Economy
Ellah Lakes, IITA to Produce High-Yielding Soybean Seed Varieties
By Dipo Olowookere
All things being equal, Nigeria will soon achieve self-sufficiency in soybean as a result of a partnership between Ellah Lakes Plc and the International Institute for Tropical Agriculture (IITA).
This educational institute has entered into an agreement with the subsidiary of the listed firm, Adani Staple Crop Processing Zone Food Company Limited, for the production of high-yielding soybean seed varieties.
According to a statement issued by Ellah Lakes, this improved variety of breeder seeds is expected to yield 2.5 metric tons of quality soybean per hectare, 150 per cent higher than the Nigerian national average of 1.0 metric tons per hectare and at par with output in South American countries such as Brazil and Argentina.
The demand for soybean in Nigeria is estimated to be in excess of 1.2 million metric tons per annum, which is a market value of over N360 billion (approximately $780 million).
Soybean is an important source of plant-based protein that contains dietary fibre, vitamins and minerals, and it consists of 20 per cent oil, making it an important crop for producing edible oil.
A by-product from oil production, soymeal, is used as a high-protein animal feed in the poultry and aquaculture industries.
In the notice, Ellah Lakes said the seed multiplication program with IITA involves, in the first phase, the production of the seed varieties on 5 hectares of land located in IITA Ibadan, Oyo State and subsequently, on 500 hectares of land located in Adani, Enugu State.
IITA brings to this endeavour with Ellah Lakes its expertise in the production and supply of high-quality breeder and foundation seedlings to private sector seed producers.
The partnership agreement between both companies will facilitate the production of premium quality soybean seedlings for cultivation at Adani SCPZ in Enugu State, with IITA providing all the technical support required to produce the seedlings for the company.
Soybean from Nigeria has huge export potential because Nigerian Soyabean is Non-Genetically Modified and has a wider range of applications, including as input into infant cereals and textured vegetable protein – which is often used as meat analogue or meat extender.
With its partnership with IITA, Adani SCPZ will be able to significantly boost productivity at its 3,700-hectare farm in Adani, Enugu State, and will be on track to achieving a target output of 7,500 metric tons of soybean per annum upon full cultivation of the property.
It also marks an important milestone on the company’s strategic path to build Staple Crop Processing Zones
across the country, with Adani being the flagship site.
Speaking on the development, the Chief Executive Officer of Ellah Lakes, Mr Chuka Mordi, said, “This is a symbolic and significant milestone on our company’s strategic path to build Staple Crop Processing Zones across the country.
“Adani remains our flagship site, and under the supervision of the IITA, we expect to accelerate progress in Enugu State during the course of 2023.”
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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