Economy
Oil Jumps 4% on Supply Cut Threats
By Adedapo Adesanya
Oil prices closed higher by about 4 per cent on Friday, supported by real and threatened cuts to supply, with Brent growing by $3.69 or 4.1 per cent to settle at $92.84 a barrel and the United States West Texas Intermediate (WTI) crude increasing by $3.25 or 3.9 per cent to settle at $86.79 a barrel.
Despite Friday’s bounce, both crude benchmarks headed for a weekly drop, with Brent down by about 0.6 per cent after hitting its lowest since January at one point and the WTI declining by 0.3 per cent on a week-on-week basis.
Russian President Vladimir Putin has threatened to halt oil and gas exports to Europe if price caps are imposed.
“We will not supply anything at all if it contradicts our interests,” Mr Putin said at an economic forum in Vladivostok this week.
“We will not supply gas, oil, coal, heating oil – we will not supply anything,” the Russian president said as he also questioned a United Nations-brokered deal to export grain from Ukraine.
Europe usually imports about 40 per cent of its gas and 30 per cent of its oil from Russia.
The Group of Seven is trying to find ways to limit Russia’s lucrative oil export revenue in the wake of the invasion of Ukraine in order to weaken its power.
A US official said that the price cap that G7 countries want to impose on Russian oil to punish the country should be set at a fair market value minus any risk premium resulting from its invasion of Ukraine.
Pressures remained with European Central Bank (ECB) hiking its rate by 75 basis points this week just as more COVID-19 lockdowns in China have weighed on prices.
The city of Chengdu extended a lockdown for most of its more than 21 million residents while millions more in other parts of China were told to shun travel during upcoming holidays.
This happened after a small cut to oil output plans was announced this week by the Organisation of the Petroleum Exporting Countries and its allies, OPEC+.
US oil rigs fell five to 591 this week, their lowest since mid-June, energy services firm Baker Hughes Co said, as the growth in the rig count and production has slowed despite relatively high energy prices.
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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