Economy
Nigeria Rakes N193.59bn from Solid Minerals in 2021
By Adedapo Adesanya
The Nigeria Extractive Industries Transparency Initiative (NEITI) has disclosed that Nigeria saw a 65.7 per cent or N76.77 billion increase in earnings from the solid minerals sector in 2021 to N193.59 billion from the N116.82 billion achieved in 2020.
This upward trajectory has been on for the past five years, according to a report from the agency.
The Executive Secretary of NEITI, Mr Orji Ogbonnaya Orji, however, lamented that this is still abysmal considering the potential of the sector to the Nigerian economy.
He said this while presenting the solid minerals sector report in Abuja, noting that the organisation “reviewed, ascertained, reconciled and reported all revenues and investment flows to and from the government in the solid minerals sector.”
According to Mr Orji: “The report, which is NEITI’s 12th, covered actual payments by 1,214 companies operating in the sector and receipts by three government agencies, the quantities of minerals that they produced, utilised and exported from the sector, reconciled the physical/financial transactions and undertook special verification on some processes.”
The NEITI report also covered balances payable/receivable from financial inflows and tracked the funds and utilisation meant for the development of solid minerals in Nigeria.
The funds covered in the report include the Natural Resources Development Fund (NRDF), Solid Minerals Development Fund (SMDF), Ministry of Mines and Steel Development (MMSD), MinDiver Programme, and Solid Minerals Development Funds under the Small and Medium Industries Equity Investment Scheme (SMIEIS), operated through the Bank of Industry (BOI).
The report covered the emerging issues of beneficial ownership and contract transparency and finally made observations and copious recommendations that would inform policy decisions and implementation.
Mr Orji further gave a breakdown of the revenues, which shows that the Federal Inland Revenue Service, FIRS, collected a bulk of the revenue of N169.52 billion. The Mining Cadastre Office generated N4.3 billion, while the Mining Inspectorate Department generated a total of N3.62 billion.
The report also observed a consistent year-on-year increase in revenue to the federation account from the solid minerals sector in the past fifteen years (2007-2021).
It puts the total revenue that accrued to the government during these years to N818.04 billion and points out that this is significantly low compared to the economic potential of the sector. It noted that of the N6.62 trillion total government revenue in 2021, the solid minerals sector barely contributed 2.6 per cent.
On production, the solid minerals report disclosed that the total volume of solid minerals used or sold in 2021 was 76.28 million tons, with a royalty payment of N3.57 billion.
The minerals with the largest production volume in the year under review are granite, limestone, laterite, clay, and sand.
Dangote Plc accounted for the highest production in the year under review, with a total production of 28.8 million tons. Bua and Lafarge accounted for 8.4 and 4.3 million tons, respectively, while Zeberced accounted for 3.3 million tons.
The NEITI report also pointed out that Ogun State recorded the highest production in the year under review, with a total of 17.5 million tons, followed by Kogi State with 16.3 million tons and Edo with 8 million tons. The lowest production volume was recorded by Borno State with 25,500 tons.
NEITI also noted that there were increases in the number of licenses issued within the period under review. A total of 2,045 licenses were issued, with exploration licenses accounting for 840 (an increase of 62.79 per cent); Small Scale Mining Lease, SSML, 771; Quarry Lease 255; Reconnaissance Permit 139; and Mining leases 40.
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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