Economy
$9bn UK Court Ruling: No Need to Panic—CBN Governor
By Adedapo Adesanya
With the premise of tough times ahead for the Nigerian economy due to the recent $9 billion court ruling in favour of an Irish firm, Process and Industrial Developments Limited (P&ID), Governor of the Central Bank of Nigeria (CBN), Mr Godwin Emefiele, has appealed to investors to remain calm over the country’s foreign reserves.
The CBN Governor disclosed this while speaking at the retreat organised for ministerial designates in the Presidential Villa in Abuja on Monday.
This arose as a result of British court ruling which granted Process and Industrial Developments Ltd (P&ID) the right to seize $9 billion in assets from the Nigerian Government over a failed gas project.
“It is important for me to use this opportunity to assure our friends, local and foreign investors who called to expressed solidarity with us, not to express concern but to say that there is no need for anybody to worry.
“We know that the implication of that judgement has some impact on monetary policy and that is why the CBN is going to step forward and very strongly too to ensure that we defend the country and defend the reserves of the Federal Republic of Nigeria,” the apex bank chief informed newsmen.
According to the CBN Chief, there were on-going discussions with the apex bank’s counsels, and the bank has been advised that there are sufficient and strong grounds for Nigeria to file a stay of execution and also an appeal against the judgement.
“I am not scared at all and I think it is also important that this question has come up. Since the news about the judgement broke out late on Friday, we have been discussing with our counsels, and they have advised that there are sufficient and strong grounds on the basis of which we could file a stay of execution and also an appeal against that judgement.
“There are certain anomalies in the process leading to the award of that contract which is currently being looked into by the EFCC and I believe that the EFCC themselves have their own investigation reports about that.
“So, we will follow through and aggressively too on ensuring that the execution of that judgement is stayed and that the appeal succeeds at every level both within Nigeria and abroad,” he said.
The development had occurred when P&ID, an Irish Firm has been awarded $6.6 billion in an arbitration decision over a failed project to build a gas processing plant in the Southern Nigerian city of Calabar. With the accumulated interest payments, the sum now tops $9 billion, which amounts to 20% of Nigeria’s foreign reserves.
According to reports, the case dated back to 2010 under the administration of Nigeria’s former President, Dr Goodluck Jonathan. The Nigerian government had struck a deal with the Irish firm to supply gas to a processing plant built and run by P&ID in Calabar.
Specifically, the deal was supposed to span 20 years. However, the Nigerian government failed to keep its side of the agreement, prompting the firm to seek legal action against Nigeria.
Mr Emefiele has said efforts are being put in place to defend the bank’s interest in the issue and would not relent in exploring every viable option in doing so.
By Aduragbemi Omiyale
The pre-registration training and examination for capital market operators (CMOs) for the second quarter of 2026 has been postponed.
Business Post gathered that the new date for the exercise is now Monday, June 15, 2026.
This information was disclosed by the Securities and Exchange Commission (SEC) through a circular on Monday, June 8, 2026.
The Nigerian capital market regulator stated that this postponement has also resulted in the extension of the deadline for registration to Friday, June 12, 2026.
In the notice today, the SEC expressed its regret for the inconvenience this action may cause operators, who had prepared for the initial date of the training and examination.
“Further to the recent circular on Q2 2026 Pre-registration Training and Examination, the Securities and Exchange Commission (SEC) hereby informs all eligible applicants for the Q2 2026 Pre-registration Training and Examination that the commencement date has been postponed to Monday, June 15, 2026.
“Registration on the designated portal has also been extended to Friday, June 12, 2026. All other conditions contained in the circular remain unchanged.
“The commission regrets any inconvenience this postponement may cause and appreciates the understanding of all applicants,” the disclosure noted.
By Aduragbemi Omiyale
One of the leading healthcare firms in Nigeria, Fidson Healthcare Plc, has listed additional shares on the Nigerian Exchange (NGX) Limited.
The new stocks absorbed into the stock market were 600 million units, raising the total issued and fully paid-up shares of Fidson to 3,000,000,000 ordinary shares of 50 Kobo each from 2,400,000,000 ordinary shares of 50 Kobo each.
The fresh equities came from the company’s rights issue of 600,000,000 ordinary shares of 50 Kobo each at N35.00 per share.
They were issued to existing investors on the basis of one new ordinary share for every existing four ordinary shares held as of the close of business on Wednesday, November 12, 2025.
Confirming the development, the regulator in a notice said, “Trading licence holders are hereby notified that an additional 600,000,000 ordinary shares of 50 Kobo each of Fidson Healthcare Plc were on Tuesday, June 2, 2026, listed on the daily official list of Nigerian Exchange Limited.
“The additional shares arose from the company’s rights issue of 600,000,000 ordinary shares of 50 Kobo each at N35.00 per share on the basis of one new ordinary share for every existing four ordinary shares held as at the close of business on Wednesday, November 12, 2025.
“With the listing of the additional 600,000,000 ordinary shares, the total issued and fully paid-up shares of Fidson Healthcare Plc have now increased from 2,400,000,000 to 3,000,000,000 ordinary shares of 50 Kobo each.”
By Modupe Gbadeyanka
This news will surely excite local contractors with verified claims of N100 million or less, as the federal government has approved their payments.
This approval for the disbursement was given by the Minister of Finance and Coordinating Minister of the Economy, Mr Taiwo Oyedele.
This followed a verification and reconciliation exercise designed to ensure only validated claims qualify for payment.
The beneficiaries cover contractors across multiple ministries, departments and agencies. The release of the funds is expected to enable contractors to return to project sites, pay workers, settle suppliers and meet outstanding financial commitments.
In an announcement on Monday, the Federal Ministry of Finance also said this latest batch of payments would ease liquidity pressure on small businesses and accelerate economic activity nationwide.
It was noted that the payments for verified claims of N100 million below were strategically done to spread economic impact broadly rather than concentrate disbursements among a handful of large firms.
The payments form part of a broader push to clear inherited contractor obligations, with over N700 billion verified in recent months.
“For many beneficiaries, the release of funds represents more than a financial transaction. It provides the certainty needed to sustain operations, preserve jobs, complete ongoing projects, and contribute to economic recovery and growth,” the ministry said in a statement.
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