Economy
Buhari Flags Off Eastern Railway Rehabilitation Project
By Adedapo Adesanya
President Muhammadu Buhari on Tuesday launched the Eastern railway rehabilitation project.
The Eastern corridor is a narrow-gauge rail track stretching from Port-Harcourt, Rivers State, through the South-East, North Central and North-East, terminating in Maiduguri, the Borno state capital.
With a total of 61 stations and passing loops, the project has a contract timeline of 36 months. It was designed for a maximum speed of 80km/h on the mainline as well as 60km/h on the branch line.
The China Civil Engineering Construction Corporation (CCECC) is also handling the project like it did with other rail projects in the country.
Minister of Transportation, Mr Rotimi Amaechi, recently disclosed that President Buhari had directed the extension of the corridor to Abakiliki and Awka, the capitals of Ebonyi and Anambra States respectively.
“The Eastern railway corridor will now have a branch route to Abakaliki and Awka,” he stated at a routine inspection of the $1.5 billion Lagos to Ibadan standard project last week.
Speaking on the level of work done towards the completion of all station buildings along the Lagos-Ibadan rail corridor as well as the extension of the rail line from Ebutte Metta to the Apapa seaport, the Minister had said, “As you can see, the laying of the track has been successfully done into Apapa port.”
“The stations are completed too, what is left at most of the stations is the fixing of bulbs and little things like that. If we tell CCECC to get this place ready for commissioning in the next two weeks, this place will be ready,” he added.
The Minister equally charged the Nigerian Ports Authority (NPA) and other agencies at the port to ensure that the train is highly utilized in lifting cargo when the rail project is fully commissioned.
He then tasked the management of NPA to ensure that trucks are cleared at the port, adding that only registered trucks moving goods imported or to be exported be allowed into the ports.
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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