Economy
Exporters Want OGFZA to Enjoy 7% Import Surcharge Fund
By Modupe Gbadeyanka
Federal Government has been urged to allow the Oil and Gas Free Zones Authority (OGFZA) benefit from the 7 percent import surcharge fund set aside for port-based agencies of government.
This appeal was made by the Association of Nigerian Exporters (ANE) during a courtesy visit on Managing Director of OGFZA, Mr Umana Okon Umana, in Abuja recently.
In 2006, the presidency approved the inclusion of OGFZA in the sharing of the import surcharge fund following the recommendation of the National Council on Commerce.
According to the president of ANE, Mr Sunny Jackson Udoh, the income from the fund would enable OGFZA provide facilities in the free zones to enhance the ease of doing business.
Also, Mr Udoh advised government to allow for the establishment of modular refineries in the country’s oil and gas free zones.
He explained that locating modular refineries in the oil and gas free zones would cut cost of such investments because of the regime of incentives that exempts free zone enterprises from import duties and other forms of taxation.
Speaking further, Mr Udoh urged government to appoint OGFZA the lead agency for the establishment of the modular refineries in the oil producing areas to replace the “illegal refineries,” adding that they should be modelled on the US export-oriented refineries to produce special products such as aviation fuel and industrial raw materials.
He said the advocated policy on modular refineries should go together with the establishment of oil and gas free zones in all oil producing states as a means of diversifying the economy.
The exporters association commended Federal Government on the policy that allows goods manufactured in the free zones to be exported into the Nigerian Customs Territory, irrespective of whether such goods are on the import prohibition list.
The ANE president also commended the leadership of OGFZA on positive changes in the free zones such as review of excessive tariffs; licensing of a new oil and gas free zone developer; the drive to facilitate the birth of new free zones to generate more jobs; and collaboration between OGFZA and the Nigerian Content Development and Monitoring Board to ensure higher level of value addition in free zone manufacturing processes.
The association made a couple of other advocacies, including suggestions that the Federal Government should set up a “dedicated statutory fund” for OGFZA to finance infrastructure development in the free zones.
They called for ANE-OGFZA collaboration in the promotion of investment roadshows, and expressed support for the ongoing process to amend the OGFZA law.
In his remarks, Managing Director of OGFZA, Mr Umana Okon Umana, expressed appreciation to the ANE for “the patriotic support of the programmes and policies of the Federal Government with regard to the attraction of FDI,” which he said, is at the core of the mandate of OGFZA.
Mr Umana said his management decided to review charges in the free zones to prevent erosion of incentives provided by law for investors, and to provide a level-playing field for all licensees in the free zones. He said similar patriotic intention informed the support of his management for the amendment of the principal law of the Authority to remove areas of ambiguity that tended to promote confusion and conflicts with sister agencies and reduce its effectiveness as a regulator.
Mr Umana expressed support for ANE’s call for a fund dedicated to infrastructure development in the free zones, adding, “We should provide amenities that investors would benefit from when they come.”
He lauded the ANE leadership for its “support of government efforts to restructure the economy and generate more exports, particularly in agriculture,” and said OGFZA was looking forward to working more closely with ANE in the years ahead.
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.
-
Feature/OPED6 years agoDavos was Different this year
-
Travel/Tourism10 years ago
Lagos Seals Western Lodge Hotel In Ikorodu
-
Showbiz3 years agoEstranged Lover Releases Videos of Empress Njamah Bathing
-
Banking8 years agoSort Codes of GTBank Branches in Nigeria
-
Economy3 years agoSubsidy Removal: CNG at N130 Per Litre Cheaper Than Petrol—IPMAN
-
Banking3 years agoSort Codes of UBA Branches in Nigeria
-
Banking3 years agoFirst Bank Announces Planned Downtime
-
Sports3 years agoHighest Paid Nigerian Footballer – How Much Do Nigerian Footballers Earn