Economy
NCDMB to Support First E&P Ramp Crude Oil Production
By Adedapo Adesanya
The Nigerian Content Development and Monitoring Board (NCDMB) has said it will support an indigenous oil firm, First Exploration and Production Development Company Limited to ramp up crude oil production.
Executive Secretary of NCDMB, Mr Felix Omatsola Ogbe, gave the assurance when he received the management and staff of First E&P Company Limited led by the Managing Director, Mr Ademola Adeyemi-Bero.
Mr Ogbe assured the team of the Board’s continual support of the company to see them ramp up production.
The company has a 40,000 barrels of oil per day (bopd) production plateau attained since the first quarter of 2021. It will be aiming to increase this as the country seeks to boost production to 1.8 million barrels per day.
On his part, the Managing Director of First E&P Company Ltd, Mr Demola Adeyemi-Bero, presented to the NCDMB its completed, ongoing and yet-to-be-executed projects of the company as well as its host community’s development trusts (HCDT) achievements.
First E&P Company Ltd, an indigenous oil-producing firm chaired by a former Minister of State for Petroleum Resources, Mr Odein Ajumogobia, is the operator of OML 83, OML 85, OML71 and OML 72 in a joint venture with NNPC Ltd.
It is a member of the Renaissance consortium which acquired the Shell Petroleum Development Company of Nigeria Limited (SPDC).
In a landmark transaction, the Renaissance consortium which consists of ND Western Limited, Aradel Holdings Plc, the Petrolin Group, FIRST E&P, and the Waltersmith Group, in February successfully signed a landmark agreement with Shell to acquire its entire shareholding in SPDC.
Completion of the transaction is still ongoing due to the requisite regulatory approvals.
This acquisition stands as a significant milestone for Renaissance, solidifying its strategic position in the Nigerian market.
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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