Economy
60 Nigerian Crude Oil Cargoes Remain Unsold
By Adedapo Adesanya
At least 60 Nigerian crude oil cargoes have failed to find buyers despite the reduction of the official selling prices (OSP) by the Nigerian National Petroleum Corporation (NNPC), a report by Reuters has said.
The 60 cargoes were unsold were for April and May even after cargoes of Qua Iboe and Bonny Light crude continued to be offered at a discount of $3 on the dated Brent price.
Business Post had earlier reported that the NNPC in March cut its April official selling prices for Bonny Light and Qua Iboe by $5 per barrel to dated Brent minus $3.29 and minus $3.10 per barrel, respectively.
This is coming at a time when there is more pressure on crude prices due to almost 65 percent drop in demand despite decisions by members of the Organisation of the Petroleum Exporting Countries (OPEC) and some other oil producers to cut supply by 10 percent globally of which Nigeria pledged to cut around 400,000 barrels per day.
Following this, the country had expressed optimism that crude prices may rebound by $15 per barrel but with latest rounds of developments, the market had continued to fall in the face of an oil glut.
Saudi Arabia on Monday projected that effective global oil supply cut may reach about 19.5 million barrels per day, taking into account the reduction pact agreed by OPEC and its allies but this had done nothing to save the market.
Last month, the Federal Government set a $30 barrel benchmark for the reviewed budget of 2020 but prices had fallen as far to $27 per barrel, compromising any optimism in funding the budget in the face of a deadly outbreak of coronavirus in the country.
On Tuesday, the International Monetary Fund (IMF) said that the global economy was on course to contract by 3 percent in 2020, due to the coronavirus outbreak and the Great Lockdown which will plunge many economies into recession.
Nigeria is expected to contract by 3.4 percent this year, but projected to rebound as much as 2.4 percent in 2021.
Economy
SEC Postpones Q2 2026 Pre-registration Training, Examination for CMOs
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.
Economy
Fidson Lists Additional 600 million Shares on Stock Exchange
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.”
Economy
FG Approves Payments to 1,240 Contractors to Ease Liquidity Pressure
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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