Economy
Crude Oil Soars Over 2% as OPEC Mulls Deeper Cuts
By Adedapo Adesanya
Crude oil climbed more than 2 per cent on Monday as further supply cuts in the production of the Organisation of the Petroleum Exporting Countries and its allies (OPEC+) are expected to be announced following a meeting of member countries early next week.
Brent crude futures expanded by $1.71 or 2.1 per cent to trade at $82.32 a barrel and the West Texas Intermediate (WTI) crude futures went up by $1.71 or 2.3 per cent to close at $77.60 per barrel.
According to Reuters, OPEC+ is set to consider whether to make additional oil supply cuts when the group meets later this month, after prices dropped by almost 20 per cent since late September.
Saudi Arabia, Russia, and other members of OPEC+ have already pledged total oil output cuts of 5.16 million barrels per day, or about 5 per cent of daily global demand, in a series of steps that started in late 2022.
The cuts include 3.66 million barrels per day by OPEC+ and additional voluntary cuts by Saudi Arabia and Russia.
The existing curbs might be not enough and the group will likely analyse if more could be implemented when it meets, with the possibility of deeper cuts on the table.
Ministers from OPEC+, which groups the Organization of the Petroleum Exporting Countries (OPEC) and allies led by Russia, will meet on November 26.
The discussion is taking place after a four-week losing streak for oil as the war premium from the war between Israel and Hamas dissipated.
Goldman Sachs said that based on its statistical model of OPEC decisions, deeper cuts should not be ruled out given the fall in speculative positioning and in timespreads, and higher-than-expected inventories.
In a fresh note, ING expects Saudi Arabia and Russia to deepen their production cuts, adding “However, what is less clear is whether the broader OPEC+ group will make further cuts.”
If other OPEC+ members join the production cuts, the surplus in supply expected for the first quarter of next year may vanish, ING researchers said in the research.
The chances of other OPEC+ members joining in the cuts remain unclear for now but with oil prices slumping, the possibility of broader cuts is certainly on the table.
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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