Economy
Cornerstone Insurance Shareholders Approve Bonus Issue
By Dipo Olowookere
Shareholders of Cornerstone Insurance Plc have the opportunity to increase their stake in the company following the decision to offer bonus shares to them.
At the Annual General Meeting (AGM) of the organisation held last week in Lagos, it was agreed that investors should be allotted the bonus issue at a ratio of 7 to 30.
According to the resolutions passed at the gathering, investors, whose names appear on the company’s register of members at the close of business on Wednesday, August 12, 2020, should be given seven new shares of 50 kobo each for every 30 existing shares of 50 kobo each held by them.
This, according to the insurer, would be taken care of through N1.718 billion in the company’s share premium account, which would be transferred to the share capital account.
Cornerstone Insurance said the amount transferred will represent the value of 3.500 billion ordinary shares of 50 kobo each as fully paid up.
Also, these distributed shares “shall rank pari pasu with the existing shares in all respect and will be treated for all purposes as capital and not as income.”
At the AGM, shareholders approved that in line with Section 102 of the Companies and Allied Matters Act, Cap C20 Laws of the Federation of Nigeria 2004 (CAMA), the organisation’s authorised share capital be increased from N7.500 billion divided into 15.000 billion ordinary shares of 50 kobo each to N9.250 billion divided into 18.500 billion ordinary shares of 50 kobo each by the creation of additional 3.500 billion ordinary shares of 50 kobo each.
This increase in the share capital, according to the shareholders, must be registered by the board with the Corporate Affairs Commission (CAC) in one or more tranches, series or proportions, and on such terms and conditions and in such circumstances as may be required of or determined by the board, provided that the total authorised share capital does not exceed 18.500 billion ordinary shares of 50 kobo each.
Business Post reports that shares of Cornerstone Insurance traded flat at 56 kobo at the Nigerian Stock Exchange (NSE) on Monday, with 48,500 units worth N28,816 transacted in three deals.
By Adedapo Adesanya
The Federation Account Allocation Committee (FAAC) has shared a total of N2.300 trillion among the federal government, state governments, and Local Government Councils from the revenue generated in May 2026.
The amount is slightly higher than the N2.257 trillion distributed last month, according to a statement issued by the Head of Information at the Federal Ministry of Finance, Mrs Efe Ovuakporie.
The FAAC allocation was confirmed at its June 2026 meeting following consideration of revenue receipts for the month of May.
The total distributable revenue of N2.300 trillion comprised N1.611 trillion from statutory revenue and N688.785 billion from Value Added Tax (VAT).
From the distributable amount, the federal government received N818.680 billion, while state governments got N759.141 billion. Local Government Councils were given N534.277 billion, and oil-producing states received N188.132 billion as 13 per cent derivation revenue.
The gross statutory revenue for the month stood at N2.652 trillion, representing an increase of N273.623 billion compared to the N2.378 trillion recorded in April 2026.
FAAC reported significant increases in collections from Companies Income Tax (CIT), Capital Gains Tax (CGT), Stamp Duties, Petroleum Profit Tax (PPT), Hydrocarbon Tax (HT), and oil royalties during the period under review.
However, collections from Import Duty, Value Added Tax (VAT), Excise Duty, and Common External Tariff (CET) levies recorded declines compared to the previous month.
Gross VAT revenue for May 2026 stood at N743.668 billion, lower than the N806.617 billion collected in April 2026.
The committee noted that despite the decline in VAT collections, overall revenue performance for the month was strengthened by improved receipts from petroleum-related taxes and Companies Income Tax.
By Aduragbemi Omiyale
Trading in the equities of Fortis Global Insurance Plc on the floor of the Nigerian Exchange (NGX) Limited has been suspended.
The action was taken on Wednesday, June 17, 2026, by the regulatory subsidiary of the NGX Group Plc, NGX Regulation (NGX RegCo) Limited.
It was to prevent investors from buying and selling the company’s securities on the stock market ahead of its share reconstruction.
According to a circular signed by the Head of Issuer Regulation Department of NGX RegCo, Mr Godstime Iwenekhai, the suspension is also to determine the shareholders who are entitled to receive the reconstructed shares.
“Trading license holders and the investing public are hereby notified that trading in the shares of Fortis Global Insurance Plc was suspended on Wednesday, June 17, 2026.
“The suspension is necessary to prevent trading in the shares of Fortis Global Insurance Plc to enable the Company’s Registrars and the Central Securities Clearing System Plc (CSCS) to reconcile their books for the listing of the reconstructed shares on Nigerian Exchange Limited (NGX).
“The suspension is also required for the purpose of determining the shareholders who are entitled to receive the reconstructed shares,” the notice stated.
By Modupe Gbadeyanka
Efforts are being made to deepen collaboration to promote transparency and accountability in the collection of oil and gas revenue in Nigeria.
Two key organisations involved in this, the Nigerian Upstream Petroleum Regulatory Commission (NUPRC) and the Nigeria Revenue Service (NRS), recently held a strategic meeting to further work on ways to achieve this goal.
The chief executive of NUPRC, Mrs Oritsemeyiwa Eyesan, was at the headquarters of the tax-collecting agency in Abuja on Wednesday.
In discussions with the chairman of NRS, Mr Zacch Adedeji, she praised him for driving reforms that culminated in the enactment of the NRS Act.
Speaking on the transfer of revenue collection responsibilities, Mrs Eyesan said the process had been seamless, highlighting her organisation’s efforts to create an enabling environment for operators in the oil and gas industry.
She further revealed that Nigeria had the potential to produce 1.9 million barrels per day, having hit a peak production of 1.86 million barrels per day in May.
In his response, the NRS chairman praised NUPRC for its dynamism, professionalism and transparency, promising continued collaboration with the commission, particularly on matters relating to the transfer of revenue collection functions under the new Act.
“I collect revenue. I don’t generate revenue. Wherever revenue is, I work on it and keep an account for you. So, I’m helping you to collect your royalties,” Mr Adedeji said.
He pledged that the NRS would continue to support the commission to achieve its shared objective of increasing government revenues in a fair, transparent and sustainable manner.
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