Economy
Crude Oil Can Never Go Below $20—NNPC
By Adedapo Adesanya
**As Nigeria Says Goodbye to Fuel Subsidy
The Group Managing Director of the Nigerian National Petroleum Corporation (NNPC), Mr Mele Kyari, has disclosed that nothing can ever make price of crude oil to below $20 per barrel at the international market.
According to him, the latest positive developments support his argument, saying he was very confident that prices will stay above.
Speaking on Monday during an interview on Moneyline, a programme aired by Africa Independent Television (AIT) and hosted by Nancy Illoh, Mr Kyari stated that, “The key issue in crude oil business is market fundamentals of demand and supply. I believe COVID-19 will subside and countries will come back to life.
“I don’t see oil price going below the $20 we saw last week. I’m certain, all things being equal, oil price will bounce back.”
He also used the occasion to state that the recent plunge in the price of the commodity forced government to end subsidy regime in the sector.
“As at today, subsidy/under-recovery is zero. Going forward, there will be no resort to either subsidy or under-recovery of any nature.
“NNPC will just be another player in the market space. But we will be there for the country to sustain security of supply at the cost of the market,” he said.
The NNPC boss added that there was enough supply of petrol during the period and kicked against the possibility of a scarcity.
“Today, we have a very robust products supply and distribution from the loading depots up to fuel stations nationwide.
“We also have very good understanding with our strategic partners: the governors, marketers, depot owners, Petrol Tanker Drivers (PTD). There are no issues whatsoever,” Mr Kyari said.
He further noted that Nigeria could ramp its production up to about 3 million barrels per day, looking at current production level which went up recently following the expiration of the OPEC+ deal in March.
“As at yesterday (Sunday), our production has, for the first time in many years, risen to 2.3 million barrels per day. We believe this will grow and the contribution of local companies in this regard will be meaningful,” he added.
On Thursday, Nigeria will join other oil producers to discuss way forward for the oil market in a meeting set up the Organisation of the Petroleum Exporting Countries (OPEC), past allies and some other independent oil producing nations to weigh the possibility of reducing global oil supply by more than 10 percent.
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.
-
Feature/OPED6 years agoDavos was Different this year
-
Travel/Tourism10 years ago
Lagos Seals Western Lodge Hotel In Ikorodu
-
Showbiz3 years agoEstranged Lover Releases Videos of Empress Njamah Bathing
-
Banking8 years agoSort Codes of GTBank Branches in Nigeria
-
Economy3 years agoSubsidy Removal: CNG at N130 Per Litre Cheaper Than Petrol—IPMAN
-
Banking3 years agoSort Codes of UBA Branches in Nigeria
-
Banking3 years agoFirst Bank Announces Planned Downtime
-
Sports3 years agoHighest Paid Nigerian Footballer – How Much Do Nigerian Footballers Earn