Economy
EU Backs Nigeria to Curb Oil Theft, Illegal Refining
By Adedapo Adesanya
The European Union (EU) has promised to work with stakeholders to help tackle Nigeria’s worrying oil theft and the illegal refining menace.
This assurance was given when officials of the bloc as well as those of the Nigerian National Petroleum Company (NNPC) Limited and the Joint Task Force, under Operation Delta Safe, visited illegal refineries sites in Ahoada West Local Government Area of Rivers State for an on-the-spot assessment of the impact of their operations on the environment.
The visit, according to the EU, was imperative to assess things for themselves, especially to ascertain how crude oil thieves set up illegal refineries and the adverse impact on the communities, the environment and the economy.
The Deputy Director General, European Union Commission, Mr Mathew Baldwin, said they were on a fact-finding mission, adding that oil theft and illegal refining remained a big problem.
Mr Baldwin commended the Joint Task Force, JTF, and the NNPC, on their resolve to salvage and restore the Nigerian oil and gas sector.
“We are here to find out and understand the problem if the production is used for the local market and if most of the production is going into the international market,” he said,
Also speaking, Group Chief Executive Officer, NNPC, Mr Mele Kyari, assured that the breaches on oil production will soon be curtailed, adding that the site visit by the development partners was necessary to ascertain the situation and how they could help bring sanity, restore oil production and security for everyone.
“I commend the troops on the ground, working to ensure that the nation’s oil and gas sector is secured. We believe by August we will be able to bring down the menace to a minimal level. It is not good for the community. It has a huge negative impact on the environment.
“Today, the livelihood of the people here are impacted/ People doing the business are not from the community/ They are actually from other places.
“We are working with the community to take this out so that they can go back to their normal way of life.
“We are also ready for our partners to see things for themselves and the efforts that are being made to curtail the situation. We are happy we are here today to see things for ourselves and our partners,” he said.
On his part, the JTF Operation Delta Safe Commander, Rear Admiral Aminu Hassan, said the task force has destroyed more than 2,000 illegal refineries in the Niger Delta region within the last three months
He said: “In one site here you can get between 50 to 100 composite units where everyone is operating; just like a market, everybody is doing his illicit business in one market. So, that is how they operate.
“Within a refining site, you can get hundreds of units, everyone doing his own, within a week or thereabout you can succeed in destroying thousands. Mechanically we are destroying their machines which they are very fast in constructing.
“If you really want to suppress them, you must be faster than them, work ahead of them, that is why we introduced this equipment, you will be on top of the situation to be ahead of them”.
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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