Economy
Nigeria’s Oil Production Drops 100,000 bpd in August
By Adedapo Adesanya
Nigeria recorded the biggest decline in oil production among the Organisation of the Petroleum Exporting Countries (OPEC) output cut quota in August, according to a Reuters survey.
The country’s output dropped by 100,000 barrels per day, the survey said, noting that it occurred as exports from the Forcados terminal were under force majeure due to a leak on August 15.
A force majeure provides temporary reprieve to a party from performing its obligations under a contract upon the occurrence of an uncontrollable event.
Oil output, however, rose to its highest since April 2020, as the involuntary losses from Nigeria and others limited the gain as the group’s top producers further eased supply curbs under a pact with its allies. Output has risen every month since June 2020, apart from in February this year
OPEC has pumped 26.93 million barrels per day the survey found, up 210,000 barrels per day from July’s estimate.
OPEC and allies, known as OPEC+, have been easing record output cuts agreed in April 2020 as demand recovers and have gradually eased the cuts with the agreement allowing a further 400,000 barrels per day production increase in August from all members, of which 253,000 barrels per day is shared by the 10 OPEC members covered by the deal, as Libya, Iran, and Venezuela are exempted.
While the remaining 10 OPEC members raised output by more than this, OPEC as a whole has under-delivered on the expected month-on-month rise, the survey found. Members are still pumping less than called for under the latest deal.
The Reuters survey aims to track supply to the market and is based on shipping data provided by external sources, Refinitiv Eikon flows data, information from tanker trackers such as Petro-Logistics and Kpler, and information provided by sources at oil companies, OPEC and consultants.
OPEC compliance with pledged cuts was 115 per cent, the survey found, a level unchanged from July.
Saudi Arabia delivered the biggest increase of 180,000 barrels per day, as it further raised output as part of the August OPEC+ boost. It was joined by Iraq and Angola.
Others include The United Arab Emirates added 40,000 barrels per day in line with its new quota, while output in Kuwait rose by 20,000 barrels per day.
The OPEC+ will meet tomorrow, Wednesday, September 1 to decide the next level towards the output cut, market analysts expect that the level will remain unchanged.
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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