Economy
NSCDC Uncovers Illegal Oil Refinery Along Rivers-Abia Border
By Adedapo Adesanya
The Nigeria Security and Civil Defence Corps (NSCDC) has arrested nine suspected oil thieves at an illegal oil refinery in a forest boundary between Rivers and Abia States.
This is according to a statement by the NSCDC Public Relations Officer (PRO), Mr Babawale Afolabi, on Monday in Abuja.
Mr Afolabi said that based on the agency’s dedication to wage war against illegal bunkering, the Commandant General’s Special Intelligence Squad (CGsSIS) laid intelligence surveillance at the site, which aided in the successful arrest.
“We apprehended nine suspects caught in the act of illegally refining stolen crude extracted from a vandalised oil wellhead.
“We also discovered an ongoing construction of a local refinery with the capacity to produce 60,000 litres of crude at once.
“Visibly at the massive illegal bunkering, we noticed large hoses and galvanised metal pipes laid to transfer stolen crude oil across the processing channels,” he said.
According to him, the suspects arrested are Mr Oghene Wede (M) 32 years, Mr Moses James (M) 25 years, Mr Chidi Nwosu (M), 53 years old; and Mr Samuel John (M), 24 years old.
Others are Mr Emmanuel Paul (M) 20 years, Mr Oghenevo Nwebi (M) 43 years, Mrs Martina Whinnypeter (F) 38 years, Mr Nwabuchi Nwogu (M) 41 years and Mr David Okere (M) 20 years.
The spokesperson said that interrogation of the suspects and further investigation have commenced, adding that the suspects would, after that, be charged in court for prosecution.
He said the massive site contained over 15 modular ovens with four fabricated reservoirs and 30 pits dug out to store processed automotive gas oil (AGO) known as diesel.
“Exhibits recovered are RWD 5.0 GFE-6500 power generating set, two yellow colour pumping machines, metal and plastic buckets, cutlasses, saw, mats, welding machine, galvanised metal pipes, different heavy-duty hoses, automotive gas oil (AGO) illegally processed in cooking ovens,” Mr Afolabi revealed in the statement.
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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