Economy
Oversupply Concerns Pull Down Oil Market Thursday
By Adedapo Adesanya
The oil market was down on Thursday after it was reported that oil producers needed to address the daily oversupply of more than 2 million barrels.
Consequently, the international benchmark crude futures, Brent, dropped 47 cents or 1.04 per cent to $44.90 per barrel, while the US benchmark, the West Texas Intermediate (WTI) crude futures fell by 31 cents or 0.72 per cent to $42.62 per barrel.
Following a meeting by the group of oil-producing nations, the Organisation of the Petroleum Exporting Countries and its allies known as OPEC+, it was reported that they would need to slash output by an extra 2.31 million barrels per day to make up for their recent oversupply.
The surplus seen between May and July ought to be compensated for in August and September, the report said.
OPEC+ members stepped up their joint output cuts to a record 9.7 million barrels per day in May before tapering them to 7.7 million barrels per day this month.
The internal report did not say how the additional cuts would be distributed over August and September but if the 2.31 million barrels per day figure is adopted and spread equally over the two months, it would take OPEC+ oil cuts to about 8.85 million barrels per day.
Prices were also affected by firmer US dollar, this makes oil more expensive for holders of other currencies, according to analysts, this left traders stuck in a narrow trading range.
Worsening conditions in the largest economy also contributed to a bad outlook for the market as the number of new US claims for unemployment benefits rose back above one million.
The setback came a day after the country’s Federal Reserve said additional monetary policy easing may be needed because a rebound in employment was already slowing.
This did not give a chance to drops in stockpiles of crude in the United States which fell for a fourth straight week to help the market.
Crude inventories fell by 1.6 million barrels in the week to August 14 to 512.5 million barrels, less than analysts’ expectations who expected more than 2 million barrels.
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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