Economy
FG Commits to Transparency in Oil, Gas, Other Extractive Industries
By Adedapo Adesanya
The federal government has reaffirmed its commitment to deepen implementation of the Extractive Industries Transparency Initiative (EITI) through the Nigerian chapter, NEITI.
The Secretary to the Government of the Federation, Mr George Akume, made this commitment in Abuja while receiving a delegation from the global EITI, in Oslo, Norway on a working mission to Nigeria.
Mr Akume praised Nigeria’s performance in the recent EITI assessment and progress recorded by the country in the implementation of the initiative between 2019 and 2022.
“NEITI is an agency of the federal government, and the present administration is very proud of its impacts in providing reliable information and data that have helped tremendously in shaping the ongoing reforms in Nigeria’s oil, gas, and mining sectors.
“We have also found NEITI reports to be very useful in the areas of revenue generation, resource mobilisation, blocking leakages in the system, and a dependable data resource in the country’s sustained war against corruption.
“I want to acknowledge the report of the EITI Validation of Nigeria and to assure you that the federal government is already working on the report.
“From our preliminary reviews, we have noted with excitement that many areas that Nigeria excelled in that report, and the areas that our country requires improvements. The government is fully aware that we were assessed on three major indicators- outcomes/impacts, transparency as well as stakeholders engagements,” he said.
Mr Akume said that he was elated that Nigeria excelled on outcomes and impacts with a score of 92 per cent, over 70 per cent on transparency disclosures which shows that Nigeria is benefiting enormously from the implementation of the EITI, but requires more work and improvements in the areas of stakeholders engagements where Nigeria scored above 50 per cent.
He applauded the EITI for courageously highlighting specific areas where the country needed to correct and improve before the next validation which will take place in January 2026.
He further stated that Nigeria through NEITI is working assiduously to provide action plans that will remedy the gaps identified by the validation report before January 2026 the stipulated time given to Nigeria to address noticeable areas of improvement in the oil, gas, and mining industry sector reforms.
At an earlier media briefing at the NEITI House, the leader of the delegation, the Deputy Head of EITI Secretariat, Mr Bady Balde, explained that the team was in Nigeria to communicate to stakeholders as well as the Nigerian government, the outcome of the last validation exercise for Nigeria and proffer support for post-validation planning.
“We are also here to strengthen the country’s call to working with NEITI for the reconstitution of the MSG and to appeal to the government that the disruption of the NEITI structure and the Secretariat will always not augur well for continuity, institutionalisation, and sustainability,” he said.
He lamented that the NEITI Act 2007 establishes an independent entity that is supposed to function in a multi-stakeholder nature and supervise EITI implementation in the country. Unfortunately, that entity has not functioned as intended in the last two years due to the vacancy and sustained vacancy of the NSWG itself which is supposed to oversee the EITI in Nigeria.
“We hope that at the end of the mission, we will have a clearer sense of the timeline and the process of how quickly the NSWG can be reconstituted. This is a significant area of concern because NSWG is at the core of the EITI process,” he reaffirmed.
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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