Economy
Cross River Decries Exclusion from 13% Derivation
By Adedapo Adesanya
The Cross River State Government has lamented its exclusion from the 13 per cent oil derivation given to oil-producing states in the country following the loss of her oil wells after the Bakassi Peninsula was ceded to Cameroon.
As of now, only nine states in Nigeria – Delta, Akwa-Ibom, Bayelsa, Rivers, Edo, Ondo, Imo, Abia and Lagos get the agreed derivation from the monthly Federation Account Allocation Committee (FAAC).
Governor of Cross River State, Mr Ben Ayade, said the state has been like a weeping child in the Niger Delta Development Commission (NDDC) since the Bakassi issue.
Speaking when taking the Former Minister of Aviation, Mr Femi Fani-Kayode, on a tour of some major projects of his administration in the state, the Governor reproached the federal government for what he said was “a gross act of insensitivity towards the state.”
“The former minister, even though not a Cross Riverian, has a deep knowledge of the pains and the sufferings of the people of Cross River State.
“I am shocked that this country is watching what is happening to this state. We are not part of the 13 per cent derivation, we are like a weeping child in NDDC, we have no say because it is on the basis of the quantum of oil produced that NDDC allocates projects.
“We have lost our oil wells, the N500 million per month as agreed is not coming, the N15 billion every two years is not coming.
“We have just been reduced to want in body, in spirit, in soul and in our finances,” Mr Ayade lamented.
On his part, the Former Minister of Aviation, Mr Fani-Kayode, decried the ceding of Bakassi Peninsula to Cameroon, saying that it should never have been the case because Cross River State has been robbed in his view.
He also urged the current administration of President Muhammadu Buhari to revisit the ceding of Bakassi Peninsula to Cameroon, as the territory according to him, still belongs to Nigeria.
“The ruling of the court was that they (Cameroon) could take the Bakassi peninsula, but once that had been done, it had to be ratified by the Nigerian legislature and there had to be a referendum, a plebiscite for the people of Bakassi to agree to that.
“Painfully, you were not given the opportunity of having a referendum, the matter never went to the National Assembly and consequently in my view, I would argue strongly that this territory that was ceded to Cameroon was unlawful and therefore still belongs to Nigeria.
“And if I were President Buhari today, and I remember vividly his promises during campaigns where he said he will look into the issue of Bakassi if elected president. I would urge him to return our honour to us as a nation.”
Nigeria had always engaged with Cameroon over the territorial ownership of the Bakassi region up until 2007 when then-president, Mr Olusegun Obasanjo, and President Paul Biya of Cameroon resolved the dispute in talks led by the United Nations.
On November 22, 2007, the Nigerian Senate rejected the transfer, since the Greentree Agreement ceding the area to Cameroon was contrary to Section 12(1) of the 1999 Constitution. Regardless, the territory was transferred to Cameroon on August 14, 2008.
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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