Economy
Dogara Throws Wright Behind Amendment of OGFZA Law
By Dipo Olowookere
The amendment of the Oil and Gas Free Zones Authority (OGFZA) Act of 1996 has received a huge boost with the support of the Speaker of the House of Representatives, Mr Yakubu Dogara.
Mr Dogara, in his opening remarks on Thursday in Abuja at the public hearing on the bill, said he was convinced deliberations at the event would lead to appropriate review and correction of any ambiguities that may exist in the OGFZA Act.
The public hearing was organised by the House Committee on Commerce.
Represented by the Deputy Chief Whip of the House, Mr Pali Iriase, the Speaker said such amendment would “empower the agency to focus its resources on developing and promoting tailored investment packages and incentives for oil and gas free trade zones to further promote the diversification policy of the Federal Government.”
Giving reasons why the OGFZA Act should be amended, the number four citizen of Nigeria explained that since the law was enacted in 1996, much has changed in the global marketplace that has made the law outdated and created the imperative to bring it up to date with current realities.
“We all do appreciate the fact that global investment climate has changed drastically since the days when the legislation was enacted in 1996,” Mr Dogara said.
“The global competition and scramble by various countries for available foreign investments has since grown much stiffer and complex also.
“The House under my leadership shall continue to be responsive to global economic trends and will endeavour to always take proactive steps together with the Executive arm and its agencies to make new laws and review outdated portions of existing laws that tend to reduce Nigeria’s competitiveness as the premier investment destination in Africa,” he added.
Mr Dogara noted that Nigeria pioneered oil and gas free zones as a means for accelerating economic development, adding that it was a thing of pride that even developed countries such as Russia and the United States felt the need to borrow from Nigeria’s success in oil and gas free zones development. He also noted that the free zones under OGFZA attracted more than 170 foreign companies, generating more than N162 billion in revenues for the Federal Government.
In a welcome address, chairman of the House Committee on Commerce, organisers of the public hearing, Mr Sylvester Ogbaga touted the importance of the oil and gas free zones, saying: “There is no doubt, the existence of the Oil and Gas Free Zones has increased the tempo of economic activities in our ports and have helped to deepen the economy of Nigeria”
In their presentations to the public hearing, Mr Umana Okon Umana, managing director of OGFZA and Mr Emmanuel Jime, managing director of Nigeria Exporting Processing Zones Authority (NEPZA) said their submissions for the hearing had earlier been transmitted to the supervising ministry—Ministry of Industry, Trade and Investment—which would harmonise both submissions and forward a common position of the ministry to the House Committee on Commerce which is considering the amendment bill.
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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