Economy
SERAP Seeks Reversal of Fresh Petrol Price Hike
By Adedapo Adesanya
The Socio-Economic Rights and Accountability Project (SERAP) has written to President Bola Tinubu to immediately reverse the latest petrol price increase.
The organisation urged Mr Tinubu “to direct the Nigerian National Petroleum Company Limited (NNPCL) to immediately reverse the second increase in petrol prices in one month, pending the hearing and determination of the suit before the Federal High Court, Abuja challenging the legality of the powers of the NNPCL to increase petrol prices.”
Business Post reported that Nigerians now officially buy petrol at over N1,000 per litre following a cue by the NNPC retail outlets in Lagos to sell a litre of petrol for N998 in Lagos and N1,030 in other places from the initial price of N855 a few weeks back.
The price goes for as much as N1,300 in some parts of Lagos State and N1,500 in other parts of the country.
SERAP had last month filed a lawsuit against the president and NNPC Limited “over the failure to reverse the apparently unlawful increase in the pump price of petrol, and to probe the allegations of corruption and mismanagement in the NNPCL.”
In its open letter dated October 12, 2024, and signed by its deputy director, Mr Kolawole Oluwadare, SERAP said, “The latest increase in petrol prices makes a mockery of the case pending before the Federal High Court, and creates a risk that the course of justice will be seriously impeded or prejudiced in this case.”
It said, “One of the fundamental principles of the rule of law is that it applies to everyone, including presidents and CEOs of public institutions.”
“It is in the public interest to keep the streams of justice clear and pure and to maintain the authority and integrity of the court in the case.
The organisation also said, “Allowing the Federal High Court to hear and determine the case would be entirely consistent with the letter and spirit of the Nigerian Constitution 1999 [as amended], your oath of office and oft-repeated promises to uphold the rule of law.
“SERAP notes that since assumption of office in May 2023 you have repeatedly promised, including in your inaugural speech, that ‘Nigeria will be impartially governed according to the Constitution and the rule of law.’
“Increasing petrol prices while the Federal High Court case is pending would prejudice and undermine the ability of the court to do justice in the case, damage public confidence in the court, prejudice the outcome of the case, as well as impede the course of justice.
“We would be grateful if the recommended measures are immediately taken following the receipt and/or publication of this letter, failing which SERAP shall consider contempt proceedings and/or other appropriate legal actions to compel your government and NNPCL to comply with our request in the public interest,” the letter read in parts.
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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