Economy
Equinor to Sell 20.2% Stake in Nigeria Oil Field Asset to Chappal
By Adedapo Adesanya
A foreign oil company, Equinor ASA, has chosen a little-known Nigerian company, Chappal Energy, as the preferred buyer of its stake in one of the country’s largest deep-water oil fields, Agbami.
According to a report by Bloomberg on Monday, the Norwegian energy giant is trying to sell its 20.2 per cent interest in the Agbami field – joining other international producers such as Shell Plc, Exxon Mobil Corporation and Eni SpA in looking to offload assets in Africa’s biggest crude producer, Nigeria.
In January, Equinor launched the sale of its stake in an offshore Nigerian oilfield, joining a retreat by Western energy firms from Nigeria as they focus on newer and more profitable operations.
According to sources spoken to by publication, the company has hired investment bank, Standard Chartered, to run the sale process, which could raise up to $1 billion.
Equinor was entitled to net production of around 25,000 barrels per day of oil equivalent (boed) through its stake in the Agbami field, which is operated by Chevron, according to its website at the time.
Nigeria’s offshore oil and gas operations remain lucrative due to their larger scale, better security and attractive financial terms offered by the government.
The Norwegian company, which has been present in Nigeria since 1992, also holds a 53.85 per cent stake in exploration licence OML 129, according to its website.
Equinor’s profit soared to a new record last year, driven by European gas prices hitting all-time highs in the wake of Russia’s invasion of Ukraine last February.
Operations outside Norway account for around a third of the company’s total oil and gas production.
However, Bloomberg said Monday that Chappal Energies Mauritius Limited has now emerged as the favoured buyer of Equinor’s interest in the asset, which is operated by Chevron Corporation and produces about 100,000 barrels of oil a day, the people said.
Five companies including Prime Oil & Gas Cooperatief UA, which already has a 12.5 per cent share in the Agbami field, submitted binding bids, according to the sources.
Chappal Petroleum unsuccessfully bid for Nigerian shallow-water oil blocks that Exxon agreed to sell to Seplat in February 2022, Bloomberg said.
While Equinor is seeking to exit its sole Nigerian asset after more than three decades in the country, the other oil majors are limiting their divestments to onshore and shallow water assets in order to concentrate on deep-water projects.
Equinor is also exploring the sale of its operations in Azerbaijan, including a stake in the country’s largest oil project, according to people with knowledge of the matter.
Agbami is located 110 kilometres off the Nigerian coast in water depths of 1,500 metres. It had been developed using subsea wells and is the world’s largest floating production, storage and offloading (FPSO) vessel.
The FPSO can store up to 2.2 million barrels of oil and will be on location for more than 20 years. Equinor also operates two exploration licences—OMLs 128 and 129—with a 53.85 per cent share in both. Six wells have been drilled in both, with two discoveries made.
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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