Economy
Kenyon Develops Homegrown Solution to Check Oil Theft, Vandalism
By Adedapo Adesanya
The Chief Executive Officer and founder of Kenyon International West Africa Ltd, Mr Victor Ekpenyong, says the indigenous oil servicing firm has developed a homegrown solution to oil theft and vandalism that is affecting the nation.
This is as the oil firm has urged the federal government and oil operators to leverage the expertise of Nigerian firms to check oil theft and increase oil production.
Mr Ekpenyong announced that the solution, which the company refers to as Idle Well Management Solution, was currently being deployed in some oil fields and has proved to be cost effective and efficient.
The initiative, according to him, includes the installation of anti-theft devices on well-heads that makes it impossible to steal crude or vandalise.
Mr Ekpenyong said that the package to secure oil installations relies on idle good management practice which helps to monitor idle wells, preventing them from vandalism and theft.
He expressed optimism that if the solution is adopted across all oilfields, oil production will take an upward swing and enable Nigeria to benefit from the rising oil prices.
“Nigeria has the capacity to produce nearly 2.5 million barrels of oil per day, but now, it struggles to produce one million-plus barrel a day.
“Some of the factors that caused the plunge in production are vandalism and oil theft. This has inevitably led to some Nigerian companies shutting down their operations.
“To salvage the situation, the government needs to conduct a situational analysis. From the information we have seen so far, the country previously produced more oil, and we should enquire why our oil-producing capacity is plunging as the days go by.
“Now that oil is above $100 per barrel, we should take advantage of it and maximise our revenue. Our government needs to devise plans on how to safeguard oil and gas assets and conduct community engagement.
“Currently, we have a lot of tech-savvy youths in the country; and in community engagement, citizens can proffer some tech solutions to these problems we face.
“Young people can develop applications that can track vandals. This can be potentially beneficial to both oil companies and the citizens as well,” he said.
The Kenyon boss emphasised that there was a need to raise oil production beyond current levels to take advantage of increased oil prices on the international market, charging the regulatory agencies in the oil and gas sector to ensure that oil companies are following the industry-recommended procedures and best practices.
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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