Economy
Chinese Firm Plans $600m Textile Park in Kano
By Modupe Gbadeyanka
A Chinese company has signed a Memorandum of Understanding (MoU) with the Kano State government for the establishment of a $600 million textile industrial park in the state.
The planned multi-million Dollar investment in Kano by Shandong Ruyi Technology Group of China would be the biggest in Africa.
Secretary to the Government of Kano State, Mr Usman Alhaji, and the firm’s Chairman, Mr Yafu Qiu, signed the agreement at the company’s headquarters in Jining, Shandong, China. Shandong Ruyi is China’s leading innovative technology textile enterprise.
Speaking shortly after the ceremony, Governor Abdullahi Umar Ganduje, who had earlier visited one of the group’s factories, described the event as “the biggest Foreign Direct Investment (FDI) expected in the state in recent times”.
“I thank you for the invitation to visit one of your factories and from what I have seen in your production line, your facilities are world-class.
“One can only imagine the number of jobs that would be created and the value that would be added to our economy when your plant commences operation in Kano,” he stated.
Governor Ganduje informed his host that Kano has put in place facilities for textile clusters across its 44 local government areas and requested the Group to visit the state and inspect them, with a view to incorporating them into the Textile Industrial Park.
He assured the company that his administration would create enabling environment for the smooth take off of its project, pointing out that his administration was taking steps to ensure that Kano becomes the number one destination for investment not only in Nigeria but in the West Africa sub-region.
On his part, the Chairman of Ruyi Group, Mr Yafu Qiu said the investment is to hasten growth and support global development, noting that having the governor come personally for the signing of the MoU has boosted his confidence for the successful implementation of the project.
According to him, his company would also look at the possibility of executing a solar power project specifically for the Textile Industrial Park, even as he expressed desire to collaborate with the government towards enhancing the capacity of its on-going Hydro Power project at Tiga and Challawa.
He added that the company would also look into the possibility of investing in existing textile companies in Kano.
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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