Economy
OGFZA’s Payment of Salaries, Others from IGR Excites Senate
By Dipo Olowookere
The ability of management of the Oil and Gas Free Zones Authority (OGFZA) pay staff salaries and overheads from its internally generated revenue (IGR) has been commended by the Senate.
Chairman, Senate Committee on Trade and Investment, Mr Sabo Mohammed, while speaking at the OGFZA’s 2018 budget session with the committee, praised the leadership style of the agency’s Managing Director, Mr Umana Okon Umana.
The lawmaker said the OGFZA’s budget presentation was thorough, detailed and clear, requiring no follow-up questions and explanation.
The committee brought the session to a close by asking Mr Umana to take a bow and return to his office.
A member of the committee, Mr Nelson Effiong, who also spoke at the budget session, said OGFZA’s performance was unique and worthy of emulation by other agencies of the federal government.
He contrasted OGFZA’s resourcefulness with the case of other agencies which rely solely on handouts from the federal government to fund both their recurrent and capital expenditure.
Managing Director of OGFZA, Mr Umana, had formally informed the Federal Ministry of Finance in a December 6, 2017 memo that the agency could meet its staff salaries and overheads from IGR and requested the “Federal Government to suspend the funding of the recurrent expenditure of OGFZA from treasury funds.”
Financial independence that permits self-funding is one of the six goals that OGFZA set for itself under the Mr Umana-led management in its three-year roadmap which became operational at the beginning of last year.
The roadmap kicked in a series of reforms which allowed Mr Umana at year’s end to tell the Minister of Finance, “Following the measures taken by the new management of OGFZA to increase Internally Generated Revenue (IGR), I write to inform the Honourable Minister of Finance that with effect from the 2018 financial year, the authority will no longer depend on treasury funding to meet her recurrent expenditure requirements (salaries and overheads).
“The recurrent expenditure of the Authority will be funded with our IGR.”
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.
-
Feature/OPED6 years agoDavos was Different this year
-
Travel/Tourism10 years ago
Lagos Seals Western Lodge Hotel In Ikorodu
-
Showbiz3 years agoEstranged Lover Releases Videos of Empress Njamah Bathing
-
Banking8 years agoSort Codes of GTBank Branches in Nigeria
-
Economy3 years agoSubsidy Removal: CNG at N130 Per Litre Cheaper Than Petrol—IPMAN
-
Banking3 years agoSort Codes of UBA Branches in Nigeria
-
Banking3 years agoFirst Bank Announces Planned Downtime
-
Sports3 years agoHighest Paid Nigerian Footballer – How Much Do Nigerian Footballers Earn