Economy
NPA MD Reveals How Oil Theft Occurs Undetected
By Adedapo Adesanya
The Managing Director of the Nigerian Ports Authority (NPA), Mr Mohammed Bello-Koko, has explained that rogue vessels engaged in crude oil theft on Nigerian waters go undetected because they turn off their Automatic Identification System (AIS).
Mr Bello-Koko made this revelation as he briefed State House correspondents on Tuesday in Abuja, saying such ships evade arrest because they switch off their onboard automated identification system which displays the vessel’s position in the vicinity.
He noted that the authority does not have the required technology to detect their origin or destination.
Speaking against the backdrop of a recent incident where an oil tanker evaded arrest in Nigeria after illegally lifting crude oil, Mr Bello-Koko said the NPA is now in the process of procuring the technology called the Vessel Tracking Service (VTS) to enable it to identify, locate and monitor all vessels in the nation’s waters.
According to him, the agency has been trying to acquire the VTS for about 10 years now and has just identified a certified consultant while also working with the Nigeria Liquefied and Natural Gas (NLNG) Company to help with critical detection.
He further assured that the technology would be procured before the end of the administration of President Muhammadu Buhari.
The Nigerian National Petroleum Company (NNPC) Limited recently said that Nigeria is losing 470,000 barrels per day of crude oil, amounting to $700 million monthly, due to oil theft.
Worried by this, the federal government in August awarded a pipeline surveillance contract to a company led by a former militant leader, Mr Government Ekpemupolo, popularly known as Tompolo, a situation that received criticisms from many Nigerians.
In August, the Group Chief Executive Officer of the NNPC, Mr Mele Kyari, justified the government’s decision to award the multi-billion naira pipelines surveillance contract to Tantita Security Services.
Mr Tompolo’s firm recently made startling revelations on crude oil theft in the Niger Delta area. He said about 58 illegal oil points had been discovered since the operation to end oil theft on the waterways of Delta and Bayelsa states began.
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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