Economy
Ex-Nigeria Airways Workers Petition Buhari Over N78b Severance Pay
**Decry tussle between Sirika, Dikwah
**700 ex-workers dead
Worried by alleged face-off between the Minister of State for Aviation, Hadi Sirika and Chairman, Presidential Initiative on Continuous Audit (PICA), Dikwa, over the disbursement of N78 billion severance benefits, former workers of Nigeria Airways based in Accra, Ghana, Lome, Togo, Yaounde, Cameroon, Benin and Gabon, have petitioned President Muhammadu Buhari over their plight.
The workers, Emetule Fina (Gabon); Eno Mao (Gabon); Ndoke Hannah (Cameroon); Bareng John (Cameroon); Afandomi Raymond (Benin); and Mensah Teteh (Togo) in a petition to President Buhari, commended him (President) for approving the payment of final entitlements of the ex-workers.
They, however, flayed the power tussle between Sirika and Dikwah, as the major cause for the delay, alleging that no agreement had been reached on who and what to pay.
They equally alleged that while the chairman of PICA is bent on reducing the N78 billion approved to N43 billion with N2 billion interest as the paying body, the Minister of State for Aviation insists on the payment of the full N78 billion with one percent to the paying body, describing what is playing out as greed in interest is the reason for the delay to pay the suffering staff.
They stated that it is against this backdrop that they are appealing for Buhari’s quick intervention to find a solution in what they described as power struggle for the Minister of Finance to release the funds in Central Bank of Nigeria (CBN) since two years to the workers.
According to them, “We the west coast staff of the defunct Nigeria Airways Limited; from Libreville (Gabon); Douala (Cameroon) Cotonou (Benin); and Lome (Togo), wish to thank God for your healing and bringing you back to Nigeria to continue the good work you have for Nigeria, which other African countries may have to copy.
“We wish to thank you for approving the payment of final entitlements of the ex-staff of the defunct airline. What a great joy it was for a long awaited exercise.
“Your Excellency, sadness is already beclouding our joy, due to the prolonged delay to execute the payments.”
President, National Union of Air Transport Employees (NUATE), Muhammed Safianu said recently that the union would officially write Nigeria Labour Congress (NLC) to intervene in the matter; and ensure that the final several packages of N78 billion was paid to the workers.
He confirmed that an inter-ministerial committee set up by the government to come out with the actual amount of money to be paid the workers, had come up with the N78 billion to over 6,000 employees of the liquidated carrier.
The committee, he added, also recommended one percent administrative charges, totalling N735 million to any government agency that would disburse the funds to the ex-workers.
According to him, PICA, in its recommendation to the government, reduced the sum to N43 billion, but increased the administrative charges to N2.1 billion without any recourse to percentage as recommended by the inter-ministerial committee.
He said: “The final severance packages to the former workers was N78 billion; and the inter-ministerial committee set up for that purpose recommended one percent administrative charges to any government agency that would carry out the disbursement.
“But, all of a sudden, PICA showed interest in the payment and reduced the sum to N43 billion. It, however, increased its administrative charge to N2.1 billion. What we want to do right now is to involve NLC. We want them to intervene in the whole matter so that people can get what they rightly deserved. In a matter of days, we will send our documents on the issue to NLC.”
However, a source close to the Ministry of Transport has claimed that the power tussle between the Minister of State for Aviation, Sirika and the Chairman of PICA, Mr Mohammed Kyari Dikwah, may be responsible for the delay in payment of the final severance packages to the former national carrier workers.
According to the source, Sirika, in a meeting with the former workers of the defunct national carrier earlier in the year, had promised that the beneficiaries would get their severance packages by last March, but regretted that the misunderstanding between the duo, is causing untold hardships on the workers, who had lost at least 700 of their members since 2003, when the carrier was liquidated by former President Olusegun Obasanjo.
The source alleged that the non-payment is stalling the commencement of a new national carrier for the country as promised by the government in 2015.
Economy
SEC Postpones Q2 2026 Pre-registration Training, Examination for CMOs
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.
Economy
Fidson Lists Additional 600 million Shares on Stock Exchange
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.”
Economy
FG Approves Payments to 1,240 Contractors to Ease Liquidity Pressure
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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