Economy
Lagos Assembly Denies Delaying 2019 Budget
By Modupe Gbadeyanka
Members of the Lagos State House of Assembly have denied reports that they have caused the delay in the presentation of 2019 Budget by Governor Akinwunmi Ambode.
Some days ago, the state government, through the Commissioner for Budget and Economic Planning, Mr Olusegun Banjo, said though the budget was already before the state parliament, the Governor had intended to present it to the house on December 24, 2018.
According to him, the Governor had sent a verbal information to present the budget on Monday, December 24, 2018 after the State Executive Council approval on December 19, 2018, but the ceremony was postponed as the House was on recess and thereby could not form a quorum.
He further said in order to meet the traditional presentation, a formal letter was sent to the House on Friday, December 28, 2018, forwarding the contents of the budget.
But at the plenary yesterday, Speaker of the House, Mr Mudashiru Obasa, said that there was no reason for anybody to shift blame on the parliament over the late presentation of the budget for year 2019, saying the House was always ready to receive and pass the budget if done properly.
He confirmed that a letter was indeed sent to the House through a correspondence dated December 28, 2018 which he said was a total deviation from the norm of the House, a situation whereby the Governor comes to the hallowed chamber to present the budget to the lawmakers.
“We are representing the interest of our people and we will always do that. We have no resentment or bad blood; we are ready to receive the budget when the Executive is ready. The head of the Executive must be ready to perform his constitutional duties in this regard as stated in section 121 chapter 1 of the constitution.” he stated.
Mr Oluyinka Ogundimu representing Agege Constituency I, who raised the motion, noted that the correspondent sent to the House by the Governor was received on the 28th of December, 2018 while the House was on a short recess.
He added that: “we have a tradition to always have a concluded date with the Governor to present the budget. But in this case, we don’t know what this correspondence is trying to address.”
The Majority Leader, Mr Sanai Agunbiade, clarifying the procedure of the budget, stated that before the Governor presents budget, there is a bilateral meeting between the Executive and the parliament where issues on budget provisions and needs of Lagosians are discussed and then the budget is presented.
Meanwhile, the House has been adjourned till Tuesday, January 15, 2019 for the next sitting.
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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