Economy
Ugandan Farmers Laud UN Report Citing Flaws With Bidco
By Dipo Olowookere
Embattled Ugandan farmers fighting threats and land grabbing by Bidco have praised a draft report by UN investigators that calls into question the company’s business practices.
The report is the result of a complaint by the Bugala Farmers Association to the UN’s Social and Environmental Compliance Unit (SECU).
In the complaint, the farmers stated that the United Nations had not performed sufficient due diligence on Bidco before inviting it to join Business Call to Action, which is part of the United Nations Development Programme (UNDP).
The farmers provided evidence that Bidco has engaged in human rights, labour and environmental violations in the Kalangala District of Bugala Island, Lake Victoria, Uganda, where Bidco has grabbed land from smallholder farmers and cut down over 18,000 acres of rainforest to make way for a large-scale palm oil business.
The UN investigators found fault with the decision to invite Bidco into partnership with UNDP: “After the fieldwork and additional research, SECU concluded that the processes employed by UNDP for admission of Bidco were not consistent with UNDP policies.”
The report acknowledges that a partnership with Bidco “could adversely damage UNDP’s reputation and the communities it seeks to help” and Bidco’s activities “may be considered risky”.
Kenya-based Bidco has tried to distance itself from the allegations of land grabbing and environmental destruction in Uganda, but the UNDP investigators found there is a clear link between the company’s corporate structure, overseen by CEO Vimal Shah, and operations in Uganda.
The investigators also determined that Bidco’s claim of not being involved in land acquisition in Uganda is not accurate. Bidco “knew of, relied on, and encouraged the purchase (of land) by the government.”
Bidco Uganda also was “engaged in decisions and discussions related to the purchase,” the report says.
John Muyisa, a representative of the Bugala Farmers Association, commended the work of the UN investigators, who visited remote Kalangala District as part of their research.
“We are very pleased that the United Nations has performed an objective evaluation of its internal processes and determined that it is risky to partner with Bidco. The United Nations is a globally admired organisation, and it is absolutely correct that, as the report says, ‘Communities should be empowered’ and not be trodden upon by predator corporations like Bidco.”
In light of the report’s findings, the Bugala Farmers Association has called on the United Nations to terminate its partnership with Bidco.
Any member of the public can comment on the UN draft report until 7 December.
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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