Economy
Great Nigeria Insurance Denies Allegations of Tax Evasion, Insider Dealings by Reps
By Modupe Gbadeyanka
The board of Great Nigeria Insurance (GNI) Plc has denied allegations that it was involved in insider dealings, tax evasion and other inappropriate acts.
These allegations were made against the insurer yesterday by the House of Representatives Sub-Committee on Capital Market.
In a statement issued on Monday, the lower chamber of the nation’s parliament threatened to direct the Securities and Exchange Commission (SEC) to take over the management of GNI Plc.
But reacting on Tuesday in a statement signed by its Managing Director, Mrs Cecilia Osipitan, the insurance company said there was never any time it was involved in insider dealings or refused to pay dividends to shareholders as alleged by the reps.
“GNI Plc has put various measures and structures in place to ensure that instances of insider trading do not arise, as such activities will be meted with stern disciplinary actions.
“The company has never received any warning, query or sanctions regarding insider trading from SEC or National Insurance Commission (NAICOM) which both provide regulatory framework for GNI Plc,” Mrs Osipitan said in the statement released to the Nigerian Stock Exchange (NSE) today.
She explained that, “The restructuring process put in place by the board and management has boosted the company’s retained earnings of circa negative N2.4 billion in 2009 to negative N0.59 billion in 2017. This improvement in retained earnings was achieved through organic growth only.”
According to her, “The company has been meticulous about making tax remittances to both the state and federal governments and we have up-to-date receipts to corroborate this fact.
“The corporate governance structures in place in GNI Plc is also regulated by the Nigerian Stock Exchange (NSE) [and] NAICOM and GNI Plc recently participated in the Corporate Governance Rating System (CGRS), wherein the processes and structures of GNI Plc were reviewed thoroughly and a report was issued by the CGRS team, which ranked GNI Plc high on its corporate governance standards and policies.”
Mrs Osipitan explained that, “The inability of the company’s representatives to attend the committee’s hearing was unavoidable and this was duly communicated to the committee. The company has also forwarded to the committee written responses to the questions raised and will be willing to answer further questions that may arise.”
“Finally, we wish to allay the fears of our stakeholders and the public that the board and management of GNI Plc will ensure that the misconceptions regarding the operations of GNI Plc is resolved with the committee.
“GNI Plc is a company that strives to adhere to all the guidelines and rules of the various agencies that regulate its operations,” the Managing Director concluded.
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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