Economy
Crude Oil Gains as OPEC Ponders Supply Cut Extension
By Adedapo Adesanya
Oil prices bounced back to gaining ways on Tuesday despite the market being affected by low demand resulting from the coronavirus spread in China and other countries, restricting movement and economic activities.
It was observed that speculations that a group oil producers known as the Organisation of the Petroleum Exporting Countries (OPEC) was considering an extension to cut in crude production pushed prices up yesterday at the market.
Consequently, the Brent crude futures, which is the global benchmark, gained 21 cents or 0.36 percent to trade at $58.79 per barrel, while the US West Texas Intermediate (WTI) crude futures moved up 34 cents or 0.64 percent to settle at $58.73 per barrel on Tuesday night.
The market has been faced by low demand caused by the SARS coronavirus which originated from the Chinese city of Wuhan and has since killed over 105 people and affected more than 4,500 people globally, pulling down prices of the commodity as people were warned not to travel or go to work as a preventive measure in China, while panic also grew.
However, OPEC wants to extend current oil output cut until at least June, with the possibility of deeper reductions on the table if oil demand in China is significantly impacted by the spread of a new coronavirus.
This lifted crude prices which had fallen more than five days of losses up, as the cartel may extend its decision to reduce oil supply from producers to support prices, as agreed in a meeting held in December to cut a total of 1.7 million barrels per day (bpd) of output until the end of March this year.
In its outlook for the year, OPEC expects its world market oil share production to fall further as output rises in non-OPEC rivals including the United States, Brazil, Canada, Australia, Norway and Guyana, leading to excess supply while global demand is rising, and without this measure, there was the likelihood of an oil glut.
Saudi Energy Minister Prince Abdulaziz bin Salman had earlier said that all options were open when OPEC+ meets next in the headquarters of the organisation in Vienna, Austria in March 5 and 6 hinting about the vague possibility of a further output reduction.
If this trend holds, market analysts say that with this good news amid a negative outlook in demand, oil prices may continue towards a path to recovery fully next week.
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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