Economy
Court Grants Suspended SEC DG Gwarzo N25m Bail
By Dipo Olowookere
An Abuja High Court on Tuesday granted the suspended Director-General of the Securities and Exchange Commission (SEC), Mr Mounir Gwarzo, a bail of N25 million with a surety. Also granted bail was a SEC commissioner, Zakwanu Garuba.
Justice Husseini Baba-Yusuf directed that the sureties to be produced by the defendants must not be less than a Deputy Director in any Federal Government establishment and they must be resident and own landed properties in Abuja and must also submit the title documents of the properties to the court’s registry.
Mr Gwarzo and Mr Garuba were arraigned in court yesterday by the Independent Corrupt Practices and other related offences Commission (ICPC) for allegedly mismanaging over N115 million.
Mr Gwarzo was suspended from office in November last year by the Minister of Finance, Mrs Kemi Adeosun, over alleged financial misconduct.
He was accused of paying himself N104.9 million as severance benefit in 2015 when he had yet to retire, resign or disengage from service. He was also alleged to have received the sum of N10.98 million in excess of car grant three years ago.
On his part, Mr Garuba, an Executive Commissioner, Corporate Services of SEC, was accused of conferring a corrupt advantage on another public officer in the person of Mr Gwarzo by approving the payments to the suspended SEC boss.
After the charges were read to them, they both pleaded not guilty to the five counts, three of which related to Mr Gwarzo and the two others to Mr Garuba.
Part of the charge read, “That you Dr Mounir Haliru Gwarzo (m) sometime in June, 2015 or thereabout at Abuja Federal Capital Territory, while being a Public officer used your position as Director-General of the Security and Exchange Commission (SEC) to confer corrupt advantage upon yourself when you received the sum of N104,851,154.94 (One Hundred and Four Million, Eight Hundred and Fifty One Thousand, One Hundred and Fifty Four Naira, Ninety Four Kobo) as severance benefit whereas yow were yet to retire, resign or disengage from the service of SEC and you thereby committed an offence contrary to and punishable under section 19 of the Corrupt Practices and Other Related Offences Act,2000.”
Shortly after the defendants pleaded not guilty to the charges, their lawyers moved their separate bail applications anchored on the provisions of the Nigerian Constitution and the Administration of Criminal Justice Act, 2015 and filed on May 30.
Meanwhile, the judge has adjourned the case until June 28 and 29 for trial.
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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