Fraud in Nigerian Security & Minting; Staff take rolls of money home to cut for themselves

- written by  Wole Adetunji -

I want to draw your attention to the fraudulent activities in another sector of the economy – The Nigerian Security and Minting Plc, the company responsible for printing our money, passports, postal orders, cheques, official documents, etc

The Nigerian Security & Minting  Plc under the leadership of Mr Ehidiamen Okoyomon is said to be so porous that workers and staff are bringing out printed monies in rolls and sheets to cut at home. And this runs into millions of naira being brought out on a weekly basis with the connivance of other departments in the Lagos Victoria Island office (from currency department to production to engineering to security, etc)

This came to light when I ran into this guy who works with the Lagos factory in a night club in Victoria Island where he publicly boasted of how our money has been looted on a daily basis from the company supposed to be responsible for securing our money/official documents and this has been going on for years!

After taking a few more alcohol, his spending spree continued and he spent close to 100,000 naira that night. A civil servant, where did he get that money from?

And most of the money spent were all fresh minted money!..I wept for Nigeria!!! If an ordinary worker / staff could do this, who knows what is happening at the top.

The fellow later confirmed my fears after I asked him ‘what if he is caught’? He responded that the management do not allow the story to go out in order to avoid any negative publicity.They have their own in-house trials and the worst verdict is to get sacked!

This he said was to avoid anything that would bring eyes on them as they also have their own way of  ’chopping’ at the top level with the banks,ministries/parastatals, CBN,etc

See below excerpts from his revelations and the tactics used in stealing our monies by the workers / staff in the factory :

1. Previously they stole and kept printed sheets of money in their specially made shoes until management caught someone and started giving them slippers to wear

2.They rarely operate when N20,N100 or N500 notes, are printed as the sheet do not bring big money. They always operate whenever N1,000 (one thousand naira) is produced. A sheet of N1,000 contains 40 notes which amounts to N40,000 per sheet.

So in one night, he could go home with 30 sheets with the connivance of the spy police / mopol on guard and guidance/instructions from the engineering/currency team. So imagine how much is stolen on a weekly /monthly basis, and he is just one member of different cartels operating in the factory at the same time…Who accounts for these sheets and how is the NSM Plc auditted?

3. Management has tried to install cameras in some areas, but their informant / accomplices in engineering and security have informed them of where all the hidden cameras are and they also open the back doors / gates for them to bring out the sheets of money. As part of their modus operanda, they have made holes in some walls in the buildings (eg engineering,etc) where sheets are being dropped downstairs to be collected.

4.They wear body hug which they use in wrapping the money around themselves, sneak out the sheets with the connivance of the engineering and spy police / Mopol on duty and then take the sheets home and start cutting them into notes at home.The fresh mints are then used freely to buy cars / jeeps / houses / lands etc. The fellow boasted of having more than 3 houses and 8 lands in Lagos aone and has properties all over the country.

At first, I thought I should keep quiet after all it is his opportunity, but my conscience kept telling me that I have automatically become an accomplice by knowing that a corrupt practise is being perpetuated against the state and I have kept mute about it.

I could get enough money off the fellow as he was ready to spend but the question is who suffers when crime is allowed to thrive in our society? This is how Nigeria got to where it is today, because those who knew about corrupt practises failed to speak out and simply joined the bandwagon or looked the other way.

I wont mention the name of this fellow for personal reasons but would urge the responsible authorities to go and close this corrupt loophole immediately.

The house of Rep/EFCC,etc should also consider expanding their fuel import investigation to include the Minting house/financial companies and see how our billions/trillions have been printed and moved around! 

It is a shame / national disgrace that our minting house has been left in the hands of criminals.