Economy
Oando Stocks Fall Day After Fire Outbreak at Lagos Tank Farm
By Dipo Olowookere
Shares of Oando Plc depreciated at the stock exchange on Friday, a day after a tank farm operated by one of its subsidiaries in Lagos was razed by fire.
Business Post had reported on Thursday that the tank farm located in the Ijora Badia area of Lagos State and operated by OVH Energy, an arm of Oando, was gutted by fire.
When the unfortunate incident happened, officials of the Lagos State Emergency Management Agency (LASEMA), the Federal Fire Service, the Lagos State Fire Service, the Nigerian Navy Fire, Nigerian Police and Forte Oil Fire Service rushed to the scene to put the situation under control.
The next day at the Nigerian Stock Exchange (NSE), the market was not happy with the news and the company’s equities took a hit as some investors offloaded the securities.
As a result of the sell-off, the stock went down by 2.17 per cent or 6 kobo to settle at N2.70 per unit compared with the previous day’s value of N2.76 per unit.
An analysis of the day’s trading done by Business Post showed that a total of 4.1 million units of Oando shares worth N11.1 million were transacted during the session in 57 deals.
On the day of the inferno in Lagos, only 784,268 units of the company’s equities were traded by investors and the share price appreciated by one kobo to N2.76 per unit.
Oando is still one of the stocks on the exchange investors buy and sell with caution because of its issue with the apex regulator in the nation’s capital market, the Securities and Exchange Commission (SEC).
The issue started when one of the main investors in the firm wrote a petition to the regulators, alleging a fraud. The matter was investigated and the company was fined.
In fact, the board of Oando was sacked by SEC, but the board led by Mr Wale Tinubu, took the matter to a court in Lagos to stop the action.
It was alleged that the company was not sincere with its financial statements and this led to the suspension of the company from the stock market.
Some personalities waded into the matter and the warring parties asked to embrace peace.
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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