Economy
Agricorp Raises N7.2bn to Boost Spices Export, FX Earnings
By Sodeinde Temidayo David
Nigerian-based spices producing, processing and exporting company, Agricorp International, has raised $17.5 million, about N7.2 billion in Series A funding to increase its processing capacity up to 7,000 metric tonnes.
According to the firm, this was in a bid to build processes to enhance global food systems, as it will become the largest spices export startup in Africa.
As stocks are been shared out from the firm for the first time, the fund was raised from Vami Nigeria, One Capital LLC and AFEX Nigeria.
Nigerian-based Vami led the funding round with $11.5 million, around N4.7 billion in equity, while the other investors provided working capital financing for the company.
Professional service provider, Ernst & Young Nigeria, served as transaction advisers while Elisio Law Office and Pavestone Legal served as legal advisers.
Agricorp is set to contribute to meet the growing demand for spices as an export material.
Data from the Federal Ministry of Agriculture shows that despite being the third highest exporter of ginger globally, Nigeria’s ginger production is put at 31 million metric tons, while demand is put at 65 million metric tons, leaving a gap of 34 million metric tons.
This makes Nigeria accounts for more than 16 per cent of the global production of ginger, which gets less than 4 per cent of the export market share.
In his remarks, the Chief Executive Officer of Agricorp, Mr Kenneth Obiajulu, stated that increasing the company’s capacity to 7,000 metric tons will maximise the potentials to boost Nigeria’s forex earnings through export, contribute our quota to improving the Nigerian Gross Domestic Product (GDP) from agriculture, and serve as a worthy model to African youths who aspire to be agribusiness owners.
Mr Obiajulu added that the firm aims to show the public that agribusiness is possible and very rewarding as well.
Commenting on the funding, the lead investor, Vami Nigeria, added that the investment was made as the group foresees a clear growth path, strong social impact, excellent financial trajectory, and global collaborations with key partners, adding that the depth of knowledge, passion, and resilience of the team is unrivalled.
On his part, the Managing Director of AFEX, Mr Samirah Ade-Adebiyi, said his firm was committed to providing the working capital they require to scale operations at any level.
“Our other businesses have transacted with Agricorp on several occasions and have seen the business grow over time,” he added.
Agricorp aims to be that bold company to take a bold approach to put Nigeria on the global export radar by leveraging investments to build simple processing systems for spices and other agro products.
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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