Economy
Brent Crude Sells at $93 as Supply Tightens
By Adedapo Adesanya
Brent crude futures climbed by $1.82 or 1.98 per cent to $93.70 per barrel on Thursday, the highest level this year, as expectations of tighter supply outweighed worries about weaker economic growth.
Also, the US West Texas Intermediate (WTI) crude gained $1.64 or 1.85 per cent during the trading session to close at $90.16 per barrel, the highest for the first time since last November.
The International Energy Agency said Saudi Arabia and Russia’s extended oil output cuts would result in a market deficit through the fourth quarter.
Prices had previously pulled back on a bearish US inventories report before resuming their climb.
The Organisation of the Petroleum Exporting Countries (OPEC) and its allies, known as OPEC+, began limiting supplies in 2022 to bolster the market.
Earlier this month, benchmark Brent crude breached $90 a barrel for the first time this year after OPEC+ leaders Saudi Arabia and Russia extended their combined 1.3 million barrel per day cuts until the end of 2023.
Output curbs by OPEC+ members of more than 2.5 million barrels per day since the start of 2023 have so far been offset by higher supplies from producers outside the alliance, including the United States, Brazil and still under sanctions, Iran, the agency said.
“But from September onwards, the loss of OPEC+ production… will drive a significant supply shortfall through the fourth quarter,” it said in its monthly oil report.
However, the lack of cuts at the start of next year would shift the balance to a surplus, the agency said, highlighting that stocks will be at uncomfortably low levels, increasing the risk of another surge in volatility in a fragile economic environment.
Prior to the IEA report, OPEC issued updated forecasts of solid demand and also pointed to a 2023 supply deficit if production cuts are maintained.
Market analysts warned that the move by Saudi Arabia and Russia could constrain supplies as the market approaches the peak northern hemisphere demand season for the winter period.
The European Central Bank (ECB) raised its key interest rate to a record peak but signalled this was likely its final move to tame inflation.
At the meeting on Thursday, it announced a 25-basis-point increase, and this pushed the rate the ECB pays on bank deposits to 4.0 per cent, the highest level since the Euro currency was launched in 1999.
Meanwhile, the central bank in China, the world’s second-largest oil consumer, said it would cut the amount of cash that banks must hold as reserves for the second time this year to boost liquidity and support the country’s economic recovery.
China’s economic recovery has remained choppy, worrying markets about demand.
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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