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Economy

Fresh Hopes for Nigeria as Brent Returns to $60 Per Barrel

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crude oil price at market

By Adedapo Adesanya

The Brent Crude oil traded at $60.04 (9PM Nigerian Time) on Tuesday, giving Nigeria new hopes that funding its 2019 budget may no longer be under threat. The nation, which relies heavily on income made from the sale of its crude oil for revenue, set the benchmark for this year at $60 per barrel.

But in the past few weeks, the commodity has been trading lower, casting doubts on the possibility of government to meet its obligations back home.

At the market yesterday, the Brent Crude saw an increase of 30 Cents equivalent to 0.5 percent. Last week, the black gold was sold for as low as $54 per barrel.

As for the West Texas Intermediate (WTI) Crude, it saw no growth as it dropped 3 Cents equal to 0.05 percent to trade at $56.09.

Oil prices were trading up on Tuesday prior to the data release as the market clawed its way back up after reaching 2019 lows last week as prospects for demand growth dimmed in the wake of the ongoing trade dispute between China and the United States.

The American Petroleum Institute (API) reported a crude oil inventory draw of 3.45 million barrels for the week ending Aug 15, compared to analyst expectations of a 1.889-million barrel draw.

The API this week reported a 403,000-barrel draw in gasoline inventories for week ending Aug 15. Analysts predicted a build in gasoline inventories of 169,000 barrels for the week.

Distillate inventories rose by 1.806 million barrels for the week, while inventories at Cushing fell by 2.803 million barrels.

US crude oil production as estimated by the Energy Information Administration showed that production for the week ending August 8 stayed the same at 12.3 million bpd, just 100,000 bpd off the all-time high of 12.4 million bpd.

The U.S. Energy Information Administration report on crude oil inventories is due to be released at its regularly scheduled time on Wednesday at 10:30a.m. EST.

Adedapo Adesanya is a journalist, polymath, and connoisseur of everything art. When he is not writing, he has his nose buried in one of the many books or articles he has bookmarked or simply listening to good music with a bottle of beer or wine. He supports the greatest club in the world, Manchester United F.C.

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Economy

SEC Postpones Q2 2026 Pre-registration Training, Examination for CMOs

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capital market operators

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.

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Economy

Fidson Lists Additional 600 million Shares on Stock Exchange

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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.”

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Economy

FG Approves Payments to 1,240 Contractors to Ease Liquidity Pressure

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FG contractors protest

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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