Economy
Agip/NNPC JV to Raise Power Generation by 480MW
By Dipo Olowookere
The Joint Venture (JV) the Nigerian Agip Oil Company (NAOC) and the Nigerian National Petroleum Corporation (NNPC) will increase the Federal Government power generation aspiration by 480 megawatts (MW) through the completion of its Okpai Phase II Independent Power Project (IPP) by 2019.
Group Managing Director of NNPC Dr Maikanti Kacalla Baru, speaking in Abuja on Thursday during the inauguration of the Okpai Phase II power project, stated that all partners were working round the clock to deliver on the project in terms of specifications, time and budget.
He said the decision by the partners to embark on the second phase of the Okpai power project was hinged on the enormous success of Okpai Phase I, which he described as the most consistent power plant in the country.
“Although it (Okpai Phase I) was meant to generate 450MW into national grid, it is now generating an average of 300MW due to evacuation challenge. This is a significant addition to the national grid,” he said.
He said the Okpai Phase II project, on completion, would generate additional 480MW into the national grid.
He charged the 12-man committee to work hard and explore the possibility of delivering the project ahead of the 2019 target date, stressing that the project was very critical to the nation’s power aspirations.
The GMD also urged the JV partners to sustain the march towards transforming into an Independent JV in keeping with Presidential approval.
Earlier, Managing Director of NAOC, Mr Massimo Insula, who was represented by Mr Luca Bai, said everything had been put in place to ensure that the Okpai Phase II Project was delivered on schedule.
In his remarks, Deputy CEO of Oando, Mr Omamofe Boyo, said his company was committed to sustaining the successes recorded in Phase I of the project, assuring that they would work with other partners to ensure prompt and timely delivery of the project.
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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