Economy
Nigeria to Raise Output as OPEC+ Okays Increase in Supply
By Adedapo Adesanya
Nigeria, a member of the oil-producing countries under the Organisation of the Petroleum Exporting Countries and its allies (OPEC+) led by Saudi Arabia and Russia, will increase its output for the next three months.
The country, which is Africa’s largest crude producing nation, will join the 23-nation alliance to boost supply by not more than 500,000 barrels per day in May, June and July 2021.
The decision comes amid expectations before the meeting that the bloc would err on the side of caution as fear over the third wave of COVID-19 pandemic spread across Europe.
On Thursday, April 1, members of the group had a meeting to discuss the market and how supply can be monitored.
Under its current agreement, the OPEC+ alliance is enforcing drastic cuts in production, meaning seven million barrels that could be shipped to markets every day are being left in the ground.
Market analysts had widely tipped OPEC+ to roll over the production cuts for another month, especially as more nations are experiencing an upswing in coronavirus cases.
Saudi Arabia and Russia Views
Addressing reporters after the meeting, Saudi Energy Minister Prince Abdelaziz bin Salman stressed that the decision could still be “tweaked” in the alliance’s monthly meetings.
Before the meeting, Prince Abdelaziz said that “the reality remains that the global picture is far from even, and the recovery is far from complete”.
Prince Salman praised the OPEC+ alliance nations for more than fulfilling their commitments to restrain output.
In addition, Saudi Arabia has volunteered to cut its own output by one million barrels per day to help avoid oversupplying a market suffering from a collapse in demand due to the coronavirus pandemic.
The cuts were aimed at avoiding limited storage capacity and to help support prices that crossed the $60 per barrel mark last month.
Russia’s Deputy Prime Minister, Mr Alexander Novak was more optimistic in his opening comments.
“The evolution of the vaccination campaign is making progress and allows us to look towards the future with optimism, even if, of course, we shouldn’t forget that there remain many uncertainties ahead.
“We also note that the economy continues to improve,” he added.
However, with Europe returning to lockdown and infections sweeping through India, a country that until the pandemic was an important source of demand growth, experts are now seeing a slower recovery for the crude market.
The International Energy Agency (IEA) reflected this more downbeat outlook in forecasts contained in its last report this month.
It estimated that global demand could take another two years to get back to its pre-crisis levels.
Latest OPEC+ Compliance for February 2021
Overall OPEC+ compliance stood at 113 per cent in February, up from 103 per cent in January, the highest compliance that the group has delivered since the start of the current output restraint agreement in May 2020.
The group’s 10 participating OPEC countries, including Nigeria and excluding Iran, Venezuela, and Libya, were 124 per cent compliant in February, also the highest level since the start of the agreement, up from 108 per cent in January, while the nine Non-OPEC participants were 94 per cent compliant, down from 95 per cent in the previous month.
Non-OPEC members’ collective compliance has hovered just a little below 100 per cent in each month since the start of the agreement. They got closest to full compliance in August when they delivered 99 per cent of their pledged cuts.
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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