Economy
CBN, Ethiopian Central Bank Swap $100m in Blocked Funds
By Adedapo Adesanya
The Central Bank of Nigeria (CBN) and its Ethiopian equivalent, the National Bank of Ethiopia (NBE), have reportedly swapped $100 million in blocked funds as both countries struggle with severe shortages of hard currency.
It was reported in The Reporter, an Ethiopian outlet, that the currency deal involved swapping revenues of Ethiopian Airlines from Nigeria and earnings of Dangote Cement in Ethiopia, as the two companies struggled to repatriate profits amid forex shortages in both countries.
This has been touted as a new way that companies can look to get their trapped funds out of illiquid economies.
Business Post understands that this arrangement will enable Ethiopia to access funds blocked in Nigerian banks, while Nigeria will, in return, gain access to money held up in Ethiopia.
While Ethiopian Airlines, the largest foreign carrier operating in Nigeria, has about $180 million in trapped funds in the country, Dangote has about $300 million in the eight years it has been operational in Ethiopia, where it produces over 2 million tons of cement yearly.
However, the inability to take out their funds has become a source of concerns with both companies seeing their profits pile up but unable to cash in on them.
The NBE has now stepped in by offering Dangote a currency swap proposal, allowing it to exchange its excess Ethiopian birr for Dollars held by overseas firms operating in Ethiopia.
The report said that the currency swap allows Ethiopia to access funds blocked in Nigerian banks – including large amounts owed to Ethiopian Airlines – while Nigeria gains access to Ethiopian funds through Dangote Cement, a major Nigerian firm operating in Ethiopia.
“The National Bank will pay us the equivalent swapped amount in birr,” Ethiopian Airlines CEO, Mr Mesfin Tassew, told The Reporter, adding that there were no plans to swap the remaining amount.
With this arrangement, Ethiopian Airlines will have less than $100 million unrepatriated, while Dangote still has over $200 million in backlogs.
This could help Nigeria reduce its heavy shortage, which has drawn worry from the International Air Transport Association (IATA), which lamented that the total amount of foreign airlines’ trapped funds in Nigeria stood at $812.2 million in June.
Following drops in crude production to a low level of under 1 million barrels per day last year due to rampant theft, vandalism and declining investment, Nigeria was further strained by a shortage of foreign currency reserves which accounts for more than 80 per cent of its earnings.
Ethiopia is not left behind, as the country also has its share of FX shortages that makes it difficult to import goods amid rising hunger and economic strain.
This move could signal a way for countries, particularly in Africa, to ease the burden of unrepatriated funds choking their economies.
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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