Economy
Construction of Nigeria’s First Gold Refinery Begins in Ogun
History was made in Nigeria on Thursday, as the country celebrated the ground breaking of its first gold refinery by the Minister of State for Mines and Steel Development, Mr Abubakar Bawa Bwari.
The refinery, being developed by indigenous minerals company Kian Smith Trade & Co Ltd. (Kian Smith) in Ogun State, is scheduled to start production in 2019, sourcing most of its ore from miners in the country.
“The present administration is determined to develop the mining sector to act as a catalyst for sustainable economic growth of the country,” said Mr Bwari at the groundbreaking ceremony.
“Part of our marching orders in the Mines and Steel Development ministry is that we are expected to develop the sector to increase its contribution to the nation’s GDP, improve its capacity to create jobs and engender sustainable mining,” the minister added, stressing that it was in keeping with his ministry’s mandate that a roadmap was developed for the growth and development of the mining sector.
“During the focus labs of the Economic Recovery and Growth Plan (ERGP) of this administration, we discovered that a well organised gold value chain can trigger an economic revolution like it did in India, South Africa, Switzerland and others,” he said further. He noted that the ministry has continued to work in this light to develop a gold value chain for the country.
The refinery will start with a production capacity of 3 tonnes per month of 99.99% gold and 1 ton per month production of 99.99% silver.
“We will be supplying the Central Bank, the Jewellery and the Electronic Industry,” said Nere Teriba Vice Chairman of Kian Smith at the groundbreaking ceremony. “We have already secured a significant monthly supply of gold from Zamfara, Kebbi, Kwara, Niger, Kaduna, Ibadan, Ile-Ife, Ilesha and about 100kg per month from other parts of Africa. We are presently finalizing supply agreements and terms from suppliers in Kano. Next week, we will be securing supply from Kogi State,” she added.
According to Teriba, the refinery when completed will provide more than 500,000 jobs in two years as it continues to support its suppliers in their bid to become registered business entities in the mining sector.
“There’s at presently at least 1,000,000 unregistered business participants in the Nigerian market (considering gold miners, sponsors, dealers, processors, aggregators and gold-workers). The formalization, organization and development we bring to the value chain will provide quick wins to the Nigerian economy,” Teriba said.
Also speaking, Governor of Ogun State, Mr Ibikunle Amosu, who was represented by the Commissioner for Agriculture, Mrs Adepeju Adebajo, expressed enthusiasm about the refinery project which she said was in line with the state government’s industrialization plan.
According to her, the project is a major boost to the Nigerian mining sector. “Apart from the fact that the strengthening of our mining industry will reduce importation of refined products, it will go a long way in affirming our country’s status as a world mining power.” The vice chairman of Kian Smith Nere Teriba said the refinery will be ready to start production by the end of the first half of 2019.
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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