Economy
Nigeria Produced 1.59mbpd of Crude Oil in May—OPEC
By Adedapo Adesanya
Nigeria’s estimated crude production fell by 185,000 barrels per day to 1.59 million in May following the country’s pledge to cut production in line with a pact by members of the Organisation of the Petroleum Exporting Countries and its allies, OPEC+.
The country’s crude oil production was published in the latest data obtained from OPEC.
OPEC and partners agreed in April to cut output in response to low demand and crashing prices caused by the coronavirus crisis. They all initially agreed to do this by 9.7 million barrels in May and June but met two weeks ago to extend the deal to July.
However, Nigeria failed to keep its side of the agreement since the new cut which prompted the country, through its Minister of State for Petroleum Resources, Mr Timipre Sylva, to promise a compensation cut.
Business Post reported that Nigeria would be producing 1.412 million barrels per day in May and June, in addition to condensate production of between 360,000 and 460,000 barrels per day, which are exempted from OPEC cuts.
But OPEC said the country’s production level, based on secondary sources, was 180,000 barrels per day or about 13 percent higher than the quota given to it.
The group uses secondary sources to monitor its oil output, but also publishes a table of figures submitted by its member countries. Nigeria, however, did not provide its production figure for May, the report showed.
The number of active oil rigs in the country fell by 50 percent in May amid the coronavirus-induced collapse in prices and drop in demand for crude.
Data obtained from Baker Hughes Incorporated and OPEC also showed that Nigeria’s rig count fell to eight in May from 16 in April and 21 in March.
Crude oil sales remain the country’s main source of foreign earnings. Revenue generated from the commodity is used to fund critical projects in Nigeria and the crash of prices of oil earlier this year, especially before the output deal was reached, affected the nation, force the review of its 2020 budget twice in two months.
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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