Economy
Navy Raids 23 Illegal Refineries in Delta
By Modupe Gbadeyanka
The Nigerian Navy has intensified the ongoing clampdown on illegal crude oil thieves, illegal refineries and other related crimes in the maritime areas.
It was from December 19 – 24, 2016, it recorded an impressive result in this regard.
This is even as the vigilance of the service personnel helped to avert the departure of more than 47 stowaways who attempted to leave the country illegally onboard some merchant vessels.
From the foregoing, the patrol team deployed by NNS DELTA arrested the Captain of a merchant Vessel, one Mr Solomon Perebo for his alleged involvement in pipeline vandalism.
Additionally, under this period of time, 23 illegal refinery sites were raided by the Base’s patrol teams mainly in Obodo, Ajosolo, Isaba and Olakpashe creeks in Warri South West LGA of Delta State.
During the raid, about 396 Metric-Tons (MT) of suspected illegally refined AGO and about 1,060MT of suspected stolen crude oil were destroyed, 3 suspects linked to the sites were also apprehended.
In a related development, the patrol team deployed by NNS JUBILEE raided an illegal refinery site at Ibeno community in Ibeno LGA of Akwa Ibom State.
The raid which was conducted in conjunction with security partners resulted to the destruction of 2 cotonou boats, and 6 drums containing suspected illegally refined AGO.
Meanwhile, operatives of NNS PATHFINDER have intercepted a wooden barge conveying about 110MT of suspected illegally refined AGO around the Federal Ocean Terminal/Federal Lighter Terminal (FOT/FLT) anchorage in Onne Rivers State.
This feat is sequel to the interception of another barge laden with about 50MT of suspected illegally refined AGO around Ikpokiri in Onne Rivers State.
Consequently, the Chief of the Naval Staff Vice Admiral Ibok-Ete Ekwe Ibas has commended the efforts of the personnel in driving the process of clearing illegal refinery sites and mitigating other security threats in the maritime areas.
The CNS also noted the increasing attempts by some desperate persons to board merchant vessels illegally as stowaways.
In view of this, the Navy said it wishes to remind Captains of merchant vessels and all seafarers to be vigilant and report any suspicious movement around their vessels in order to enhance the security of their vessels.
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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