Economy
Nigeria Loses N379.4bn to Flaring of 260.3bscf of Gas
By Adedapo Adesanya
Nigeria lost an equivalent of N379.4 billion to gas flaring in 2021, as oil and gas companies operating in the country flared 260.3 billion standard cubic feet of gas (SCF) between January and December 2021.
According to data obtained from the National Oil Spill Detection and Response Agency (NOSDRA), the amount lost to gas flaring in 2021 was 24.1 per cent lower than the $1.2 billion lost to the activity in 2020.
In addition, the volume flared in 2021, 260.3 billion SCF, was 26.4 per cent lower than the 353.6 billion SCF flared by the companies in 2020.
Also, the defaulting companies were expected to pay $520.6 million, about N216.77 billion as penalties for flouting the directive on gas flaring; this was 26.39 per cent lower than the penalties of $707.2 million, an equivalent of N294.47 billion, recorded in 2020.
NOSDRA, however, stated that the majority of the penalties placed on the companies were never collected by the relevant authorities.
In addition, NOSDRA disclosed that the volume of gas flared in 2021 was equivalent to a carbon dioxide (CO2) emission of 13.8 million tonnes. The volume of gas flared in 2020 was equivalent to 18.8 million tonnes of CO2 emission.
Also, the oil spill remediation agency noted that the volume of gas flared in 2021 was capable of generating 26,000 gigawatts hour of electricity, equivalent to the annual electricity use of 591 million people.
In comparison, the gas flared in 2020 was capable of generating 35,400 gigawatts hour of electricity.
NOSDRA further stated that oil and gas companies operating onshore flared 135 billion SCF of gas in the year under review, valued at $472.6 million (N196.79 billion); with penalties payable of $270.1 million (N112.47 billion); CO2 emission equivalent of 7.2 million tonnes and power generation potential of 13,500 gigawatts per hour of electricity.
On the other hand, companies operating at offshore locations flared 125.3 billion SCF of gas in 2021, valued at $438.4 million (N182.55 billion); penalties payable of $250.5 million (N104.31 billion); power generation potential of 12,500 gigawatts per hour of electricity and CO2 emission equivalent of 6.7 million tonnes.
NOSDRA said: “Flared gas could be harnessed to provide power and electricity, which Nigeria faces an acute shortage of. This could be done at a local scale, or by feeding into Nigeria’s national grid.
“However, this is in a bad state of repair, and a combination of infrastructure, regulation and investment is required to encourage gas-to-power initiatives that could help address Nigeria’s power challenges.”
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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