Economy
Nigeria Boosts Crude Oil Output to 1.27 million Barrels Per Day
By Adedapo Adesanya
The Organisation of the Petroleum Exporting Countries (OPEC) has said Nigeria boosted its crude oil output by 91,000 barrels per day to 1.27 million barrels per day in December.
OPEC disclosed this information in a monthly report for January, which showed that world demand in 2023 would rise by 2.22 million barrels per day or 2.2 per cent.
The report also showed that OPEC’s production rose in December, even after the OPEC+ alliance comprising OPEC, Russia and other allies, pledged output cuts. The increase was influenced by the improvement in Nigeria’s oil production last month.
For November last year, with prices weakening, OPEC+ agreed to a 2 million barrels per day reduction in its output target, the largest since the early days of the pandemic in 2020.
OPEC’s share of the cut is 1.27 million barrels per day, while its allies were allowed to pump a total of 930,000 barrels per day.
In the report, OPEC said its crude oil output in December rose by 91,000 barrels per day to 28.97 million barrels per day, led by a rebound in Nigeria, which is now exempt from voluntary cuts. These figures are compiled by the cartel from secondary sources.
Nigeria has been battling crude theft and insecurity in its oil-producing region, although some companies have cited improved security.
Despite this, Nigeria is still below its OPEC quota of 1.74 million barrels per day, although the country is aiming for further recovery in 2023.
In December, during a presentation of the 2023 budget, Minister of Finance, Mrs Zainab Ahmed, said she expects oil production to rise to 1.6 million barrels per day by the first quarter.
Oil production hit 1.185 million in November, figures from the Nigerian Upstream Petroleum Regulatory Commission (NUPRC) showed, after output fell to less than 1 million in August, the lowest in years due to increased crude oil theft and vandalism of pipelines.
The drop forced some companies to curtail or stop production, raising worries that many companies will exit the Nigerian market.
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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