Economy
Oil Thieves Steal Crude from OML17 Fields in Rivers
By Adedapo Adesanya
The Nigeria Security and Civil Defence Corps (NSCDC) has uncovered an illegal local refinery at Otamiri-Etche, Etche Local Government Area of Rivers State, which steals crude from OML17 fields operated by Heirs Holding Oil and Gas Limited.
Speaking, the NSCDC Commandant in Rivers State, Mr Michael Besong Ogar, lamented that the Command, for the first time, was witnessing a new strategy of operations by illegal oil thieves.
The NSCDC boss in Rivers State disclosed that an investigation was already ongoing to unravel the owners and sponsors of such a gigantic illegal refinery in the area and also warned oil thieves and operators of local refineries in the state to either relocate or face the full wrath of the law.
He added that Heirs Holding Oil and Gas Limited would be notified to extract the crude oil back, while the Corps’ Intelligence and Antivandal Squads will continue to chase the perpetrators till they are brought into custody and charged to court.
“I must confess that this is the first time of witnessing a well-fabricated illegal refinery with such a wide range of pipes laid across the area; as you can see how big the land is, you can also imagine how unscrupulous people can be despite the continuous fight against illegal dealings in petroleum products.
“We were able to uncover this illegal bunkering site based on sustained intelligence; the perpetrators tapped into Heir Holding Oil and Gas facility through the pipeline bulk delivery and syphoned crude oil through carefully constructed pipes to their illegal local refinery.
“We have commenced an intense investigation into the matter, someone must have given out this expanse of land to the thieves, and through the owner of the land, we will unravel the mystery behind this economic sabotage.
“The NSCDC has a clear statutory mandate to safeguard critical national assets and Infrastructures across the federation, we will not be deterred or distracted by the activities of oil thieves in the State. Without compromise, we will go after them and ensure that the illegal dealings in petroleum products are reduced drastically in order to boost the nation’s economy again.”
The Nigerian government had last year promised an intense crackdown on oil thieves who have significantly reduced the wealth of the nation as it was not able to boost overall oil production.
Through support from the federal government and the Nigerian National Petroleum Company (NNPC) Limited, several agencies, including the NSCDC, have engaged in raids to combat theft.
Recently, the country said following its moves to combat the scourge of theft, it is targeting a 1.6 million barrels per day production level.
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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