Economy
Nigerian Company Cancels $150m Milost Acquisition Deal
By Dipo Olowookere
The business relationship between an American private equity firm, Milost, and that of a Nigerian company, Turner Wright Limited (TWL), has been terminated.
Milost had planned to acquire the indigenous manufacturer of veterinary pharmaceuticals for $150 million, but due to some reasons, the deal could not see the light of the day.
This is not the first time Milost is having a failed business dealings with Nigerian company. Its much-talked about investment in Unity Bank and others are still very fresh in the memory of observers in the Nigerian financial market.
In a report by The Nation, Turner Wright (TWL) Limited terminated its deal with Milost Global Incorporated and its associated companies because the foreign firms failed to honour the terms of the investment agreement.
The associated companies are Big Time Holdings Incorporated (BTHI) and Williamsville Smith Management Limited (WSML).
Milost had proposed to acquire 70 percent equity in TWL in a deal valued at $150 million with disbursements expected to be concluded within four years. The investment initially had WSML as the Special Purpose Vehicle (SPV) for the transaction but this failed to materilaise.
The deal was subsequently vested in BTHI, one of Milost’s publicly trading entities in the over-the-counter (OTC) market of the New York Stock Exchange (NYSE) through which it planned to raise capital and fund the transaction.
BTHI, like WSML before it, then proceeded to have an agreement with Turner Wright which would cede 70 per cent of the Nigerian company to BTHI through a share exchange upon funding and disbursement of agreed capital.
Chairman/Chief Executive Officer, Turner Wright Limited, Dr Tunde Lawal, said the indigenous firm decided to terminate the agreement with effect from May 14, 2019 because of non-performance on the part of both Milost and BTHI.
According to him, the objective of the share exchange agreement had not materialised by dint of non-performance on the part of both parties and as such shares were never exchanged between Turner Wright and BTHI.
“This brings to a close the relationship between Turner Wright Limited and BTHI,” Mr Lawal said.
With this development, analysts noted that Turner Wright’s fortunes have returned to status quo without encumbrance.
In May 2018, TWL had executed an agreement with the New York-based Milost Global Inc involving $50 million equity and $100 million convertible note.
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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