Economy
Crude Prices Drop as Mexico Restores Oil Output
By Adedapo Adesanya
Crude prices went in the negative for the first time in four days on Thursday as Mexico restored some output after a fire disrupted supplies.
Brent crude oil futures went down by 69 cents or 0.96 per cent yesterday to $71.55 per barrel while the West Texas Intermediate (WTI) crude oil futures shed 54 cents or 0.79 per cent to sell at $67.82 per barrel.
Mexico’s state oil company, Pemex, has started restoring part of more than 400,000 barrels per day in oil production it lost due to an inferno that gutted an offshore platform last weekend.
It has so far recovered 71,000 barrels per day of production and in the next few hours, it expects to add an additional 110,000 barrels per day.
The incident claimed five lives and injured six. The company said it had found the remains of two workers who were initially considered missing.
The platform where the fire erupted is part of a gas-processing hub in Campeche Bay. Its outage as a result of the fire reduced Pemex’s production by some 444,000 barrels per day.
Mexican President Andres Manuel Lopez Obrador on Thursday said Pemex will produce an average of 1.8 million barrels per day by year-end, despite the inferno.
This was the second fire at a Pemex platform for the past two months. The first one occurred in early July and the company said at the time that it was caused by a gas pipeline leak and a lightning storm.
Also pressuring prices were renewed concerns over demand due to rising COVID-19 infections.
Fresh outbreaks fueled by the Delta variant of the coronavirus are raising concerns about the strength of the economic recovery globally, hitting demand for oil and other commodities.
The bearish outcome turned the market away from price boosting news that US crude inventories fell last week for a third consecutive week while overall fuel demand increased to the most since March 2020, according to the Energy Information Administration (EIA).
The market is bracing for the impact of a storm brewing in the United States that is classified as major and can bring devastating damage onshore.
Oil majors have started evacuating non-essential personnel from offshore U.S. Gulf of Mexico platforms ahead of a storm expected to enter the region this weekend.
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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