Economy
Edun Says Nigeria’s Revenue Hit N9.1trn in Q1 2024
By Adedapo Adesanya
Nigeria’s revenue for the first quarter of 2024 increased to N9.1 trillion which is more than double in the same period in 2023, according to Mr Wale Edun, the Minister for Finance and Coordinating Minister of the Economy.
Mr Edun, represented by the Managing Director of the Ministry of Finance, Incorporated, Mr Armstrong Takang, at the 17th Annual Banking and Finance Conference organised by the Chartered Institute of Bankers of Nigeria (CIBN) in Abuja on Tuesday, said the increase reflected the success of the government’s revenue collection policies and the effective deployment of technology.
He also said the administration of President Bola Tinubu was committed to ensuring that revenue generation met or exceeded the set target.
“Such progress will enable us to essentially make social and capital investments that positively impact both the economy and its citizens.
“In spite of this progress, our primary challenge remains addressing the sharp increases in food prices. Several initiatives are on their way to boost food supply and curb food inflation,’’ he said.
Also speaking, the Governor of the Central Bank of Nigeria (CBN), Mr Yemi Cardoso, said the bank was looking forward to actionable solutions from the conference, adding that it would benefit them as they journey toward achieving a one trillion-dollar economy.
Mr Cardoso, represented by the Director of the Risk Management Department of CBN, Mr Blaise Ijabor, said that bankers were critical stakeholders in the growth and development of the economy.
On his part, the Managing Director of the Nigeria Deposit Insurance Corporation (NDIC), Mr Bello Hassan, congratulated the CIBN for the conference, saying that the Corporation would continue to work toward engendering confidence in the banking system.
In a keynote speech, the Chairman of the United Bank for Africa (UBA) Plc, Mr Tony Elumelu, said access to electricity, adequate security and youth entrepreneurship was key to accelerating development in the country.
Speaking on the topic Accelerated Economic Growth and Development: The State of Play and the Way Forward, Mr Elumelu said the current food insecurity was caused by insecurity in the country.
He commended the past and present governors of the CBN for championing reforms in the banking sector, adding that the reforms had positively transformed the sector.
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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