Economy
Senate Summons NPA over 282 Missing Vessels
By Dipo Olowookere
An alarm has been raised by Nigeria’s upper house of parliament over the disappeared of about 282 ships from the country’s ports.
In view of this, officials of the Nigerian Ports Authority (NPA) have been directed to appear before the Senate on Thursday to say what they know about this development.
Chairman of the Senate Committee on Customs, Excise and Tariffs, Mr Hope Uzodinma, at a one-day hearing on smuggling in the country yesterday, emphasised that the ports officials have to explain how the ships vanished between 2010 and 2016.
“We want the Nigerian Ports Authority to come and explain what happened to 282 vessels that disappeared from terminals.
“We have names of the releasing officers. This shows that there is no security at the terminal,” Mr Uzodinma said at the hearing declared open on Monday in Abuja by the Senate President, Mr Bukola Saraki.
“More shocking is an aspect of the World Bank report that states that over 25 percent of the total annual revenue collected by custom service is lost to smugglers each year.
“If you go by the projected revenue of the service for this year, which is approximately N600 billion, it means that the service will lose about N200 billion in revenue this year alone.
“The report was unequivocal in stating that an astonishing $5 billion or N1.45 trillion worth of different goods are smuggled into Nigeria annually through Benin Republic alone. This is only 15 percent of the total volume of smuggled goods through the Seme border,” he said at the gathering.
“Permit me in this respect to drop the hint that primary information at our disposal will suggest that in spite of the CISS, leakages still abound in the import-export chain.
“A major area of concern here has to do with mis-invoicing by international traders, abuse of free trade zone policies and temporary import permit.
“Mis-invoicing is a form of trade-based money laundering that includes the over- and understatement of import and export values on official forms and records. A few examples will suffice for illustration.
“Specifically, such practice will include taking advantage of unutilised Form M to perpetrate fraud in collaboration with operating banks.
“We have evidence to suggest that unutilised Form M is used by operators for capital flight and money laundering, all of which facilitate smuggling.
“There are also questions to be answered on the criteria used in the determination, abandonment, cancellation of PAARS and SGDS unutilised PAARS,” the Senator further said.
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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