Economy
Brent Falls to $28 as Analysts Warn Oil Glut May Worsen
By Adedapo Adesanya
Oil prices continued in the low territory on Thursday, March 26, as the market reacted negatively to news that oil surplus could reach as much as 20 million barrels per day (mb/d) in the next few weeks.
With the deal signed by the now disbanded Organisation of the Petroleum Exporting Countries (OPEC) and its allies, OPEC+ set to expire on Tuesday, March 31, it means oil producing countries can now pump at will.
This is, however, threatening not only to fill up storages in the world but will do that with cheap oil. In their bid for the share of the market, more producers will cut prices further and this might eventually shut in oil production for others.
On Thursday night, Brent crude, the global benchmark, dropped $1.34 or 4.5 percent to to trade down at $28.65 per barrel. As for the US benchmark, West Texas Intermediate (WTI) crude, it recorded a drop of $1.89 equivalent to 7.7 percent to sell at $22.60 per barrel.
The spread of coronavirus across the globe has led to shut down of business activities, causing decline in demand for crude oil amid a huge rise in supply. The drop in decline is caused by directives of governments on travel restrictions.
To help prices, oil producers from the United States, which is not a member of the OPEC alliance, are reported to be in talks with OPEC to cut production since its former allies walked out of the former proposed deal.
However, market analysts see the possibility of this helping oil prices which are charting around the $20 per barrel mark in the long run.
The market may take even worse turns in days to come as reports monitored by Business Post noted that the US Energy Department has suspended its plans to buy crude for the country’s Strategic Petroleum Reserve (SPR).
This came after the requested $3 billion in funding for the project was left out of the $2 trillion stimulus package for the American economy for current challenges that President Donald Trump and the US Senate agreed to on Wednesday. President Trump had earlier ordered the move to buy the oil.
Oil prices have shed more than 50 percent in the less than thirty days as prices continue to get hit on the demand side from the coronavirus outbreak, and on the supply side by a price war between OPEC+ nations including Saudi Arabia and Russia.
As prices continue to fall, companies are now taking measures including capital spending cuts, dividend reductions, and reduction of workforce.
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.
-
Feature/OPED6 years agoDavos was Different this year
-
Travel/Tourism10 years ago
Lagos Seals Western Lodge Hotel In Ikorodu
-
Showbiz3 years agoEstranged Lover Releases Videos of Empress Njamah Bathing
-
Banking8 years agoSort Codes of GTBank Branches in Nigeria
-
Economy3 years agoSubsidy Removal: CNG at N130 Per Litre Cheaper Than Petrol—IPMAN
-
Banking3 years agoSort Codes of UBA Branches in Nigeria
-
Banking3 years agoFirst Bank Announces Planned Downtime
-
Sports3 years agoHighest Paid Nigerian Footballer – How Much Do Nigerian Footballers Earn