Economy
CAMA 2020 Makes Raising Fresh Funds from Stock Market Difficult—Ighodalo
By Dipo Olowookere
An expert in the capital market, Mr Asue Ighodalo, has expressed concerns over a part of the Company and Allied Matters Act (CAMA), which he said could make it extremely difficult for public firms to raise fresh capital from the stock market.
Mr Ighodalo, who is the co-founder of Banwo and Ighodalo, a reputable law firm in the nation’s capital market, noted that Section 142 of the CAMA 2020 mandates companies to first allot shares to all shareholders before offering them to new investors.
According to him, this law does not give room for equities of any company to be sold to new investors without first being issued to existing shareholders.
He said with this, raising fresh funds through the allocation of new shares to fresh investors, probably through private placement, will most likely be a difficult task to complete.
“Section 142 of the Act provides that a company shall not, in any event, allot newly issued shares unless they are offered in the first instance to all existing shareholders of the class being issued in proportion as nearly as may be to their existing holdings.
“The applicability of this provision does not distinguish private and public companies,” the Chairman of Sterling Bank said at the 2020 conference of the Chartered Institute of Stockbrokers (CIS), where he was among the guest speakers. He spoke on the topic, Rebirth of CAMA: Implications for the Capital Market Ecosystem.
The capital market expert thereafter joined others to call for a review of some sections of the piece of legislation, noting that, “This amendment has raised concern amongst operators, corporates and investors, and is a significant deviation from the provision of the repealed act, which only specified pre-emptive rights for private companies.”
“I align with these concerns,” Mr Ighodalo said, arguing that “this provision may restrict public companies intending to undertake equity capital raise and restrict (or at best delay) the admission of strategic investors because the offensive provision implies that companies will not be able to undertake public offer transactions or private placements without first going through the process of formally making an offer to their shareholders.”
According to him, if the Nigerian capital market is to be transformed and made to be at par with others in the world, some sections like the above in the CAMA 2020 must be critically looked into.
The CIS annual seminar with the theme Navigating through the Storms-Reenergizing the Economy through the Capital Market was attended by several stakeholders in the space including the Chairman, House Committee on Capital Market, Mr Babangida Ibrahim, amongst others.
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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