Economy
Senate Moves to Protect Local Retail Business Owners
By Adedapo Adesanya
The Nigerian Senate has taken a step to protect local retail business owners, who are getting threatened by the dominance of foreigners.
To achieve this goal, the upper chamber of the National Assembly is reviewing the Indigenous Act and it has charged its Committee on Trade and Investment to look into the matter critically.
In addition, the red arm of the parliament said it will also review other extant policies and institute a legal framework that will provide incentives and protect indigenous retail business investors in the country’s organised sector.
The decision to take this step followed a motion by Senator Ifeanyi Ubah, which called the attention of the legislative arm of government to the “urgent need to investigate the economic and security implication of an unregulated Nigerian retail sector and consider appropriate legislative measures to incentivize and protect indigenous retail traders.”
The Senate called on governments at all levels to put in place acceptable measures to protect traditional or open markets retailers to avoid contravention of environmental and health safety standards, promote revenue collection and prevent harassment constant disruption of retail trade activities by government revenue collectors or environmental and health enforcement officers.
It further mandated its committee on Trade and Investment to engage the Ministry of Trade and investment and other relevant stakeholders with a view to receiving a briefing on the extant policy and legal framework on retail trade in Nigeria and the protection offered to indigenous retail investors and report back within two weeks.
The Senate also asked the committee to engage local retailers on ways to further protect their interests as well as invite foreign retailers to ascertain their legal status.
Mr Ubah in his lead debate noted that the Nigerian retail sector remains unregulated with dire economic and security implications.
He said the Chinese, Indians and Lebanese companies have taken over the retail business from indigenous retailers in markets like Balogun Market, Trade Fair, ASPAMDA, Alaba, Coker, Computer Village, Dei -Dei Market, among others.
He said the foreign investors have shifted from production and wholesaling to retailing, observing that since independence, Nigerian retail businesses have been offering employment to Nigerians and generating revenue to the government via taxes.
He further said many African countries, including ECOWAS member states, such as Ghana, have policies and legislative measures in place to offer minimum protection to indigenous retail traders.
He argued that extant policies and legal frameworks at both national and sub-regional levels do not offer any minimum protection to indigenous retail business operators.
He said the implication was that the organised retail business in Nigeria made up of multiple branch supermarkets, shopping malls were dominated by foreigners through their popular retail outlets.
He expressed concern that if measures were not taken via the enactment of extant protective laws and policies, foreigners may continue to dominate the sector.
Seconding the motion, Mr Francis Fadahunsi, while congratulating the sponsor of the motion, frowned at the domination of the nation’s retail markets by foreign investors saying that government has to take steps to check such anomaly.
The Senate in its further resolutions on the motion called on governments at all levels to put in place acceptable measures to protect traditional or open market retailers to avoid contravention of environmental and health safety standards.
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