Economy
Landslide Threatens $6b Mambilla Hydro-Power Project
By Modupe Gbadeyanka
There are strong indications that the over $3.2billion Mambilla Hydro-power project may be stalled by a landslide.
Apart from the landslide, another key factor that may frustrate the project initiated in Taraba State in 1982 is bad roads.
The hydro-power project has the capacity to generate about 3050 megawatts of electricity, which is far more than what the present six biggest thermal stations in the country have in total, 3030 megawatts.
The Mambilla Hydro-power was conceptualised to serve as the largest single hydro-power station in Nigeria.
Unfortunately, previous governments suspended the project due to different factors.
But President Muhammadu Buhari has revived the project and is determined to complete it.
The contract to construct the project was awarded on May 28, 2007 at the sum of $3.2 billion to China Gezhouba Group Company Limited (CGGC) and another Chinese consortium named Sinohydro.
But the amount was increased to about $6 billion due to inflationary trends. The Chinese firms are expected to provide 70 per cent of the sum while 30 per cent would be provided by the Federal Government of Nigeria.
The President was in China this year to seek the assistance of Chinese government, the major financier for the power-station, in an effort to ensure the speedy completion of the project.
Recently some foreign engineers in company of government officials on an inspection visit to Taraba State refused to proceed further to Barup, the project site due to bad roads damaged by massive landslide.
Other access roads are bushy that only bikes could ply while the rivers have no functional bridges.
All entreaties by officials and members of the local community were not heeded by the foreigners who insisted that they would not continue the journey on dangerous paths.
A source at the Federal Ministry of Work Power and Housing told the Economic Confidential that the Minister, Mr Raji Fashola has shown keen interest in ensuring the completion of the project because of its potential to add 3000MW to the grid through Hydro-Electric project rather than expensive gas plants.
The officer added that “the Ministry is working towards assessing the condition of the roads for immediate solutions. We are all aware that the project would provide employment opportunities and is expected to boost national economic growth.”
Also concerned about the development, former President Olusegun Obasanjo urged President Buhari to immediately complete the Hydro Power Project to increase the energy potentials of Nigeria and pave way for more development.
Obasanjo who was speaking with news men in Jalingo, Taraba State said that the project would be of great benefit to the region and to Nigeria and as such must be quickly completed. He added that the cost of completing the project was rising by the day stressing that it would be better to complete it now than wait for when it would be more expensive.
A community leader and Chairman of Mambilla Plateau Legacies Forum (MPLF), Mallam Ibrahim Ismail Sadiq appealed to the Federal and state governments to take urgent measures at addressing the problems of the roads and open up the potentials of the plateau. He said that the surrounding communities that are borders to Cameroon Republic are on the verge of being cut off from Nigeria as a result of the landslide that occurred on the only road linking Mambilla Plateau with Taraba state and Nigeria as a nation.
He said that: “Many foreign investors are reluctant to ply the dangerous roads that are dilapidated by landslides while the rivers could not be accessed by vehicle due to lack of functional bridges.
“Apart from the potential to generate power-supply, Mambilla Plateau offers attractive settings worth of massive investments than anywhere in Nigeria because of its unique physical and conducive climatic conditions for human settlement and cattle breeding.”
The Mambilla Plateau is a high grassland with an average elevation of 2419m (5249ft) above sea level, making it the highest Plateau in Nigeria which occupies an area 9389km§. It has cattle ranches, tea plantation and rolling glassy hills. It is a home to some rare species of birds and animals. The highland is also home to Nigeria and west Africa’s only highland tea plantation and production.
Mambilla landslide
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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