Economy
Sekibo Frowns at Nigeria’s High Wheat Import Bill
By Dipo Olowookere
The Managing Director/CEO of Heritage Bank, Mr Ifie Sekibo, has expressed concerns over the high wheat import bill of Nigeria, noting that it was for this reason the bank was collaborating with the Central Bank of Nigeria (CBN) to adopt a novel approach to boost local production capacity.
Speaking at the launch of the Wheat Seed Multiplication Project tagged the Brown Revolution Initiative in Jos, Plateau State, the renowned banker said the partnership with the central bank is expected to add about 750,000MTs via rain-fed cultivation and reduce annual import by 60 per cent.
He further said the strategic partnership would help reverse the huge amount of foreign exchange (FX) used to bring the wheat into Nigeria and upscale its domestic production to close the wide supply gap in the agricultural space.
As part of the bank’s efforts to support the high yield seed variety to national wheat seed stock, Mr Sekibo, represented by the Head Agricbusiness and Export, Ugonwa Ikegwuonu, explained that the lender sets out to cultivate a total of 1,000 hectares of farmland at the end of the year with at least producing about 5 tonnes of wheat seeds per hectare in terms of yield.
“We set out to cultivate a total of 1,000 hectares of farmland but at the end of the day because of time constraints & other challenges, we have been able to cultivate 357 hectares.
“The crops according to the project manager are doing very well and in a few weeks they will be ripe for harvest, in fact, part of the farm is already ripe for harvest. So, we set out with this partnership with two anchors which we call service providers,” he further explained.
Also commenting, the Deputy Governor, CBN, Mr Edward Adamu, stated that the short-term benefit is the addition of about 2,000 metric tonnes (MT) of high yield seed variety to the national wheat seed stock which is 20,000MT currently.
According to him, this effort has the potential to add about 750,000MT of wheat annually through rain-fed cultivation.
He noted that estimated that only one per cent or 63,000MT of wheat, out of the five to six million metric tons of wheat consumed annually was produced locally.
The Governor of Plateau State, Mr Simon Lalong, while also speaking at the event, affirmed that Nigeria was on the path of agricultural food sufficiency with the ‘Brown Revolution’ the rain-fed wheat would help curtail the $2 billion spent on importation of wheat.
He further noted that the target of his administration was to attain zero importation of wheat, attain wheat sufficiency in the economy and commence exportation to raise foreign reserve.
President of Wheat Farmers Association of Nigeria, Mr Salim Muhammad, stated that they have a good understanding with Heritage Bank for its proactive approach to the objective of the rain-fed wheat production in the agriculture value chain.
“I assure you that at the end of this programme, by next season, it will be a different scenario/story because we are now doing it on a very small scale but I’m sure by next season, the real revolution will start off and it will be seen all over Nigeria. Because currently, we are producing wheat in 16 wheat-producing states.
“By the coming of this wheat dry season, seeds available and practicable; we are going to expand our scope to cover other areas that can produce wheat during the dry season.
“I’m not saying that we are going to cover the whole 36 states of the country, but I assure you, by next season we will be thinking of about 20 to 27 states that we have,” he stated.
Business Post reports that the scheme was put in place to meet high demand amid the poor production capacity of wheat in the country.
The novel initiative that will boost wheat production annually is being processed via rain-fed cultivation, as this approach is actually the first-ever wheat programme that it would be planted in the wet season and as part of the pilot phase of the initiative, Heritage Bank financed the first-ever large-scale rain-fed wheat production in Nigeria.
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