Economy
More Oil Companies Will Exit Nigeria—DPR
By Adedapo Adesanya
The Department of Petroleum Resources (DPR) has warned that a huge number of companies in the oil and gas sector will soon begin to leave Nigeria.
The Deputy Director and Head of Upstream Division at DPR, Mr Enorense Amadasu, said at a stakeholders’ workshop in Lagos on Thursday this will occur as a result of some oilfields reaching the end of their shelf lives due to lack or inadequate maintenance. He said in the next 10 years, most of these oil fields will become obselete, forcing operators to abandon them.
Mr Amadasu expressed concerns over the low level of exploration in the nation’s oil and gas industry, saying only one exploration well was drilled from January to September this year.
“There is a need for exploration and production companies to focus on exploration or things that will help to build additional reserves,” Mr Amadasu said at the meetin.
“For most of them, in another 10 years, if they continue to produce at the rate they are producing, they are going to get to the end of life of those fields,” he added.
According to him, the nation’s oil production has been sustained around two million barrels per day and 2.2 million barrels per day, pointing out that the technical allowable production stood at 2.7 million barrels per day in the first half of the year and 2.3 million barrels per day in the second half.
Mr Amadasu said, “We have all been given a target by government to take production to three million barrels per day by 2020.
“From the beginning of the first quarter to the end of the third quarter, we drilled only one exploration well.”
He further disclosed that there were seven appraisal wells, 99 development wells and 195 re-entry/workover wells in the nine-month period from January to September.
On his part, Mr Sarki Auwalu, the new Director of the DPR, said some had argued that the oil and gas reserves had almost dried up.
He said, “We know this simply isn’t the case. The Nigerian sedimentary basins are still open for business and with about 37 billion barrels remaining and a lot of yet to be explored potential, we will still be producing oil for decades to come.
“However, as the oil becomes more difficult and costlier to extract, new approaches are required to improve the economics of operating in the industry and regulating it efficiently.
“As a regulator, we know that there is much we can do to support additional production and maximise the potential of the Nigerian resources, working in partnership with the industry.”
Mr Auwalu stressed that there must be a deliberate reserve growth policy and financial incentives for operators to take on the challenges of tapping the increasingly hard-to-reach resources.
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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