N2.1bn Mint Theft: CBN, Reps Auditors To Begin Investigation

N2.1bn Mint Theft: CBN, Reps Auditors To Begin Investigation

Subsequent to the disappearance of N2.1bn of the newly printed N1, 000 notes at the Nigeria Security Printing and Minting Company (NSPMC) in December, the Central Bank has set up a panel to probe the security breach.

The panel will be ready to commence work next week, according to reports.

The suspended Managing Director of the NSPMC, Mr. Ehi Okomoyon’s hope of retaining his position are hanging on a thread, as result from the probe will determine his fate.

According to our source at the Presidency, the panel is saddled with the responsibility of unravelling the fraud and proffering solutions to such security breach.

The source said, “The CBN auditors have swung into action and they are the ones handling the audit of the security breach at the Mint.

“By the end of this month, they would have concluded their audit and their report is expected to be submitted in February because they have covered substantial ground in their probe.”

The source begged for anonymity since he was not permitted to speak on the matter yet. He said as soon as the report from the panel is ready, it will be forwarded to the board of the company for further actions.

“Don’t forget that the MD is still on suspension and he won’t be able to interfere with the investigations, and within the next few weeks, the report will be submitted to the board. It is this report that will determine the fate of the MD,” the source explained.


Investigations have revealed that the mint now produces over 40 million notes per week against the initial two million notes per week.

Sanusi who is the head of the board has asked the Okomoyon and the Head of Security, Mr. Emmanuel Bala, to proceed on compulsory leave.

The conflicting figures of the actual amount that was stolen at the mint is a thing of worry, the CBN boss initially said it was N2bn, the management of the mint said it was N900, 000.

Meanwhile, the House of representative, following the inconsistency has decided to set up a committee to investigate the missing funds.

Reacting to the move by the House, the Media Adviser to the company, Mr. Obi Adiele, he said NSPMC was ready for investigations.

Adiele has denied allegations that the mint has recorded series of security breaches; he however maintained that only two cases were recorded but the perpetrators were caught attempting to steal money. He said a security man was caught attempting to steal N900, 000, and another official was caught with N1.5m.

Source: Legit.ng

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