Economy
2,000 Companies in Solid Minerals Sector Owe N2.76bn—NEITI
By Adedapo Adesanya
More than 2,000 companies in the solid minerals sector owe the Nigerian government about N2.76 billion, the Nigeria Extractive Industries Transparency Initiative (NEITI) has alleged.
The agency disclosed this in a statement issued by its Deputy Director/Head of Communications and Advocacy, Mrs Obiageli Onuorah.
The NEITI Independent Solid Minerals Industry Report tracked and reconciled financial flows in the sector, checked quantities of minerals produced, utilised and exported in 2020.
Presenting the report before its multi-stakeholders, Mr Orji Ogbonnaya Orji, Executive Secretary, NEITI, said the companies’ liabilities resulted from failure on the part of 2,119 companies to pay statutory annual service fees for respective mineral titles.
Mr Orji said that 6,010 existing solid mineral titles were valid as of December 31, 2020, while 7,605 mining titles were issued in the industry in the past five years.
“At this time that government is desperate for revenues to finance the widening budget deficits, NEITI is determined to use its reports to disclose potential revenue recoveries, awaiting immediate action by relevant government agencies.
“It is of interest to NEITI that every kobo counts to reduce government financial burden, and our reports will continue to provide useful information and data on who owes what in the oil, gas and mining sector,” Mr Orji declared.
He announced that the total revenue contributions from the sector in 2020 rose to N128.27 billion, an increase of over 54 per cent from the N74.85 billion recorded in 2019 in spite of the COVID-9 pandemic.
Mr Orji said the report also revealed that N8.89 billion was shared to the federating units as solid minerals revenue in 2020.
“Breakdown of the figure shows that federal government received N4.07 billion (45.83 per cent), states and local government areas received N2.07 billion and N1.59 billion (23.25 per cent; 17.92 per cent) respectively while N1.16 billion (13 per cent) was recorded as derivation share.
The executive secretary disclosed that 71.1 million metric tons of minerals were produced in 2020.
According to him, a breakdown of the total production showed that granite, limestone, sand and laterite were the highest contributors to minerals royalty payments recorded within the period.
He further disclosed that five states of the federation: Ogun, Kogi, Cross River, Edo and Bayelsa topped the table, contributing 66 per cent of solid minerals produced in the country that year.
On companies’ activities that shaped business investments in the solid minerals sector, he identified Dangote Cement Plc as the first, followed by Lafarge Plc, BUA International and Dantata and Sawoe with the highest production.
This, he said, accounted for about 64 per cent of the total mineral production volume in 2020.
He further disclosed that total minerals export in 2020 was 32.99 million tons valued at 42.46 million dollars while China with 80 per cent of the total export remained the major destination for Nigeria’s solid minerals exports.
“From the report, a total of N3.87 billion was recorded in 2020 as social expenditure, representing an increase of 49 per cent over the amount expended for the same purpose in 2019.
“Besides, N5.8 million was documented as environmental expenditure by three companies in the year, while information on Community Development Agreements was not disclosed,” he noted.
Mr Orji said the report revealed that out of Nigeria’s total Gross Domestic Product (GDP) of N152.32 trillion in 2020, the solid minerals sector contributed N686.64 billion representing only 0.45 per cent.
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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