Economy
Fresh Crisis as Firm Warns Investors to Stay Off 9mobile Sale
By Modupe Gbadeyanka
One of the main investors in Etisalat Nigeria, which transformed to 9mobile, Spectrum Wireless Communication, has warned companies bidding to buy troubled 9mobile to stay away from it or risk losing their hard-earned money in the process.
Last Friday, Spectrum Wireless Communication obtained a judgment delivered by Justice Ibrahim Buba of a Federal High Court sitting in Lagos, which nullified the appointment of an interim board to oversee the transition of 9mobile to a new investor.
The new owner of the nation’s fourth largest telecoms firm was supposed to be named before December 31, 2017, but was extended to Tuesday, January 16, 2018 (tomorrow).
However, with the latest court judgement, that will likely not happen again because the process, which had Barclays Africa overseeing, has already been quashed by the court.
At a press conference in Lagos on Sunday, solicitors to Spectrum Wireless Communication, J. A. Achimugu and Co. and Dr Reuben Atabo and Co., emphasised that the firm wants its initial investment of $35 million in Etisalat Nigeria returned.
The counsels said Spectrum Wireless Communication was not carried along by Etisalat Nigeria in obtaining a syndicated loan of $1.2 billion from 13 Nigerian banks.
It was the inability of the telecoms’ firm to repay the loan that plunged Etisalat Nigeria into financial crisis, necessitating its takeover and the plan to shop for a new investor for the company.
Five companies have already been shortlisted as top bidders from which a new owner is expected to emerge from.
The five firms are Globacom, Bharti Airtel, Helios Investment Partners LLP, Smile Telecoms Holdings and Teleology Holdings Limited.
But the solicitors have warned these potential buyers to stay off the proposed sale of 9mobile.
“My client wants his money back,” one of the solicitors, Dr Atabo told newsmen at the media briefing.
“Our client and three other investors put in about $100 million as of 2009. The $100 million was used in providing infrastructure for the company.
“It was this infrastructure that gave EMTS the opportunity to go to the banks to obtain the loan of $1.2 billion. Is it proper for United Capital not to recognise the original investor when they got the loan?” he asked.
“We have written series of letters to the Nigerian Communications Commission (NCC) as the regulating body conveying to them our investment and the need for them to come to our aid. They always tell us they are investigating for the past five to six years.
“Assuming they go ahead with the sale, we will not be recognised at all. It is better the issue is sorted out before the sale is completed,” Dr Atabo further queried.
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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