Economy
Youth Group Begs FG to Issue License to Repentant Refiners
By Adedapo Adesanya
The Youths and Environmental Advocacy Centre (YEAC) has urged President Muhammadu Buhari to issue modular refinery licenses to repentant refiners, who have formed and registered themselves into co-operative societies in order to dissuade them from returning to the creeks.
YEAC in an open letter to the President recalled that Vice President Yemi Osinbanjo, (then Acting President) in 2017, had assured of the establishment of modular refineries for youths involved in artisanal crude oil refining in the Niger Delta as a way of curbing oil theft, vandalism and environmental pollution in the country.
The Executive Director of YEAC, Mr Fyneface Dumnamene Fyneface, also recalled that the Minister of State for Environment, Mrs Sharon Ikeazor, had also directed artisanal crude oil refiners to register and form into co-operative societies for the easy issuance of modular refinery licenses.
Mr Fyneface, who is also the National Facilitator, Project with Artisanal Crude Oil Refiners for Modular Refineries in the Niger Delta, said as a result, the group has commenced the process of registering artisanal refiners for the formation of co-operative societies for modular refineries, since 2019.
He spoke at the inauguration and presentation of three cooperative societies in Delta State to the federal government namely, Delta North Modular Refinery Multi-Purpose Co-operative Society Ltd, Delta Central Modular Refinery Multi-Purpose Co-operative Society Ltd, and Delta South Modular Refinery Multi-Purpose Co-operative Society Ltd.
The advocacy centre also announced that the group was on the move to inaugurate more modular refinery co-operative societies in the other Niger Delta States.
“It is against these brief backgrounds that we write you this open letter to formally present to you, three Modular Refinery Multi-Purpose Co-operative Societies of artisanal crude oil refiners in Delta State for you to issue them Modular Refinery Licenses as promised.
“They are Delta North Modular Refinery Multi-Purpose Co-operative Society Ltd with Christian Obokana (08033938770) as President; Delta Central Modular Refinery Multi-Purpose Co-operative Society Ltd with Cyril Oghenevwede (08032364268) as President and Delta South Modular Refinery Multi-Purpose Co-operative Society Ltd, with Clever Donokoromor (07065439069) as President.
“These three co-operative societies are also today collectively inaugurated as the pioneer members of Delta State Association of Modular Refinery Multi-Purpose Co-operative Societies with Clever Donokoromor as the Chairman.
“These are the authentic platforms of the real artisanal crude oil refiners who have stopped and embraced your policy on Modular Refineries as alternative means of livelihood in Delta State. In the days ahead, we will inaugurate and also present to you, Modular Refinery Co-operative Societies in the other Niger Delta States.”
Again, the Advocacy Centre appealed to the federal government to establish a scheme similar to PAGMI, to polish and streamlined artisanal refiners just like it was obtainable with artisanal gold miners in the North.
“While thanking you for taking this bold step to address issues around youths and artisanal crude oil refining in the Niger Delta through modular refineries, it is our recommendation that you speed-up the process and also kindly consider and establish a Presidential Artisanal Crude Oil Refining Development Initiative (PACORDI) for artisanal crude oil refiners in the Niger Delta, similar to the Presidential Artisanal Gold Mining Development Initiative (PAGMI) in parts of the North and Western Nigeria.
“We look forward to having you issue Modular Refinery Licenses to these Co-operative Societies so that they do not cite government unseriousness and return to the creeks to cause more damage to oil facilities and our fragile environment.
“On our part as an organization, we will continue partnering with your government to address this and related issues in the Niger Delta and strengthen our facilitation of international development partners to co-fund the Modular Refinery projects for artisanal crude oil refiners in the Niger Delta,” he stated.
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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