Economy
Bonny Light Gains 4.48% as OPEC Basket Hits $45.34
By Adedapo Adesanya
Nigeria’s headline crude, Bonny Light, rose by as much as 4.48 per cent to sell for $45.75 per barrel on Wednesday, August 5, 2020.
The oil led the crude basket of the Organisation of the Petroleum Exporting Countries (OPEC), which rose by 2.4 per cent or $1.07 yesterday to trade at $45.34 per barrel.
According to the latest calculation from the cartel’s secretariat on Thursday, the average price of the 13 crudes in the basket was higher by $1.07 when compared with the previous day’s value of $44.27 per barrel.
The Bonny Light, as earlier stated, led others headline crudes from member nations such as Saharan Blend (Algeria), Girassol (Angola), Djeno (Congo), Zafiro (Equatorial Guinea), Rabi Light (Gabon), Iran Heavy (Iran), Basra Light (Iraq), Kuwait Export (Kuwait), Es Sider (Libya), Arab Light (Saudi Arabia), Murban (UAE) and Merey (Venezuela).
The gain was spurred by a weaker US dollar, a situation that was supportive for oil prices as it makes dollar-priced oil cheaper for holders of other currencies.
The dollar index, which measures the greenback against a basket of six major currencies logged its biggest monthly percentage fall in a decade in July, down as much as 0.03 per cent on Wednesday.
The market also received a boost from the US Energy Information Administration (EIA) data showed that crude oil inventories shed 7.4 million barrels during the week to July 31.
This marked another week of a drop from the previous week after inventories had lost as much as 10.6 million barrels, after a build of 4.6 million barrels for the second week of July.
In other OPEC related news, oil exports from OPEC’s Middle East producers with the exemption of Iran rose in July after Saudi Arabia and key Persian Gulf allies reversed the voluntary production cuts, they had made the previous month.
Kuwait and the United Arab Emirates led the gain in last month’s oil supplies to international markets, with Saudi Arabia increasing less quickly and Iraq barely changed.
Saudi producers boosted shipments by 190,000 barrels a day, far less than its increase in production, possibly signalling domestic crude use has soared with summer temperatures.
The four nations boosted crude and condensate shipments last month by 758,000 barrels a day, or 6 per cent to a combined 13.68 million barrels a day, tanker-tracking data compiled by Bloomberg show.
The increase reversed the previous month’s drop, as the region’s producers restored more than 1 million barrels a day of production that they removed from the market in June.
The output from the four producers, which account for about 72 per cent of production among members of the OPEC, rose to India and China.
On the other hand, data showed that shipments to South Korea slumped, possibly due to refiners opting for supply from the US Gulf Coast.
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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