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B N W: Biafra Nigeria World News |
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Dearth of minting ink stalls production of N50 notes
AGLIMPSE into why there is scarcity of N50 notes in the financial system came yesterday as The Guardian learnt that the situation was caused by lack of a special minting ink known as OVI
OVI is an imported ink, which the Mint uses in printing the red eagle emblem on the N50 note.
According to a reliable source in the Mint, work on the N50 notes commissioned by the Central Bank of Nigeria (CBN) has been abandoned for quite sometime now due to lack of this vital ink and work on the notes was abandoned at the stage called "work in progress" in minting parlance.
The interpretation of this being that only one side of the note has been printed while the reverse side remains blank.
Instructively, as part of its expansion strategy, The Mint has ventured into local sourcing of its raw materials by establishing two companies in partnership with selected technical partners for the production of security inks and papers in Nigeria.
This initiative gave birth to the ink factory known as Tawada Limited, which commenced operation on November 25, 1997, while the paper mill is yet to take-off.
Sadly, this factory which started operations seven years ago, lacks the capacity to produce this particular security ink known as OVI, prompting its importation from overseas.
The scarcity of the N50 notes in the system became noticeable about three months ago.
However, as a way out of the problem, the CBN Governor, Charles Soludo, had informed journalists in Lagos recently that as soon as the apex bank takes over properly at the Mint, most of those problems would be sorted out.
In this regard, The Guardian also learnt that a tentative handover date had been fixed for between October 16 and 19, 2004.
To lend credence to this, flurry of activities have been on at the Mint's offices in Abuja and Lagos.
For instance, it was gathered that some of the management officers have started evacuating their official residence.
Also, the management of the Mint recently began the sale of old company pick-up vans and staff buses to the public.
A source also said that this is against the former practice of auctioning such vehicles.
The take-over of the company by the apex bank, sources said, would witness a lot of changes both in the management staff and mode of operations of the firm.
To ensure that the blueprint of the CBN is carried out to the letter, one of its Deputy Governors, Dr. Shamsudeen Usman, was appointed to head the interim board of directors.
A source privy to his brief informed The Guardian that one of his immediate tasks is to plug all loopholes in the company that encourage wastage.
Part of this is the unbridled importation of items in the name of running the company, the source revealed.
Another aspect, he said, is the issue of connecting the Abuja factory to the national grid.
This is because, since the commissioning of the ultra-modern complex on March 15, 2002, it has been run on generating sets, the source said.
He explained that this represents "a deep hole in the finances of the government, and a veritable leeway for fraudulent staff to exploit the company".
Meanwhile, Soludo had toured Europe about two months ago to sample expert opinion on how to manage the Nigerian mint.
On his return, he had informed journalists in Lagos that "by the time we finish working on the Mint, it will be one of the best in the world".
The company, it would be noted, was incorporated in 1963 and commenced production in 1965. In its 38 years existence, the Mint has grown from a one-product firm to a multi-product security printing organisation.
It has the primary objective of supplying to government, various ministries and to the CBN, all security printed materials including (but not limited to) bank notes, coins, postage stamps, postal and money orders and other security printing requirements.`
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