Economy
Notore to Attract $5b FDI, 15000 Jobs for Nigeria
By Modupe Gbadeyanka
Following its satisfactory compliance with the requirements for a free zone developer licence, the Oil and Gas Free Zones Authority (OGFZA) has conferred the Oil and Gas Free Zone Developer status on Notore Chemical Industries Limited.
At the licence presentation ceremony in OGFZA’s office in Abuja recently, Managing Director of OGFZA, Mr Umana Okon Umana, said government was pleased with the prospect that Notore Oil and Gas Free Zone will attract more than $5 billion in foreign direct investments (FDI) into country and create 15,000 jobs with its new status as a free zone developer.
Notore Chemical Industries Limited, a Nigerian agro-allied, petrochemicals and power company, is located within the Eleme industrial hub of Rivers State.
Mr Onajite Okoloko, Group Managing Director of Notore Chemical Industries, said at the licensing ceremony that the Free Zone Developer Status “will propel the company and indeed Nigeria to become one of the largest petrochemical, fertilizer, refining, methanol, power, E&P logistics and hydrocarbon processing hubs in the world.”
He said Notore “is in discussion with a number of international petrochemical, oil and gas logistics support companies as well as leading financial and strategic investors that have expressed interest and are at various levels of negotiations to invest in the project.” Okoloko said “the fertilizer and petrochemicals component of the project alone is expected to attract $5 billion investments” when it comes on stream in the next two years.
Mr Umana said OGFZA licensed Notore Chemical Industries Limited to operate as an Oil and Gas Free Zone Developer in line with sections 9 and 10 of the OGFZA Act and sections 32 and 33 of the Oil and Gas Export Free Zone Regulations 2003.
“I am happy to report that having met the statutory requirements, Notore Chemical Industries Limited has been granted a Free Zone Developer Licence by the Authority within the area so designated under the Act of 1996,” the Managing Director of OGFZA said.
He advised Notore Chemical Industries Limited “to note and comply with continuing obligations of a licensee as provided under section 34 of the 2003 Regulations,” promising an enabling environment for investors in the new free zone.
Mr Okoloko, Group Managing Director of Notore, said the new Oil and Gas Free Zone has attractions that investors will find hard to resist, including more than 559 hectares of land; a dedicated gas pipeline; 50MW of embedded power plant; more than 2km of shoreline; and 7500 sqm of jetty dock.
He explained that Notore Oil and Gas Free Zone will help to diversify the economy by frog leaping the country to become the hub of petrochemicals in Africa; adding value to the nation’s oil and gas resources, as against mere export of crude oil and gas; increasing revenue streams for government; attracting more FDI and generating more jobs.
Mr Okoloko described OGFZA as a “very important enabler of industrialization in Nigeria,” adding, “We look forward to continuing to work towards the achievement of Notore’s goal of being a world-class industrial complex.”
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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