Economy
CBN Blames Wheat Importation for Forex Crisis
By Sodeinde Temidayo David
The Central Bank of Nigeria (CBN) has flagged off a rain-fed programme, which aims to reduce wheat importation by 60 per cent in two years and conserve about $2 billion annually in foreign exchange.
The programme, called the Nigerian Brown Revolution, was flagged off under the Anchor Borrowers’ Programme (ABP) and will feature the intervention of the central bank to fund commercial wheat farming in 15 states of the federation, and on about 180,000 hectares of land.
This is coming after the apex bank noted that wheat is the third most widely consumed grain in Nigeria, and has been a major factor in the exchange rate imbalance.
This was disclosed by the CBN Governor, Mr Godwin Emefiele, at the ceremony to launch the programme in Jos, Plateau State.
According to the CBN boss, the country spends about $2 billion annually importing 5.2 metric tonnes of the commodity to meet local demand.
“Wheat is the third most widely consumed grain in Nigeria after maize and rice. It is estimated that the country only produces about one per cent or 63,000 metric tons of the 5-6 million metric tons of the commodity consumed annually in Nigeria,” the CBN Governor added.
He noted that the programme is expected to add about 2,000 metric tons of seeds to the nation’s national seed stock and potentially add 750,000 metric tons of wheat to national output annually through rain-fed wheat cultivation in Plateau, Mambila Plateau and Obudu Plateau in the short term.
Also speaking, President Muhammadu Buhari noted that his administration desires to achieve zero importation of wheat before leaving office in 2023.
And that the government will work with all stakeholders to ensure this objective is achieved in the most impactful way for the economy.
The Nigerian president also expressed that his government was committed to supporting the agricultural sector to ensure the sustainability of food security efforts, contribute to foreign reserve accretion and ultimately support the growth of the Nigerian economy.
He, therefore, urged the private sector to key into agricultural financing initiatives provided by the CBN and other government agencies.
“With this ongoing initiative, we will no doubt attain self-sufficiency in wheat production, attract more players to the wheat value chain and foster job creation in Nigeria,” Mr Buhari noted.
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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