Economy
Investigation Blames Equipment Failure for Bayelsa Oil Spill
By Adedapo Adesanya
The spills from the Diebu Creek flow station operated by the Shell Petroleum Development Company of Nigeria (SPDC) Limited in Southern Ijaw Local Government Area of Bayelsa State have been traced to equipment failure.
The spill, which became noticeable on August 24, 2022, according to residents, discharged large volumes of crude oil into the environment, polluting the Nun River, swamps, and farmlands; and caused hardship to the predominantly peasant fishing and farming settlement.
The report of the Joint Investigation Visit (JIV) to the incident site duly signed by stakeholders, including officials of SPDC, National Oil Spills Detection and Response Agency, Ministry of Environment and community members, concluded that the oil spill incident was caused by equipment failure.
JIV is a statutory procedure that follows every oil spill incident by representatives of oil firms, the host community, and regulators to ascertain the cause, volume, and area impacted by the oil spill.
The JIV report, sighted by our correspondent, indicated that the spill was due to an operational mishap that discharged crude oil within SPDC’s operational area with no impact on the third-party area.
The Chairman of Peremabiri Community Development Committee, Mr Return Koma, who represented the community on the JIV, said that officials of SPDC, as well as regulators, were in agreement that the investigated incident was traced to equipment failure.
Mr Koma said the operational mishap on August 24 2024 at Diebu Creek flow station, operated by SPDC, discharged a yet-to-be ascertained volume of crude into the environment, adding that the JIV could not arrive at the volume of spilled crude, and so did not sign the JIV report.
“We have conducted the JIV, and they accepted responsibility for the leak incident at the flow station and another one at nearby Well 6, both were due to equipment failure.
“We were unable to agree on the volume of spilled crude and so did not sign the report,” he said.
Meanwhile, the people of the Peremabiri community have continued to lament the adverse impact of the spill and the alleged insensitivity, neglect, and delayed response by SPDC.
The community said the delayed response to the spill by SPDC had led to damage to the land and marine environment and impacted a wider area.
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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