Economy
Bank Charges Paid by Geregu Power Jump 366% to N71.7m
By Dipo Olowookere
The newly listed company on the Nigerian Exchange (NGX) Limited, Geregu Power Plc, paid N71.7 million as bank charges in the 2021 fiscal year, its financial statements have revealed.
In the previous year, the power-generating firm paid N15.4 billion for the same purpose, indicating an increase of about 365.6 per cent on a year-on-year basis.
Bank charges are fees collected by banking institutions for financial transactions, including cash deposits, withdrawals, alerts, stamp duties, and others.
Nigerians have complained bitterly about what they pay as bank charges. Several stakeholders have also asked the Central Bank of Nigeria (CBN) to wade into the matter to encourage the use of commercial banks.
This loophole in the Nigerian banking sector gave rise to the birth of digital banks in the country, luring customers with zero fees and others.
In the 2021 financial year, Geregu Power incurred other expenses like N8.3 million for board meeting costs compared with N5.7 million in FY 2020, N7.5 million as audit fees versus N5.0 million in the preceding year, N43.7 million for PR, promotions and advertisement in contrast to the previous year’s N55.5 million, N281.1 million as transport, travel and entertainment costs versus N216.0 million in FY’21, among others.
In the year, according to the analysis of the results by Business Post, Geregu Power spent N1.3 billion on personnel costs in contrast to N1.2 billion in the previous year due to an increase in salaries, wages and allowances of its 128 employees.
A breakdown showed that the company had 120 employees in the preceding year. The addition came from the eight senior staff absorbed by the organisation, which increased its wage bill.
In the year under review, Geregu Power generated N71.0 billion as revenue compared with the N53.7 billion generated in the 2020 accounting year, with the sale of energy contributing N45.7 billion and capacity charge accounting for N25.3 billion.
Its pre-tax profit grew by 42.5 per cent to N29.5 billion from N20.7 billion, while the net profit improved by 40.1 per cent to N20.6 billion from N14.1 billion.
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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