Economy
OPEC Caps Nigeria’s Oil Output at 1.8mbpd
By Dipo Olowookere
Nigeria has been told by the Organization of Petroleum Exporting Countries (OPEC) not to produce above 1.8 million barrels per day (1.8mbpd) of crude oil.
This decision was reached on Thursday at the meeting of OPEC and non-OPEC members held in Vienna, Austria.
Libya was also informed not to produce oil above one million barrel per day.
Nigeria presently produces about 1.75mbpd of crude oil, while Libya does 980,000mbpd.
This oil cap is aimed at stabilising the price of the commodity at the global market.
Both African nations were allowed to extend their oil-production cuts to the end of 2018, but would be subject to a review at the next scheduled meeting in June.
Nigeria, in its 2018 budget, had pegged the oil production at 2.3mbpd, but with this latest development, it might have to adjust this benchmark.
Minister of State for Petroleum, Mr Ibe Kachikwu, who led Nigeria’s delegation to the meeting, disclosed that efforts would not be put in producing condensate and others not captured along pure crude by OPEC calculations.
“We’ve been asked to be disciplined, the word cut has not been used. We’ve resisted the word cut. The word cap has been accepted by me a long time ago.
“Clearly, there is a continuing obligation to ensure that we do not just flood the market because of the exemptions we were given.
“There’s a lot more energy around bringing everybody to the ball park, Nigeria is willing to be in that ballpark and contribute.
“Our contribution is fairly limited because we are still lacking yet in that capacity to reach the marks anywhere soon.
“Our current production is 1.75, we are still below the 1.8 that was the benchmark which is comfortable but you’re going to see a lot more pressure as we go into next year.
“Sometime late next year, we will probably see the capacity of Nigeria to do close to 2.3, 2.5.
“Can we do it? Probably not if we all keep to discipline. We are now going to be looking at producers within our country and those giving us barrels at the least cost price because we are going to cut scientifically those who are unable to produce below a certain benchmark,” the Minister told Bloomberg Television.
Yesterday, the Senate postponed passage of the 2018-2020 Medium-Term Expenditure Framework (MTEF) and Fiscal Strategy Paper (FSP) to next Tuesday to await outcome of the meeting.
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.
-
Feature/OPED6 years agoDavos was Different this year
-
Travel/Tourism10 years ago
Lagos Seals Western Lodge Hotel In Ikorodu
-
Showbiz3 years agoEstranged Lover Releases Videos of Empress Njamah Bathing
-
Banking8 years agoSort Codes of GTBank Branches in Nigeria
-
Economy3 years agoSubsidy Removal: CNG at N130 Per Litre Cheaper Than Petrol—IPMAN
-
Banking3 years agoSort Codes of UBA Branches in Nigeria
-
Banking3 years agoFirst Bank Announces Planned Downtime
-
Sports3 years agoHighest Paid Nigerian Footballer – How Much Do Nigerian Footballers Earn