Economy
National Assembly Moves to Stop Multiple Taxation
By Modupe Gbadeyanka
One issue problems giving business owners in Nigeria sleepless nights is multiple taxation and the National Assembly has promised to look into this.
Speaker of the House of Representatives, Mr Yakubu Dogara, while speaking at an investigative hearing organised by the House, noted that the legislature was working on laws that will remove all impediments to harnessing the potentials of the economy so as to boost industrialisation in the country.
Mr Dogara listed some of these impediments as outrageous taxes, lack of adherence to necessary laws, wrong attitude of concessionaires towards contractual terms and conditions, absence of a work programme as well as the political will of the government.
The investigative hearing, held on Wednesday in Abuja, was organised by the House joint committees on Steel, Power, Petroleum Resources, Customs and Excise, Land Transport and Local Content.
It was organised to look into lack of patronage of Nigerian Companies in the provision of steel products and services and the outrageous taxes and duties imposed on steel product manufacturers and service providers, and call on the federal government to consider the original builders of Ajaokuta steel plant in the proposed negotiations for the completion, reactivation and operation of the project.
According to the Speaker, the hearing was aimed at eliciting necessary response and inputs from stakeholders and the public on how to address these pertinent issues that affects the well-being of the citizenry with the ultimate aim of formulating good laws for the sector.
Restating the resolve of the House of Representatives to ensure that democracy benefits the masses and also grows the nation’s economy, he said, “I have no doubt that the industrialisation of this nation is, to a large extent, dependent on our capacity to harness and utilise the enormous potentials of the steel sector.
“We must note that the steel industry is a key sector in Nigeria’s economy that should have been the bedrock of the country’s industrialisation. The sector is supposed to provide industrial items such as iron rods, barb wires and coils, as well as metal doors and windows. It ought to be a sector to provide employment and empowerment to millions of Nigerians and directly improve our economy.
“It is a general perception that the failure of this sector to deliver maximum revenue and the desired industrialization is due to several bottlenecks amongst which are; the outrageous taxes, lack of adherence to the necessary laws, wrong attitude of concessionaires towards contractual terms and conditions, absence of a work programme as well as the political will of the government.”
While noting that several efforts have been made to revive this sector, especially the Ajaokuta Steel Company (ASC) which was designed to be the largest integrated steel company in West Africa and the ever vibrant and fast growing Delta Steel Company (DSC) to no avail, he urged the stakeholders to make contributions to enrich the laws under consideration in order to extricate the sector from comatose.
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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