Economy

NNPC Vows to Cooperate With NEITI, Stakeholders to Probe Alleged Debts

Published

3 years ago

07/11/2023

By Adedapo Adesanya

The Nigerian National Petroleum Company (NNPC) Limited has said it would continue to collaborate with the Nigeria Extractive Industries Transparency Initiative (NEITI) and all relevant stakeholders towards a probe of several monies allegedly owed to the federation by the national oil company.

In a statement, the NNPC said this followed the Reconciliation Committee set up by President Bola Tinubu to investigate, review and reconcile the financial records on alleged indebtedness to the federation by both NNPC Limited and the Federation Accounts Allocation Committee (FAAC) by a non-governmental organisation (NGO).

In the statement signed by the organisation’s Chief Corporate Communications Officer, Mr Olufemi Soneye, it was stated that the claims by the organisation were baseless. It said this is considering the fact that NEITI itself had dismissed many of the allegations in the said 2021 report, following a series of engagements with NNPC Limited

NNPC stated that at the outset of President Tinubu’s administration, it was made to sell Premium Motor Spirit (PMS) imported into the country at one-third of its value, a development that gave rise to an average of N400 billion monthly subsidy bill, which subsequently put a strain on its revenues and finances.

NNPC further stated “that subsidy bill accumulated to up to N3.736 trillion as of May 31st, 2023.”

With respect to gas-to-power debts, the non-payment of NNPC’s share of upstream joint venture gas supplied to the government-owned plants led to the accumulation of indebtedness of N174.07 billion by the Federation.

Similarly, the receivables due from the federation to NNPC Exploration & Production Limited (NEPL) as of May 31, 2023 amount to $712 million (equivalent to N309.07 billion at N434.08/US$1) for revenues not remitted to NEPL but paid into the Federation account.

While the country owed NNPC the sum of N4.207 trillion as net indebtedness, the company was only indebted to the Federation in the sum of N2.852 trillion.

Giving a breakdown, it said this is made up mainly of outstanding Good and Valuable Consideration (GVC) in respect of government upstream divestments, royalties, and Petroleum Profit taxes (PPT).

“We would also like to use this opportunity to clarify that over the years, our relationship with NEITI has been very cordial, as seen in August 2020 when we became an EITI supporting company, joining a group of over 65 extractive companies, state-owned enterprises (SOEs), commodity traders, financial institutions and industry partners committed to observing the EITI’s supporting company expectations.

“Indeed, aside from being a signatory to several of EITI’s global ethics and standards, NNPC Ltd., on the sidelines of the United Nations General Assembly (UNGA) in New York in September this year, signed up to the United Nations Global Compact on human rights, labour, environment, and anti-corruption, thereby becoming the first state-owned oil company to join the global initiative,” the statement said.

The state oil firm also said its book remains open to all stakeholders, adding that it remains “committed to delivering value to Nigerians with integrity and as espoused in our principles of Transparency, Accountability and Performance Excellence (TAPE), the bulwark of the Mele Kyari leadership of the company.”

Economy

SEC Postpones Q2 2026 Pre-registration Training, Examination for CMOs

Published

4 hours ago

08/06/2026

Aduragbemi Omiyale

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.

Economy

Fidson Lists Additional 600 million Shares on Stock Exchange

Published

4 hours ago

08/06/2026

Aduragbemi Omiyale

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.”

Economy

FG Approves Payments to 1,240 Contractors to Ease Liquidity Pressure

Published

12 hours ago

08/06/2026

Modupe Gbadeyanka

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.