Economy
Tinubu Lauds Dangote’s 650,000bdp Refinery Investment
By Sodeinde Temidayo David
The multi-billion-dollar Dangote Refinery in Lagos has received praises and the latest is coming from the Chief Executive Officer (CEO) of Oando Plc, Mr Wale Tinubu, who commended the group on the investment.
Upon completion, the oil facility will refine 650,000 barrels of crude per day, making it the single largest train in the world.
This, in turn, will enable the nation to generate and save scarce foreign exchange (forex), which has been blamed for the country’s current economic woes.
The project has also been touted to provide 90 megawatts of electricity through its multi-million-dollar sub-sea pipeline project.
It is described as an inspiration to private sector operators in the country.
Mr Tinubu, during a visit to the refinery alongside members of the company’s senior management, confessed that “with what I have seen, this Dangote Refinery is for Nigeria and Africa.”
He also disclosed that the President of Dangote Group, Mr Aliko Dangote, deserves all the commendations in the world for the courage to build the world’s largest single-train refinery in one of the most challenging business environments in the world even as the risk premium being at the highest.
Mr Tinubu noted that he has no doubt that the refinery, upon completion, will meet the yearnings of Nigerian for product availability and ultimately de-risk the petroleum sector.
The Oando CEO expressed his sense of pride for being able to witness this feat in the history of Nigeria, stating that, “It is more than just a refinery, it is a revolution, it is about what is possible in Africa by an African, we are talking about a world-class project being done on a scale that the world is not used to.”
“This is happening in an extremely challenging environment in which all of the infrastructures had to be built from scratch with the attendant huge additional cost, the cost of capital being high, and the risk premium being highest and done with such spectacular precision.
“I think the world is not going to see many of these sorts of projects. I call it the eighth wonder of my own time,” he added.
He further stated that the project was of strategic importance to the nation and the continent as Nigeria has no functional refinery, with 200 million people consuming 40 million litres per day.
“There is nowhere in the world where you have raw materials for something and you do not beneficiate the product to a point where you can consume it in your country.
“We have been a complete and utter failure when it comes to that and it is taking a private individual to reverse that trend.
“It is an epoch for the country. I think what we should do is to encourage him to complete it. Success for him is a success for the country,” the oil expert said.
In response to the encomium, Mr Dangote stated that the refinery is not only a project for Dangote, but also a project for Nigeria.
“Nigeria should be a leader in building facilities like these, as a business initiative.
“This project will definitely put Nigeria on the map, and surely change the fortunes of Africa,” he said.
The respected businessman further disclosed that apart from building world-class projects, he is also dedicated to building capacity by saving failing industries such as it did in the cement industry, adding that this has set the primacy 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.
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