Economy
UPDC Property Seeks Funds to Refinance Short Term Debt
By Adedapo Adesanya
Despite the macro-economic challenges faced as a result of slow economic environment, UACN Property Development Company (UPDC) said it achieved operational improvement in the third quarter of 2019 compared with the same period last year.
The leading property development firm’s profit margin grew above 120 percent, driven by management’s focus on the sale of high margin properties. This occurred as it recorded a gross profit of N380.2 million as at September 30, 2019 in contrast to N170.8 million recorded in the corresponding period of last year.
The company, however, recorded a loss of N14.7 billion as at Q3 ’19 compared to N4.8 billion at the same period last year.
Speaking on this development, the company’s Chief Financial Officer, Folakemi Fadahunsi, said, “We are encouraged by the underlying operational performance, having grown our gross profit significantly.”
Despite this, the company’s revenue from contracts with customer dropped to N1.89 billion in the period under review compared to N1.99 billion realized in 2018.
As at the current period under review, the company noted a lesser operating loss compared with the previous as the company made a deficit of N385.9 million compared to a higher N491 million recorded last year.
The company’s overall performance was also affected by the N12.6 billion impairment charge on its investment in the UPDC Real Estate Investment Trust (REIT) leading to a loss at the end of the quarter of N13.3 billion.
Fadahunsi noted that, “While the one-off impairment charge linked to the proposed unbundling of the REIT has affected performance for the year, it is a key stage in the wider process to transform our balance sheet.”
The company saw its finance costs reduced by N1.3 billion equivalent to 37 percent from N3.5 billion last year to N2.2 billion as at September due to the successful refinancing of the company’s high interest-bearing short-term debt obligations.
In a public announcement in September, UPDC Property indicated its intention to shortly raise equity via a N15.96 billion rights issue and the proceeds of the proposed exercise to be used to repay the company’s short term debt obligations, by implication significantly reducing its interest burden in the future and strengthening the company’s capital structure.
CFO Fadahunsi stated that, “The planned rights issue will be used to refinance short term debt and reduce leverage levels, establishing a stable platform for UPDC over the long term, and enabling it to take advantage of emerging opportunities in the sector.”
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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