Economy
NNPC Begins Marine Oil Search to Boost Reserves, Revenue
By Dipo Olowookere
The Nigerian National Petroleum Corporation (NNPC) has declared its commitment to growing the nation’s crude oil reserves and increasing daily national production with a view to boosting the nation’s revenue generation.
Group Managing Director of the Corporation, Dr Maikanti Kacalla Baru, stated this during the flag-off ceremonies of the NNPC/First E&P Oil Mining Leases (OMLs) 83/85 partnership for marine seismic data acquisition vessel in Lagos, yesterday.
Dr Baru, who performed the flag-off ceremony aboard Marine Vessel BGP Prospector offshore Lagos, said the project would boost NNPC’s drive towards enhancing the nation’s abundant hydrocarbon deposits.
The development, Mr Baru added, also reinforced the Federal Government’s commitment to further harness Nigeria’s numerous resources to enhance income streams and ultimately boost the nation’s economic prosperity.
“Without doubt, this development resonates perfectly with NNPC’s commitment to growing the nation’s reserves and increase production, as enshrined in our corporate vision of 12 Business Focus Areas (12 BUFA),” he added.
The GMD, who gave the assurance of the NNPC Management’s “unflinching support” for the project, charged the partners to ensure its completion on schedule and in a cost-effective manner while urging strict adherence to Health, Safety & Environment (HSE) standards.
Speaking at the occasion, Managing Director of First E&P, Dr Ademola Adeyemi-Bero said the aim of the project was not only to grow the nation’s reserves, but also to develop the capacity of Nigerians.
He commended the GMD for making time to perform the flag-off rites, stressing that his company would work hand-in-hand with all the partners to enable them complete the project ahead of schedule.
In his remarks, the Chairman of Petroleum Technology Association of Nigeria (PETAN), Mr Bank-Anthony Okoroafor reiterated that the project would boost in-country capacity.
“The project is also expected to align with the Federal Government’s effort to drive down the cost of marine seismic acquisition in the country,” Mr Okoroafor added.
The NNPC/First E&P OMLs 83/85 partnership for marine seismic data acquisition would be executed by a Joint Venture (JV) between NNPC’s Integrated Data Services Ltd (IDSL) and Bureau of Geophysical Prospecting (BGP), a subsidiary of Chinese National Petroleum Corporation (CNPC).
Shedding more light on the project, Managing Director of IDSL, Engr. Diepiriye Tariah said the IDSL/BGP JV would acquire 3D marine seismic data using streamer cables, covering a total of 901sq. km.
He added that the marine vessel (BGP Prospector) is well-suited for broadband seismic data acquisition with the capacity to tow ten or more streamers of 6km length, and is fitted with adequate safety equipment and hearing sensors.
The partners have been given a 74-day time schedule to deliver on the project.
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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