Economy
Nigeria Expects $500m from 57 Marginal Oilfields Signing
By Adedapo Adesanya
The Department of Petroleum Resources (DPR) has said Nigeria will earn about $500 million from the signature bonuses to be awarded for 57 marginal oilfields in the country.
The agency said the bid round processes for the oilfields, which began in June 2020, would be concluded by the end of the first quarter of 2021.
The Director of the DPR, Mr Sarki Auwalu, noted that the objective of the exercise was to deepen the participation of indigenous companies in the upstream segment of the industry and provide opportunities for technical and financial partnerships for investors.
The director said that out of the over 600 companies which applied for pre-qualification, 161 were successful and shortlisted to advance to the next and final stage of the bid round process.
“For the signature bonus, what we did internally was to look at the Competent Person Report and objectively estimate the average signature bonus on that field.
“Some fields are high while some fields are low. We estimate to have not less than $500 million which is very much on the conservative side,” he said.
Mr Auwalu noted that the amount was aside the monies already generated by the agency through the applications and data leasing for the marginal oilfields applicants.
He said the DPR had also gotten approval for the signature bonuses to be paid in either Dollars or Naira to simplify the process for Nigerian companies and reduce strain on the nation’s foreign exchange reserve.
“Immediately after the payment of the signature bonuses and compliance with the farm-out agreement and farm out demarcation area, we will issue the award and bring the companies together for them to arrange how to enter the fields.
”We hope to finish the entire programme before the end of quarter one this year.
“Going forward, we will give about 90 days during which the Oil Mining License (OML) holders will have discussions because no two fields are the same so that we allow these assets to be developed.
”We believe it will increase the reserves of this country as well as provide a lot of stimulants to the economy,” Mr Auwalu said.
He explained that the DPR had learnt from the mistakes made in previous marginal oilfield bid rounds, adding that the 2020 exercise would be devoid of such issues leading to lingering litigations and unproductivity.
Mr Auwalu also said the agency had put measures in place to ensure that the awardees would be credible investors with technical and financial capability.
He vowed the DPR ensured due diligence on all the applications with the assistance of the Nigerian Financial Intelligence Unit (NFIU), the Department of State Security (DSS) and the Federal Inland Revenue Service (FIRS).
Clarifying why the names of the 161 successful applicants selected for the final stage of the exercise were not selected, Mr Auwalu said such an action was not necessary because not all of them would win.
“All of them will not be successful. When we are finished, I can assure Nigerians that all the names of the successful companies that will be awarded will be known by Nigerians,” he added.
A marginal field is any field that has reserves booked and reported annually to the DPR and has remained unproduced for a period of over 10 years. The last round of licensing in Nigeria happened more than fifteen years ago.
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.
-
Feature/OPED6 years agoDavos was Different this year
-
Travel/Tourism10 years ago
Lagos Seals Western Lodge Hotel In Ikorodu
-
Showbiz3 years agoEstranged Lover Releases Videos of Empress Njamah Bathing
-
Banking8 years agoSort Codes of GTBank Branches in Nigeria
-
Economy3 years agoSubsidy Removal: CNG at N130 Per Litre Cheaper Than Petrol—IPMAN
-
Banking3 years agoSort Codes of UBA Branches in Nigeria
-
Banking3 years agoFirst Bank Announces Planned Downtime
-
Sports3 years agoHighest Paid Nigerian Footballer – How Much Do Nigerian Footballers Earn