's oil-boom period between 1975 and 1980. That expansion led to the creation of specialized departments and helped broaden the organization's production and operational capabilities. Its facilities are located in Lagos and Abuja, connecting the company to both Nigeria's long-established commercial center and the federal administrative capital. The ownership and governance of NSPM have been politically significant. In February 2002, President Olusegun Obasanjo's government moved to privatize the mint. The proposal was controversial, and Managing Director Sambo Dasuki resigned in protest. In 2006, Central Bank Governor Charles Chukwuma Soludo said he regretted that Nigeria had a mint while still importing currency and indicated that privatization remained on track. These events reflected a continuing policy debate over whether Nigeria should rely more heavily on domestic production, private participation or foreign suppliers for strategically sensitive currency manufacturing. By 2010, the company was being publicly described as having undergone a turnaround under Chief Executive Emmanuel Ehidiamhen Okoyomon. Later leadership included Ahmed Halilu, followed by Abubakar Minjibir, who was identified as acting managing director in November 2024. NSPM remains a government-majority-owned enterprise and continues to occupy a strategic position in Nigeria's security-printing infrastructure, even though the Central Bank of Nigeria determines the country's currency requirements and legal-tender issuance.
History
NSPM was established in 1963 through a partnership between the Federal Government of Nigeria and De La Rue. Its original remit covered the domestic production of banknotes, postage stamps, postal orders and licences. The first factory was built on Ahmadu Bello Way in Victoria Island, Lagos, by Lindsay Parkinson. This gave Nigeria an institutional and industrial platform for producing sensitive documents locally rather than depending entirely on foreign suppliers. The company's role is distinct from that of the Central Bank of Nigeria. The Central Bank is the sole issuer of legal tender and is responsible for managing the country's currency supply and stability. Its Currency and Branch Operations Department oversees the procurement, distribution, processing, reissue and disposal of banknotes and coins. NSPM functions primarily as a producer for this system. Nigerian currency has also been printed or minted by overseas companies when domestic capacity or procurement arrangements required external production. During the oil boom from 1975 to 1980, NSPM expanded significantly. The expansion produced a more specialized organizational structure, with dedicated departments supporting its printing and minting activities. Alongside currency work, the company retained a broader security-printing role involving stamps and other controlled documents. Ownership and strategic direction became contentious in the early 2000s. In February 2002, the administration of President Olusegun Obasanjo pursued privatization of the mint. Managing Director Sambo Dasuki resigned in opposition to the move, making the issue a leadership and public-policy dispute as well as a corporate transaction. In 2006, Central Bank Governor Charles Chukwuma Soludo publicly expressed concern that Nigeria still imported currency despite possessing a domestic mint, while also stating that privatization remained on course. The debate centered on domestic self-reliance, efficiency, government ownership and the security implications of currency production. By 2010, Chief Executive Emmanuel Ehidiamhen Okoyomon was associated with a reported organizational turnaround. The company later operated from facilities in both Lagos and Abuja. Its continuing mandate covered banknote printing, selected coin production and other security-printing services, while the Central Bank retained control over issuance and currency management. In the 2010s, public descriptions of the Nigerian currency-production system emphasized that naira notes and coins were produced by NSPM together with overseas printers and mints, then issued by the Central Bank. This arrangement illustrates NSPM's strategic importance without making it the sole source of Nigerian currency. In November 2024, Abubakar Minjibir was identified as acting managing director after Ahmed Halilu. NSPM remains majority-owned by the Nigerian government and continues to operate as a national security-printing and minting enterprise.
- 2024
Acting managing director appointed
[1]Abubakar Minjibir was identified as acting managing director after Ahmed Halilu.
- 2010
Turnaround period highlighted
[1]Chief Executive Emmanuel Ehidiamhen Okoyomon was described in contemporary reporting as benefiting from positive recognition for turning the mint around.
- 2006
Domestic production debate continues
[1]Central Bank Governor Charles Chukwuma Soludo criticized reliance on imported currency and said privatization remained on track.
- 2002
Privatization proposal triggers controversy
[1]The government pursued privatization of the mint, prompting Managing Director Sambo Dasuki to resign in protest.
- 1980
Specialized organizational structure developed
[1]The expansion period had produced a more specialized departmental structure by 1980.
- 1975
Oil-boom expansion begins
[1]The company expanded during Nigeria's oil-boom period, with the process continuing through 1980 and leading to specialized departments.
- 1963
Company established
[1]NSPM was founded as a partnership between the Federal Government of Nigeria and De La Rue to print banknotes, stamps, postal orders and licences.
Products and positioning
A strategic, government-controlled Nigerian supplier of currency manufacturing and protected public documents, operating under the monetary and currency-management authority of the Central Bank of Nigeria.
Currency security printing · 1963
Nigerian banknotes
NSPM prints Nigerian banknotes for the currency-management system administered by the Central Bank of Nigeria. The Central Bank controls issuance and procurement, and domestic production may be supplemented by overseas security printers.
Minting
Nigerian coins
The company has struck some Nigerian coins as part of its minting activities. Coin production is performed within the wider Central Bank currency system, which manages supply, distribution, processing and disposal.
Security printing · 1963
Postage stamps
Postage stamps were among the company's original and continuing security-printing outputs, alongside currency and other controlled government documents.
Government documents · 1963
Postal orders and licences
NSPM was established to produce postal orders and licences in addition to banknotes and stamps. These items form part of the company's broader role in producing documents requiring controlled printing and protection against forgery.
Brand decisions
2006
Domestic currency-production capacity emphasizedStrategyBackground
Nigeria continued to import some currency production despite having a domestic mint, raising questions about self-reliance and the use of foreign suppliers.
Action taken
Central Bank Governor Charles Chukwuma Soludo publicly criticized the dependence on imported currency and stated that privatization remained on track.
Aftermath
The public debate reinforced the strategic importance of NSPM while leaving the Central Bank as the authority responsible for issuance and currency management.
2002
Government moves to privatize the mintStrategyBackground
The administration of President Olusegun Obasanjo pursued privatization of the mint as part of a broader debate about ownership and operational responsibility for strategic state enterprises.
Action taken
The government advanced the privatization process in February 2002.
Aftermath
The move was controversial, and Managing Director Sambo Dasuki resigned in protest. In 2006, Central Bank Governor Charles Chukwuma Soludo said privatization was still progressing.
Recent events
- 2024
Abubakar Minjibir identified as acting managing director[1]
Leadership change
As of November 2024, Abubakar Minjibir was identified as acting managing director, replacing Ahmed Halilu.
- 2010
NSPM described as undergoing a turnaround[1]
Other
Chief Executive Emmanuel Ehidiamhen Okoyomon was publicly associated with a period described as a turnaround for the company.
- 2006
Central Bank governor presses the case for domestic currency production[1]
Other
Central Bank Governor Charles Chukwuma Soludo criticized Nigeria's continued currency imports despite having a domestic mint and said privatization was still progressing.
- 2002
Privatization of the mint becomes controversial[1]
Leadership change
The government move to privatize the mint under President Olusegun Obasanjo generated controversy, and Managing Director Sambo Dasuki resigned in protest.
Sources1 sources
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