Economy
OGFZA Considers Cheap Electricity at Onne Free Zone
By Dipo Olowookere
In order to make cheap electricity is enjoyed at the Onne Oil and Gas Free Zone, the Oil and Gas Free Zones Authority (OGFZA) has given a license to a power consortium called PHEDC/ESOP to make this possible.
The mandate of the power consortium is to provide gas-fired dedicated power to the free zone at a cost per kilowatt of power that is lower than the going rate of diesel-generated power in the zone.
Announcing the key step on the embedded power project to a stakeholders forum during the week, managing director of OGFZA, Mr Umana Okon Umana, said the latest development on the power project was in keeping with his commitment to stakeholders in the free zone during the joint stakeholders meeting of August 2017 in Onne that OGFZA would “provide embedded power as a cost cutting measure to improve competitiveness in the Free Zones.”
In an address to the forum, chairman of the governing board of OGFZA, Mr Timipre Sylva, represented by board member Engineer Tempitope Kubemi, announced that government would prioritize the provision of infrastructure in the free zones and the take-off of the Brass Oil and Gas City, a registered free zone located on Brass Island in Bayelsa State.
Mr Sylva promised to ensure that the oil and gas free zones get the right support from government “to fulfil their mandate as vehicles for the stimulation of industrialization, diversification of the economy and job creation.”
Mr Umana also announced to the stakeholders at the Lagos meeting that OGFZA “will be collaborating with Axxela Ltd to deliver holistic energy solutions to our free zones.” Both power solution firms, PHEDC/ESOP and Axxela, made presentations to the meeting.
He reported more progress by the free zone regulator. “On the issue of tariffs in the free zones,” Umana said, “I want to assure you that we will continue to address concerns in that direction to ensure that tariffs are at all times moderated to fair and reasonable levels in the best interest of all.
“In order to automate our processes and increase efficiency of operations, two ORACLE Cloud Services Modules which have been undergoing test run and integration are to be commissioned in December 2018.
“I want to report also that OGFZA has engaged PriceWaterhouseCoopers (PwC) to carry out a diagnostic assessment/review of our existing and proposed oil and gas free zones as part of our investment promotion strategy. The partnership with PwC is operated through our investment subsidiary, Free Zones Global Investments Limited. “There have been some instances of misunderstanding with regard to the position of the law on taxation as it relates to Free Zone operators. The Authority will continue to ensure that Free Zone operators are not denied incentives guaranteed for them by law, and wherever there are issues the Authority will always intercede on behalf of our investors.”
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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