Economy
Flour Mills Sells N48bn Commercial Paper to Capital Market Investors
By Aduragbemi Omiyale
A notable flour milling firm, Flour Mills of Nigeria Plc, has approached capital market investors for the sale of N48 billion worth of commercial papers to support its short-term funding requirements.
The exercise started on Thursday, April 4, 2024, and was expected to conclude today, Tuesday, April 9, 2024, but due to the public holidays today, Wednesday and Thursday, the closing date may be extended till Friday, April 12, 2024, when the market should reopen for business.
The capital market in Nigeria is closed for business at the moment due to the holiday declared by the federal government to mark the end of Ramadan, Eid el-Fitr.
Business Post reports that Flour Mills is selling the corporate debt instrument under its N200 billion Commercial Paper Programme now in its Series 7 and 8.
The minimum subscription for the paper is N5 million and multiples of N1,000 afterwards, with Series 7 at a 180-day tenor and Series 8 at a 254-day tenor.
The six-month maturity is offered to investors at a discount rate of 21.07 per cent, while the eight-and-a-half-month maturity is sold at a discount rate of 21.67 per cent.
This newspaper gathered that Flour Mills intends to repay this facility from its general cash flows, with purchases to be settled via direct debit, and electronic funds transfer after notifying all applicants of their allotment through an email and/or telephone not later than Wednesday, April 10, 2024.
The lead arranger for this transaction is FBNQuest Merchant Bank Limited, and the joint dealers are CardinalStone Partners Limited, Comercio Partners Limited, Chapel Hill Denham Advisory Limited, Cordros Capital Limited, FCMB Capital Markets Limited, Kairos Capital Limited, and Quantum Zenith Capital & Investments Limited.
Flour Mills, which is rated “A-” by Agusto & Co and “A” by DataPro, is the largest and oldest integrated food business in Nigeria, with a broad product portfolio and a robust pan-Nigerian distribution network.
The firm has the largest food basket offering of any Nigerian FMCG company with over 28 consumer products, and its core strength lies in its food business, which is the highest contributor to the company’s revenue (contributing 64.3 per cent as of March 31, 2022).
The food business encompasses flour milling as well as the production of pasta, noodles, semolina, and wheat meal, and its flagship flour brands, Golden Penny Flour and Golden Penny Pasta have sustained market leadership status in the flour and pasta markets.
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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