Economy
Brent Trades at $45 as Possible Supply Cut Extension Woos Investors
By Adedapo Adesanya
The Brent crude price appreciated by 81 cents or 1.83 per cent to trade at $45.01 per barrel at the global market on Friday supported by investors showing confidence that the Organisation of the Exporting Countries and its allies (OPEC+) will keep production in check.
This also boosted the price of the West Texas Intermediate (WTI) crude yesterday, rising by 43 cents or 1.03 per cent to trade at $42.17 per barrel.
The group, which meets on November 30 and December 1, is looking at options to delay by at least three months from January the tapering of the 7.7 million barrels per day supply ceiling it agreed in April by around 2 million barrels per day.
Members of OPEC+ are, however, leaning towards delaying the current plan to boost output and are considering a possible delay of three or six months.
Producers met on Tuesday but made no formal recommendation. While the OPEC+ Joint Ministerial Monitoring Committee meeting did not agree a way forward, the group signalled that the slash in production may be extended into 2021, which would help prevent oversupply in the global oil markets.
This is coming as efficacy for coronavirus vaccines reached a welcoming level. During the week, Moderna said its vaccine against COVID-19 was strongly effective, further changing the course about the potential of controlling the global pandemic.
The news came exactly a week after Pfizer and BioNTech announced broadly similar results. The Moderna vaccine reduced the risk of COVID-19 infection by 94.5 per cent.
Oil prices were getting some supports from signs of movement on a stimulus deal in Washington after US Senate Republican Majority Leader, Mr Mitch McConnell, agreed to resume discussions on providing more COVID-19 relief as cases surge across the United States.
The market is, however, still worried about oversupply concerns as Libya has raised production to pre-blockade levels of 1.25 million barrels per day.
The country’s National Oil Corporation (NOC) said it had restored output to the level which has not been seen since eastern forces imposed an eight-month blockade in January that affected oil exports.
This compares with around 1.2 million barrels per day at the end of last week and around 100,000 bpd in early September and could reach 1.3 million barrels per day in the next few weeks.
Libya’s faster than expected recovery means trouble for OPEC+ who have been curbing output this year to reduce bloated oil inventories and now with renewed lockdowns in several countries to limit the spread of the coronavirus, the market remains under threats.
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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