Economy
Seplat Transfers Three Oil Assets to Subsidiary
By Adedapo Adesanya
Seplat Petroleum Development Company Plc has completed the transfer of the business activities and assets of OMLs 4, 38 and 41 from the holding company to its wholly owned subsidiary, Seplat West Limited.
This was disclosed in a statement from the company secretary/chief governance compliance officer, Mrs Edith Onwuchekwa, who noted that the transfer is effective January 1, 2020.
“This Intra-Group transfer has been planned for some time and will not result in any change to the current business strategy for any of the assets nor will it affect the way in which the Seplat Group commercially operates.
“Therefore, the operatorship of the asset remains with Seplat under the Joint Operating Agreement (“JOA”), as the transfer to an affiliate of Seplat under the terms of the JOA is permitted,” company explained.
On the reason for the transfer of assets, Seplat said the transfer of OMLs 4, 38 and 41 out of Seplat Plc into Seplat West results in seven wholly owned subsidiaries.
These are Newton Energy Limited; Seplat Petroleum Development Company UK Limited; Seplat East Onshore Limited; Seplat East Swamp Company Limited; Seplat Gas Company Limited; Eland Oil and Gas Limited and Seplat West Limited, with no operating oil and gas assets directly held in the Holding Company.
The new structure of the Seplat Group is consistent with its efforts to simplify its structure and design towards segregating the businesses of the group in a more efficient manner thereby reducing risk, cost and complexity, it said.
“This is also expected to result in a simplified management and reporting framework for the Seplat Group. The outcome of the transfer will not, in any way, result in loss of tax revenue to the Government or an extinguishment of liabilities.
“Similarly, it will not diminish shareholder value in (and returns from) Seplat as a listed company. Following discussions with the credit ratings agencies, the transfer is not expected to impact the ratings of the Group,” the statement read further.
Seplat has a 45 percent working interest in OMLs 4, 38 and 41 which are located in Edo (OML 4) and Delta (OMLs 38 and 41) States onshore Nigeria.
Seplat is a leading Nigerian oil and gas company with dual listing on the Nigerian Stock Exchange (NSE) and London Stock Exchange (LSE).
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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