Economy
NPA Secures $700m For Tincan Island, Apapa Ports Rehabilitation
By Adedapo Adesanya
The Nigerian Ports Authority (NPA) has secured a $700 million loan from Citibank and funded the United Kingdom Export Finance to rehabilitate the Apapa and Tincan Island Ports in Lagos.
The Managing Director of the NPA, Mohammed Bello-Koko, disclosed this in a statement on Wednesday, noting that the loan mandate letter would be sent to the Debt Management Office for final review and approval.
He said NPA had opened discussions with another funding agency to finance the upgrading of the Eastern Ports, including Calabar, Warri, Onne, and Rivers Ports, and the reconstruction of Escravos Breakwater.
“Currently in Nigeria, importers or exporters fill 30 to 40 forms for one transaction, but the Port Community System would reduce the numbers of forms, human interference and ensure speedy clearance process in or out of the country,” the NPA boss added.
“What we did was to further the discussion with interested parties and we realised it better to separate the ports in Lagos from the ports in the east, and we are in discussion with another funding agencies to fund the construction of ports outside Lagos,” Mr Bello-Koko said.
According to him, the Citibank Facility is the cheapest for the NPA because it comes with affordable interest rates.
“Port efficiency is not about automation which we have already begun, it’s also about the physical infrastructure, which must be in place and that’s why we are automating. Automation will naturally bring efficiency, increase revenue, and plug leakages,” he said.
Mr Bello-Koko said that the NPA was putting the Port Community System in place, which is a platform that will improve trade facilitation.
“Currently in Nigeria, importers or exporters fill up to 30 to 40 forms for one transaction but the Port Community System would reduce the numbers of forms, human interference and ensure speedy clearance process in or out of the country,” the NPA boss added
On hee part, the Managing Director of Citibank Nigeria Limited, Mrs Ireti Samuel-Ogbu, said the bank was committed to supporting NPA and the federal government in bridging the infrastructural gap.
“We are delighted to be partnering with NPA especially being the collection bank for foreign and local currency port levies.
“Now, supporting this strategic initiative through export credit financing to upgrade port infrastructure in Tincan and Lagos Ports was commendable. We are committed to supporting NPA and the Nigerian government in all its endeavours, especially in the infrastructure space,” Mrs Samuel-Ogbu said.
“Since NPA generates its foreign revenue, we would be able to support foreign facilities from our resources because this project is very strategic and an important project for NPA and the country at large.
“We are looking forward to this project and we thank NPA for giving us this opportunity and hope to bring this to fruition as soon as possible,” she added.
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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