Economy
Oil Prices Remain Steady Amid OPEC+ Cuts, Falling US Stockpiles
By Adedapo Adesanya
Oil prices slightly changed on Thursday, the last trading session of the week, but posted a third weekly gain as markets weighed further production cuts targeted by OPEC+ amid falling US oil inventories.
Brent crude rose by 13 cents or 0.2 per cent to trade at $85.12 a barrel as the US West Texas Intermediate crude increased by 9 cents or 0.1 per cent to quote at $80.70.
There will be no trading on the Good Friday holiday.
Both benchmarks jumped more than 6 per cent this week after the Organization of the Petroleum Exporting Countries and allies, including Russia, OPEC+, surprised the market on Sunday with a pledge to production cuts.
Prices drew support from a steeper-than-expected drop and a second consecutive weekly drawdown in US crude inventories last week.
The Energy Information Administration (EIA) on Wednesday reported a crude oil inventory draw of 3.7 million barrels for the week to March 31.
At 470 million barrels, inventories are about 4 per cent above the five-year average for this time of the year.
Last week’s draw compares with a draw of 7.5 million barrels estimated for the previous week, which helped push oil prices higher.
US energy firms this week also cut the number of oil rigs for a second week in a row. The rig count, an early indicator of future output, dropped two to 590 this week.
Limiting gains, economic data from China and the United States has suggested a certain cooling in the rate of post-pandemic recovery, fueling worries about the prospects of oil demand later this year.
US labour market data pointed to slowing economic growth as the number of Americans filing new claims for unemployment benefits fell last week.
Annual revisions to the data showed applications were higher this year than initially thought, further evidence that the country’s labour market was slowing.
Also, there was also slower-than-expected growth in the US services sector.
The Institute for Supply Management (ISM) said its non-manufacturing PMI fell to 51.2 last month from 55.1 in February. A reading above 50 indicates growth in the services industry, which accounts for more than two-thirds of the economy.
In China, the Caixin PMI reading for March suggested a deceleration of post-pandemic growth.
However, the oil market could strengthen further as Saudi Arabia signalled its confidence that demand would remain resilient despite economic growth worries by raising its official selling prices for Asian buyers. Asia is Saudi Arabia’s biggest export market for crude oil.
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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