Economy
Nigerian Crude Grades Exports to Dip 17% in February
By Adedapo Adesanya
Exports of four main Nigerian crude oil grades in February 2024 are set to average about 657,000 barrels per day, according to preliminary programmes, down slightly from the previous month (December 2023), calculations from Reuters indicated.
The scheduled loadings of Bonny Light, Bonga, Qua Iboe and Forcados crude oil streams stood at 792,000 barrels per day for January.
Nigeria’s Escravos stream was due to export four cargoes while Agbami and Egina will load three cargoes each.
The Amenam, Erha and Akpo streams will load two cargoes each, while Ea, Yoho, and Usan will each load.
This will likely result in lower revenues for Nigeria, which is Africa’s largest producer and will remain so following the exit of Angola from the Organisation of the Petroleum Exporting Countries (OPEC) earlier this month.
Nigeria has since committed to remain as one of the remaining 12 members of the Vienna-based group.
Nigerian crude continued to sell slowly during the holiday season, with around 35 cargoes for loading in January.
This is coming as Nigeria pushes to reach and exceed the 2024 crude oil production budget target of 1.7 million barrels per day.
Recently, the Nigerian National Petroleum Company (NNPC) Limited plans to produce two million barrels of crude oil per day in 2024.
It said this would significantly boost the 1.67 million barrels of oil and condensates currently produced daily and enable Nigeria to meet the two million bpd target set by the cartel.
“Our commitment is to produce at a rate of 2 million barrels per day, anytime from next year,” the Chairman of the NNPC Limited Board, Mr Pius Akinyelure, said after President Bola Tinubu inaugurated the board at the Council Chamber of the State House, Abuja two weeks ago.
However, Mr Akinyelure admitted that meeting such a target would require overhauling Nigeria’s security architecture to address pipeline vandalism and other mechanisms deployed in oil theft.
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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