Economy
Increase in Supply Crashes Price of Paddy Rice by 16.9%
By Ashemiriogwa Emmanuel
The price of paddy rice in the open market declined week-on-week by 16.9 per cent to N17,573 last week from N21,161 per contract of the preceding week.
Data on the AFEX showed that the drop in the price of the product was as a result of an increase in the supply end due to new harvest.
Similarly, the exchange-traded price of the commodity dropped by 5.15 per cent to N22,000 in the period under review from N23,195 recorded in the previous week.
Being an increasingly important crop in Nigeria and a major staple in many parts of the world, rice is a relatively easy crop to produce and is grown mainly for sale to processors.
The commodity is grown in paddies or on upland fields, depending on the requirements of the variety as some are being considered traditional varieties and other foreign varieties being introduced across the country over the years.
The same story played out for maize as the cost of the grain dropped by 5.2 per cent to N22,518 per contract in the open market from the previous N23,764.
AFEX, in the weekly report, projected that the prices of grain commodities in the open market will maintain a slow but downward trend towards the full harvest period. This will be a result of trends seen with the downward movement of food inflation in the country.
According to the National Bureau of Statistics (NBS), food inflation slowed by 0.86 per cent month-on-month in July, hitting the lowest point since February 2019. This is reflective of the current price declines recorded in the open market as harvest season nears.
This, of course, will be due to the supply of new commodities, especially maize, into the market.
The agribusiness firm said its total contracts reduced by 65.35 per cent week-on-week as there were 2,216 executed trades compared to the 6,395 successful trades at the preceding week.
The AFEX Commodities Index (ACI) declined by 0.6 per cent against a flat performance witnessed on the AFEX Export Index (AEI) for the second consecutive week.
Also, the Standard & Poor’s Goldman Sachs Commodity Index (S&P GSCI) Agriculture declined by 2.1 per cent week-on-week.
Season-to-Date, the ACI outperformed the S&P GSCI Agriculture Index. However, the AEI underperformed when compared to both indexes.
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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