Economy
Oil Rebounds as OPEC+ Mulls Output Raise
By Adedapo Adesanya
Oil prices rose on Monday, rebounding from recent losses on reports that the Organisation of the Petroleum Exporting Countries and allies (OPEC+) could adjust plans to raise production.
The Brent crude added 74 cents or 0.94 per cent yesterday to trade at $79.63 per barrel, while the West Texas Intermediate (WTI) rose 69 cents or 0.91 per cent to sell at $78.03 per barrel.
The OPEC+ may alter plans to keep boosting production to counter plans by large consuming countries to release crude from their reserves or if the coronavirus pandemic dampens demand.
The market had been dampened by plans by countries like the US, Japan, and India to release from the crude oil reserves to counter rising prices taking a toll on their economies.
US President Joe Biden was reported to be preparing to announce the release of oil from the nation’s Strategic Petroleum Reserve (SPR) in concert with several other countries as soon as Tuesday.
Japanese and Indian officials are now working on ways to release national reserves of crude oil in tandem with the world’s largest oil producer and other major economies to dampen prices.
Although Japanese laws prohibit the release of oil from the reserve except in a situation of a shortage or a natural disaster, the government is looking for a loophole in the law.
Last week, President Biden approached China, Japan, South Korea, and India with the suggestion to all release oil from their strategic reserves with China already planning to do this.
Initially, India rejected the idea on the grounds it would not do much good, even though the country is among the most dependent on imported oil while South Korea also seemed reluctant to tap its strategic reserves.
Now with the plans to release the oil, analysts note that the combined SPR release could be 100 million to 120 million barrels or even higher.
Also adding to the bearish outlook for the market is the worry that demand might be affected by the prospect of national lockdowns in Europe.
Austria entered its fourth national lockdown on Monday as Europe again becomes the epicentre of the coronavirus pandemic.
Its neighbour, Germany could also impose fresh curbs, with politicians debating a lockdown for unvaccinated people.
In addition, The US Dollar traded close to a 16-month high against the Euro on Monday, making dollar-priced crude more expensive for buyers with other currencies.
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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