Economy
Japaul Wants Fresh N20bn for Gold Refinery, Acquisition of H&H Mines, Covenant Gems
By Dipo Olowookere
About N20 billion is needed by Japaul Gold and Ventures Plc for the acquisition of H&H Mines Limited and Covenant Gems and Gold Minerals Limited.
A statement signed by the company secretary, Mr Michael Edeko, disclosed that part of the fresh funds would be used by the mining firm to establish a gold refinery.
The organisation explained in the notice filed to the Nigerian Exchange (NGX) Limited that the additional capital would enable it to reposition itself as “a market leader in the mining sector.”
Japual, which trades its stocks at the country’s main bourse, further disclosed that the new funding would be sourced from “identified investors” through special placements.
The company is looking to offer these investors a total of 8 billion ordinary shares at a unit price of N2.50. At the moment, an application has been submitted to the Securities and Exchange Commission (SEC) for approval.
When authorised by SEC to go ahead with the special placements and the funds secured, Japaul said it would take a 50 per cent stake in H&H Mines and a 100 per cent stake in Covenant Gems.
According to the firm, feasibility studies have been conducted to determine the value the acquisitions would give to the company and shareholders at large.
“This is to notify the Nigerian Exchange (NGX) Limited and the investing public that following the company’s board resolution dated June 14, 2023, the company has applied to the Securities and Exchange Commission (SEC) to raise additional capital in the sum of N20 billion through special placements with identified investors.
“The proceeds of the placements shall be applied primarily to finance the expansion of the company’s minefields through the acquisitions of a 50 per cent stake in H&H Mines and a 100 per cent acquisition of Covenant Gems and Gold Minerals Limited in Eti-Oni, Atakumosa Local Government, Osun State (assets for shares exchange) and the establishment of a gold refinery to maximise value.
“The transaction is aimed at reinforcing the primary business of the company as a mining-focused enterprise and repositioning it as a market leader in the mining sector.
“The mining lease of H&H Mines Limited based on the Competent Persons Report (CPR) confirms a gold reserve in excess of 20,000kg, while Covenant Gems and Gold Minerals Limited minefields contain copper and mineable gold with 97 per cent,” the disclosure said.
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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