Economy
FG to Deploy Technology to Stop Crude Oil Theft
By Aduragbemi Omiyale
The federal government is looking to end crude oil theft in Nigeria via technology, the Minister of Information and Culture, Mr Lai Mohammed, has said.
Mr Mohammed disclosed that the government was worried about the menace and how it is depriving the nation of the revenue needed to develop the country and provide for the citizens.
He explained that this was why private organisations were contracted to protect oil installations in the Niger Delta region, where the commodity is extracted.
“The continued campaign by the Government Security Agencies (GSAs) has led to the arrest of 210 suspects and confiscation of 20.2 million litres of AGO, 461.8 thousand litres of PMS, 843.6 thousand litres of DPK, and 383.5 thousand barrels of crude oil,” the Minister said at a press briefing in Abuja on Friday after the aerial surveillance of the Trans-Forcados oil pipeline in Rivers State.
“An additional 365 illegal refining sites were destroyed, with about 1,054 refining ovens, 1,210 metal storage tanks, 838 dugout pits, and 346 reservoirs destroyed by the GSAs.
“We witnessed first-hand a number of illegal refineries destroyed by our military in the course of our aerial surveillance,” Mr Mohammed added.
He noted that many vehicles, crude mining and bunkering equipment, such as speed boats, wooden boats, trucks and tankers, have also been confiscated.
“The new security architecture leverages collaboration between the upstream operators, industry regulators, GSAs, and Private Security Contractors (PSC),” he said.
Mr Mohammed said the Nigerian National Petroleum Company (NNPC) Limited has now set up a Command and Control Centre for round-the-clock monitoring of petroleum operations and activities within the Nigerian Exclusive Economic Zone (EEZ), which ensures that all vessel movements within the Nigerian Exclusive Economic Zone are monitored.
“In addition, all ship-to-ship activities within the Nigerian EEZ are also monitored. Vessels without permits are flagged and escalated to the Nigerian Navy for a prompt response. Production is also monitored end-to-end at the Command and Control Centre, from the wellhead to the export terminals,” he said.
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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