Economy
Oil Nears $60 Tuesday as OPEC Seeks Deeper Output Cuts
By Adedapo Adesanya
Oil prices gained on Tuesday following a report that the Organisation of Petroleum Exporting Countries (OPEC) and its allies would consider deeper production cuts when they meet in December. As a result of this, major futures logged their first gain in three sessions.
On Tuesday, the Brent crude oil rose by 1.22 percent or 72 Cents to trade higher at $59.59 per barrel, while the US West Texas Intermediate crude gained 1.64 percent or 88 cents to settle at $54.39 per barrel.
Members of the oil cartel and their allies will consider making further reductions to crude output when they meet in December due to growing concerns about a slowdown in growth for oil demand.
Earlier in July, OPEC and Russia, together with other non-OPEC members, agreed to extend a 1.2 million barrel a day production cut for nine months.
Saudi Arabia has made the largest cutbacks but wants to producers to follow the agreement, as Iraq and Nigeria are among the countries that haven’t fully complied with the reductions.
On the political front, the trade war between the US and China continued to impact on oil demand growth but prices had been slightly trading higher earlier after China signalled progress in trade talks between both countries.
Chinese Vice Foreign Minister Le Yucheng said on Tuesday that problem between the world’s largest economies could be resolved as long as both sides respected each other.
Oil prices however were pressured by forecasts of a buildup in US crude stockpiles as inventories are expected to have risen for a sixth straight week, while distillates and gasoline stocks likely fell in the week to October 18.
The American Petroleum Institute will release its weekly inventory update at 4:30 p.m. Eastern time Tuesday (yet to be released as at press time), ahead of the US Energy Information Administration due at 10:30 a.m. Wednesday.
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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