Economy
Brent Falls Below $70 as Inventories Build Amid Supply Glut
By Adedapo Adesanya
Brent crude continued its sharp downturn on Wednesday as it plunged for the fourth consecutive session and settled below $70 per barrel.
The price of the international crude benchmark slid by $1.74 or 2.45 per cent to $69.30 a barrel and the US West Texas Intermediate crude (WTI) lost $1.95 or 2.86 per cent to trade at $66.31 a barrel.
The market faced woes after US crude oil stockpiles posted a larger-than-expected build, adding further headwinds
Crude inventories saw an increase of 3.6 million barrels during the week ending February 28, according to data from the US Energy Information Administration released on Wednesday.
Prior to the crude data released by the US official agency, the American Petroleum Institute (API) reported on Tuesday a dip of 1.455 million barrels in US.
Meanwhile, investors worried about the Organisation of the Petroleum Exporting Countries and its allies (OPEC+) plans to increase output in April.
The group said Saudi Arabia, Russia, the United Arab Emirates, Iraq, Kuwait, Kazakhstan, Oman and Algeria will start unwinding a 2.2 million barrel per day cut from April.
It also stressed that the return of oil “may be paused or reversed subject to market conditions’’.
Pressure came as the market weighs US tariffs on Canada, China and Mexico.
The imposition of tariffs on China, Canada and Mexico by the US sparked swift reprisals from each nation that increased concerns over a slowdown in economic growth and the consequent impact on energy demand.
Canada and China retaliated immediately against President Donald Trump’s tariffs on Tuesday, and Mexico said it would respond in due time, without giving details.
On the supply front, the US withdrew license that it granted to producer Chevron since 2022 to operate in Venezuela and export its oil. The decision puts 200,000 barrels per day of supply at risk.
The market is also anticipating possible suspension of sanctions on Russian oil after Ukraine indicated that it would sign a mineral deal.
However, analysts point out that Russia’s commitment to OPEC+ will cushion excess supply that may come from the lifting of the sanctions.
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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