Economy
Crude Extends Bullish Run as OPEC Releases Demand Outlook
By Adedapo Adesanya
Oil prices held their positive run despite the Organisation of the Petroleum Exporting Countries (OPEC) revising its expectations for global oil demand downwards due to the renewed spike in coronavirus cases in major economies.
On Wednesday, the Brent crude moved up by 0.3 per cent or 13 cents to sell at $43.74 per barrel while the United States’ futures, West Texas Intermediate (WTI) crude, made a 0.17 per cent or 7 cents gain to trade at $41.41 per barrel.
In its Monthly Oil Market Report (MOMR), the cartel on Wednesday cut its global oil demand forecast for this year by 300,000 barrels per day compared to last month’s estimate. The group now sees global oil demand at slightly above 90.0 million barrels per day this year, down by 9.8 million barrels per day compared to 2019.
The main reasons for the expected lower demand for this year are the recent new lockdowns and curfews in many major European economies, including the United Kingdom, France, Germany, and Italy, as well as weaker-than-expected demand in the developed economies in the Americas in the third quarter of 2020.
The weaker oil demand recovery is expected to continue into 2021, according to OPEC, which also cut its estimate for global oil demand for necxt year. In 2021, oil demand is expected to grow by 6.2 million barrels per day compared to 2020.
This is a downward revision of 300,000 barrels per day compared to OPEC’s October forecast. Next year, total global demand is expected to reach 96.3 million barrels per day which is still lower than the demand before the pandemic.
OPEC’s assessment that the second COVID-19 wave is hitting oil demand more than previously thought comes weeks before the cartel and its Russia-led partners meet on November 30 and December 1 to discuss the state of the oil market and how to proceed with the ongoing record production cuts.
OPEC’s new downward revision of its oil demand forecasts is giving the market all the more reasons to speculate that the OPEC+ group needs to roll over the 7.7 million barrels per day cut into 2021, instead of easing it by 2 million barrels a day from January.
But with the market still hopeful that vaccines may roll out soon following announcement from Pfizer and BioNTech, it is hoped a safe and effective vaccine could help bring an end to the coronavirus pandemic that has claimed over 1.27 million lives.
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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