Daily Champion (Lagos)
Stan Okenwa
2 November 2009
The recent move by the Nigerian Senate to capture the West African market for the ailing Nigeria Security Printing and Minting Company (NSPM) has continued to attract criticisms from finance experts.
Reacting to the fresh effort of the National Assembly on the mint, Lagos based Bureau De Change operator, Mallam Sadiq Abdulkadir described the development as a necessary rescue mission for the organisation. He said for too long, the mint has been perpetually out of business due to poor patronage from government especially since the introduction of polymer notes of which it does not has the technology.
He explained that sourcing market for the firm in the ECOWAS region has been long overdue; adding that patronage from the West African minting public would place the firm on a better pedestal to compete with mints in developed economies.
Only recently, the Senate said it would review government procurement laws and guidelines to ensure more patronage for the nation's pioneer minting company.
The upper house also wants President Umaru Yar'Adua to persuade other countries in the Ecowas sub region to patronize the company for their security printings.
Senator Nkechi Nwaogu, chairman Senate committee on banking, insurance and other financial institutions who dropped this hint in an interview noted that her committee which was on an oversight visit to the company recently was not satisfied with the level of patronage by government agencies and corporate institutions in the country.
The lawmaker also said the committee is not happy with the fees charged the company by the Nigerian Customs for importation of security printing materials stating that the NSPMC must be granted exemptions for such imports if it must be revived.
The lawmaker, who argued that the Mint is fully equipped with state-of-the-art security printing machines, said the company is being frustrated due to low patronage.
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