Economy
Don’t Allow Expatriate Employment Levy Hinder FDIs Inflows—LCCI
By Adedapo Adesanya
The Lagos Chamber of Commerce and Industry (LCCI) has called for a balanced approach from the federal government to ensure the proposed expatriate employment levy does not negatively impact inflows of Foreign Direct Investments (FDIs).
The advice followed the government’s announcement of an Expatriate Employment Levy (EEL) which will require firms that employ foreigners to pay $15,000 for a director and $10,000 for other employees.
The Director General of the LCCI, Mrs Chinyere Almona, speaking on Tuesday in Lagos said this call was to ensure the levy does not become an inhibition to attracting and retaining foreign investments, crucial for economic growth.
The Bola Tinubu-led government on February 27, announced the mandatory annual levy for organisations employing expatriate workers, which it rationalised is to encourage foreign companies to employ more Nigerian workers.
Mrs Almona noted that the policy is aimed at addressing wage gaps between expatriates and the Nigerian labour force while encouraging skills transfer and employment of qualified Nigerians in foreign-owned companies.
She, however, stated the need for a balanced approach to expatriate employment and its potential impact on FDI inflows.
She said while the LCCI fully supports government policies that enhance the profile of the business environment, and generate more revenue for the government, there were concerns about likely perception by foreign investors.
Mrs Almona said the perception that the Nigerian government was not accommodating to foreign workers was harmful to the country’s drive for FDI inflows.
She said the EEL might trigger the relocation of foreign companies to neighbouring countries that presented a more conducive and less expensive environment for business.
She added that the policy might likely spark retaliatory actions by other countries by imposing levies on foreigners and particularly, targeting Nigerian workers, hence, affecting diaspora remittances.
“With the drive for FDIs in Nigeria, we need a conducive business environment to attract these kinds of investments into the country.
“Capital importation into Nigeria in the fourth quarter of 2023 stood at $1.088 billion out of which only 16.90 per cent (or $184 million) came in as FDI.
“We call on the government to consider exempting sectors that require unique skill sets for projects carried out in the country, especially in construction, and other sectors where we have a critical shortage of supply of goods to meet rising demand.
“In sectors where the country cannot boost the supply of critical products like food, cement, drugs, and other agricultural inputs, we urge the government to charge concessionary or exempt manufacturers in these fields to encourage them to come in and boost the supply of such scarce products,” she said.
The LCCI head added that imposition of the levy meant that expatriates would be subjected to two administrative procedures to procure the Combined Expatriate Residence Permit and Allien Card (CERPAC) permit.
She said that having two procedures meant more human interfaces, more bureaucracy and more application costs.
“We recommend that the government should continue to work with already established and functional CERPAC, with provision for yearly or regular reviews in rates according to internationally accepted rates.
“This way, we present our economy as open for business,” she said.
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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