Economy
FG Seeks 30% Oil Production from Local Producers
By Modupe Gbadeyanka
Federal Government has tasked indigenous oil producers to grow their contribution to the national crude oil basket from the current 10 percent to 30 percent within the next five years.
Minister of State for Petroleum Resources, Dr Ibe Kachikwu, gave this charge at the closing ceremony of the Nigerian International Petroleum Summit (NIPS) held in Abuja last week.
According to him, the nation aspires to pump of 2.5 million barrels of crude oil per day by 2023 and the expectation is that indigenous producers will contribute about 25 or 30 percent of the projected volume.
He also announced that he had directed the Nigerian Content Development and Monitoring Board (NCDMB) to pursue a strategic plan that will ensure that a Floating Production Storage and Offloading (FPSO) vessel is constructed 100 percent in-country within the next 10 years.
He acknowledged that a lot of progress was recorded in this regard with the Total Exploration and Production’s Egina FPSO, hence the next level was to achieve 100 percent manufacture in Nigeria, so as to create more employment opportunities, retain spend and domicile technology.
Another strategy that will deepen Local Content in the country according to the Minister is “Project 100” whereby “the Federal Government will identify critical 100 companies that are in the background offering services but do not have the capital to expand and buy the latest technologies and skills. We will work with big oil companies to help provide guaranteed work and financial support for them to grow.”
Mr Kachikwu also reiterated his call for operating companies to lower their cost of producing crude oil, cautioning that government might be forced to stop production from expensive fields.
He said, “I will hate to take a costly barrel to the market when I have a cheap barrel. So everybody needs to drive down cost to the $15 concept we have set as the ideal cost of producing oil in this country and not $22 or $23.
“Two companies have met that and I will like to get other companies to do same. There will be incentives both in terms of access to the market and willingness to produce and incentives in terms of what we are going to give to any company that is the least cost producer.”
He also revealed that Nigeria was targeting about $100 billion investment in the petroleum sector, though the Federal Government had already sealed deals in excess of $40 billion that would start coming in the nearest future.
The committed investments include the Zabazaba deepwater project being promoted by the Nigerian Agip Exploration Limited (NAE) in partnership with Shell Nigeria Exploration and Production Company (SNEPCo) and the Bonga South West Aparo (BSWA) deepwater project also developed by SNEPCo.
Vice President, Mr Yemi Osibanjo, who closed the summit, noted that the event had created a platform to examine issues facing the oil and gas industry in Africa.
He emphasized that the Federal Government was determined to remove all encumbrances to the efficient conduct of oil and gas businesses.
Earlier, Executive Secretary of NCDMB, Mr Simbi Kesiye Wabote, who was the lead discussant in the panel session captioned, “Local Content and Environmental Issues” had pointed out that the country currently faced a myriad of environmental challenges, including deforestation in the northern part of the country, oil spillage and destruction of aquatic life in parts of the Niger Delta region and loss of natural habitat.
He argued that environmental challenges facing communities and individuals contributed to the security problems being experienced in some parts of the country.
He further canvassed that government and stakeholders of the oil industry and other key sectors should urgently implement Local Content Policies in a bid to create industrial activities and employment opportunities for teeming youths of the country whose environments had been impacted negatively.
The four day summit drew participants from several countries, within and outside the African continent and recorded over 1,000 delegates, exhibitors and visitors.
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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