Economy
Reps Demand Immediate Scrapping of Excess Crude Account
By Modupe Gbadeyanka
The House of Representatives on Tuesday recommended the immediate scrapping of the Excess Crude Account (ECA) created to store the extra amount made when crude oil is sold above the benchmark.
In its argument yesterday, the green chamber of the National Assembly said the account was illegal and should be abolished with immediate effect.
The recommendation for the scrapping of the ECA was contained in a report submitted on Tuesday by the Committee on Finance led by Mr James Abiodun Faleke.
The report, which was laid for consideration, was on the Revised 2020–2022 Medium Term Expenditure Framework and Fiscal Strategy Paper.
“That the Excess Crude Account has no backing of the law.
“The committee, therefore, recommends that the account be scrapped with immediate effect and comply with sections 80 and 81 of the 1999 Constitution of the Federal Republic of Nigeria (as amended),” the report proposed.
The House said the account had been run for many years without the backing of the law, stressing that it would be wrong to continue to operate it in defiance of the constitution.
Also, the report increased the crude oil benchmark for the 2020 budget by $3 to $25 per barrel from $28 per barrel. The lower parliament retained the crude oil production at 1.9 million barrels per day.
Also, on Tuesday, the House of Reps approved the request of President Muhammadu Buhari to borrow $22.8 billion from foreign sources.
The external loan is part of the 2016–2018 Federal Government External Borrowing (Rolling) Plan laid before the House on March 5, 2020, before the President’s fresh loan request of $5.5 billion on May 28, 2020.
A breakdown of the $22,798,446,773 loan: World Bank – $2, 854,000,000; African Development Bank (AfDB)– $1,888,950,000; Islamic Development Bank (IsDB) – $110,000,000; Japan International Cooperation Agency (JICA) – $200,000,000; German Development Bank – $200,000,000; China Eximbank – $17,065, 496,773; and French Development Agency (AFD) – $480,000,000.
Earlier in March 2020, the Senate had approved the same loan, but the lower chamber of the National Assembly suspended its consideration of the request indefinitely before approving it yesterday.
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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