Economy
NOSDRA Blames Vandals for OML 18 Oil Leaks in Rivers
By Adedapo Adesanya
The National Oil Spills Detection and Response Agency (NOSDRA) has confirmed an oil wellhead leak at the Oil Mining Lease (OML) 18 due to activities of vandals.
The well is operated by an indigenous operator, Eroton Exploration and Production Limited.
OML 18, which produces and exports crude through the 97-kilometre Nembe Creek Trunkline (NCTL), is located near the corridors of the export line in Rivers.
It was revealed that residents said the facility had been discharging oil and gas into the coastal environment for the past week.
Mr Idris Musa, Director-General of NOSDRA, who confirmed the leak, said NOSDRA had received reports on the incident and efforts were being made to plug the leaking oil well.
“The company reported and oil recovery is underway. Efforts are on to stop the source which is a wellhead,” Mr Musa said.
Also, a notification report by Mr Odianosen Massade, Corporate Communications Lead of Eroton indicated that the incident occurred on June 15, while a site assessment visit was carried out on June 23.
The oil firm said that preliminary findings indicated that the incident was due to suspected vandalism.
“This is to bring to your attention the loss of control of Cawthorne Channel well 15 resulting to an oil spill,” the company said.
CAWC015L/S is a dual string well which started production in May 1977. The shorts string was shut-in in 1988 due to the high gas oil ratio (HGOR), while the long string watered out and well quit in 1991.
“The spill started on the 15th of June 2022 and immediately an emergency response procedure was activated.
“The operations team quickly visited the site for preliminary investigation and discovered that the wellhead was vandalised.
“It was also observed that the wellhead platform was removed, and this will compound the difficulties in gaining access to the wellhead.
“Our team of Well Engineers are working with contractors and evaluating the safest procedure that will be required to bring the well under control.
“We have activated our oil spill emergency response plan and booms have been deployed for mitigation in the area as a preliminary containment procedure.
“Notifications have also been sent to all the relevant Regulators (NOSDRA, NUPRC & RSMENV).
“A Joint Investigation Visit (JIV) by all stakeholders is planned for this week although this is subject to the readiness and availability of the critical stakeholders.
“Our operations team is monitoring the site, commenced oil recovery and are prepared to respond to any escalation,” Eroton stated.
This is one in a series of leaks with one of the most recent happening on November 5, 2021, at nearby OML 29 operated by Aiteo Eastern Exploration and Production discharged more than 8,000 barrels of crude oil for some 32 days before the leak was plugged.
Eroton and Aiteo acquired their assets following the 2015 divestment by Shell Petroleum Development Company from some of its onshore assets.
The two Nigerian companies assumed operator status in the joint venture arrangement with the Nigerian National Petroleum Company (NNPC).
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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