Economy
Warri Refinery Commences Production of Diesel, Kerosene, Others
By Adedapo Adesanya
The chief executive of the Nigerian National Petroleum Company (NNPC) Limited, Mr Mele Kyari, has announced that the 125,000 barrels per day Warri Refining and Petrochemicals Company (WRPC) in Delta State is now operational.
Mr Kyari disclosed this during a tour of the facility in the South-South state on Monday.
“We are taking you through our plant. This plant is running. Although it is not 100 per cent complete, we are still in the process. Many people think these things are not real. They think real things are not possible in this country. We want you to see that this is real,” he said during a briefing with newsmen earlier this morning.
He was on the tour with the chief executive of the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA), Mr Farouk Ahmed, and other engineers and officials.
“This plant has three stages. We have started stage one which is called Area 1, [which is] able to produce AGO (diesel), Kerosene, naphtha and others. These are brands of high-quality products required in the country.
“We will also be able to export them. This country will make money to meet the promises of Mr president that this country will be an exporter of petroleum products.
“I must put on record the development was as a result of the charge by Mr President that we must get all three refineries to work. It is already happening.
“We have successfully started the Port Harcourt 65,000 barrels per day refinery.
“We have also started the area 1 of the Warri refinery. The other plants that will produce PMS will also come live,” he added.
Located at Ekpan, Uwvie, and Ubeji, Warri, the petrochemical plant can produce 13,000 million tons per annum (MTA) of polypropylene and 18,000 MTA of carbon black.
Commissioned in 1978 and managed by the NNPC, the WRPC was built to supply markets in the south and southwest regions of Nigeria.
The mechanical completion of the facility was earlier scheduled for completion in the first quarter of this year, according to the spokesperson for the NNPC Limited, Mr Olufemi Soneye.
“Warri should be done by Q1 (first quarter) 2024,” he stated.
However, there were several delays to the commencement.
This new development comes following the recent commencement of crude refining at the old Port Harcourt Refinery, as announced by the state oil company.
Nigeria’s four refineries have produced no fuel for years, leaving the country to rely on imported petroleum products.
However, since the 650,000 barrels per day Dangote Refinery went online this year, the Nigerian government have announced the operation ability of two refineries out of the four structures.
The other two include the new Port Harcourt Refining Company in Rivers State, and the Kaduna Refining and Petrochemical Company in Kaduna State.
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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