Economy
FAAC Deadlock: Buhari, Adeosun to Meet NNPC
By Dipo Olowookere
Governors Abdulaziz Yari of Zamfara State on Thursday disclosed that President Muhammadu Buhari and the Minister of Finance, Mrs Kemi Adeosun, will soon have a meeting with officials of the Nigerian National Petroleum Corporation (NNPC).
The meeting, according to him, is mainly to resolve the controversy surrounding the amount remitted into the federal purse by the state-owned oil firm, which caused the Federation Accounts and Allocation Committee (FAAC) meeting to end in deadlock some days ago.
Yesterday, Mrs Adeosun, Mr Yari and Governors Abubakar Badaru of Jigawa State and Abubakar Bagudu of Kebbi State held a meeting with the Chief of Staff to the President, Mr Abba Kyari, at the Presidential Villa, Abuja.
The crucial meeting was to find ways to resolve the matter and also to update the President the contending issues.
Addressing State House correspondents after the meeting, Mr Yari said the President and the Minister would hold a meeting with the NNPC on the matter. He expressed confidence that the issues would be resolved very soon.
“Initially, it was supposed to be a private visit, but it has turned to an official visit, because you know we were supposed to hold the FAAC meeting since last week, which became deadlocked.
“So, the Chief of Staff (to the President) decided to invite the minister so that we can discuss further and see how best we are going to deal with the matter.
“There is headway because Mr President and the Minister of Finance will meet with the NNPC officials so that we can resolve the problem with FAAC,” Governor Yari said.
Also speaking with newsmen, Minister of Finance, Mrs Kemi Adeosun, confirmed that President Buhari would take an action on the matter very soon.
The described the FAAC controversy as healthy, noting that it was normal for stakeholders to ask questions when things are not clear to them.
“As you know, the last FAAC meeting ended in a deadlock and since then, we have been having series of engagements among ourselves, the governors, the commissioners, and of course, the various stakeholders.
“Today’s meeting was for me to brief the governors and the Chief of Staff (to the President), and by extension Mr President, on the progress we have made so far on our position.
“Mr President has promised to take the next step and to that extent and we are very satisfied with this,” Mrs Adeosun told newsmen.
When asked if the NNPC was not captured under the Treasury Single Account (TSA) of the present administration, the Minister answered, “They are. Every agency of government is in the TSA.
“You know that FAAC is unique. FAAC is a meeting where all the revenue generating agencies make returns on net of their expenses. It is the area of where we have dispute.
“The dispute is not on the gross revenue but on what has been deducted from that gross revenue, giving us the net, which is being brought into the FAAC. But I think this is a healthy process. We must be satisfied with figures before we sign off on them.
“We must as stakeholders make sure all our agencies are aligned with all the programmes of government in terms of getting this economy really moving.
“We are still very much dependent on oil, on the NNPC for our revenue; so, we do need to have sometimes some of this. I see them more as reconciliation than stand-off. I’m very sure we will have the FAAC in the next day or so.”
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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