Economy
Akwa Ibom Develops Seven Oil Fields for Industrialisation
By Adedapo Adesanya
The Akwa Ibom Government has disclosed that seven oil fields have been developed already within OML13, in line with its industrialisation drive to tackle unemployment and expand the economy of the state.
This disclosure was made by the state’s governor, Mr Udom Emmanuel, who noted that the project seeks to actualize the rural and riverine area development drive of his administration, as captured in his Completion Agenda to meet the anticipated goal of tackling unemployment and expanding the economic growth of the state.
The development of OML13 is undertaken by Sterling Oil in partnership with the Nigerian Petroleum Development Company, Akwa Ibom State Government and other partners in the oil and gas sector, and it is within the Liberty Oil and Gas Free Trade Zone in the state.
He made this when he toured the oil and gas exploration site within OML13 in Atabrikang, Eastern Obolo Local Government Area of the state. The Governor said seven oil fields have been developed already, with a flow station, storage station and other facilities built in the space of seven months.
The Governor assured that he remains committed to attracting more investments into the state in order to create jobs.
“I have assessed the level of work done, most times when we make statements because people are so used to political statements, they probably thought that we were just talking politics, I believe that today Eastern Obolo has seen tremendous progress.
“My passion is to attract as many investments as we can to create jobs for our teeming youths in Akwa Ibom State. I am satisfied with the pace of work ongoing at the NPDC & NOSL oil gas exploration in the OML-13 site, at Atabrikang fields.
“Let me appreciate our partners, Nigerian Petroleum Development Company (NPDC) a subsidiary of the Nigerian National Petroleum Corporation (NNPC) and Natural Oil field Service Limited (NOSL), a subsidiary of Sterling oil.
“Within a short period, we have developed Seven Oil Fields already. Over 1000 youths are already working and by the time the full refinery comes alive, at-least 5,500 people will be gainfully employed,” he stated.
Earlier, the Site Manager of the project, Mr Aslam Khan, disclosed that three rigs have so far been installed, awaiting the arrival of four additional ones.
“At the installation stage alone, about 1,000 people have been employed, and at the end of the installations of all seven rigs and commencement of operations, over 5,500 people are expected to be gainfully engaged,” he said.
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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