Economy
SEC Extends Prestige Assurance Rights Issue by 2 Weeks
By Dipo Olowookere
The N6.8 billion rights issue of Prestige Assurance Plc has been extended by two weeks after obtaining approval for the extension from the Securities and Exchange Commission (SEC).
The exercise was earlier billed to end on Thursday, September 17, 2020, but due to some issues, the rights issue was elongated by 14 days so as to enable for investors to partake in it.
A notice signed on Friday by the Head of Listings Regulation at the Nigerian Stock Exchange (NSE), Mr Godstime Iwenekhai, stated that the exercise will now wrap up on Wednesday, September 30, 2020.
Prestige Assurance is hoping to raise N6.8 billion from the rights issue to meet up with the latest capital requirements set by the National Insurance Commission (NAICOM) to remain in business.
The company is offering a total 13,635,796,006 units of its stocks to investors at the rate of 50 kobo each and the qualification date for the rights is Friday, January 31, 2020, and it is on the basis of 38 new ordinary shares for every 15 ordinary shares.
“Further to our market bulletin of August 10, 2020, with reference number: NSE/RD/LRD/MB39/20/08/10, dealing members are hereby informed of the extension of the offer period of Prestige Assurance Plc’s rights issue of 13,635,796,006 ordinary shares of N0.50 each at N0.50 per share on the basis of 38 new ordinary shares for every 15 ordinary shares held as at the close of business on January 31, 2020.
“The NSE has received a confirmation from SEC to extend the offer period by two weeks.
“With this extension, the offer, which was initially scheduled to close on Thursday, September 17, 2020, will now close on Wednesday, September 30, 2020,” Mr Iwenekhai said in the notice.
Business Post reports that shares of Prestige Assurance closed last Friday on the floor of the exchange at 55 kobo per unit, the same amount it ended the previous trading session.
In the previous week, it ended at 52 kobo per unit, indicating a weekly rise of 5.77 per cent or 3 kobo.
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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