Economy
Crude Drops as Rising US Inventories Add to COVID-19 Pressures
By Adedapo Adesanya
Oil prices extended their fall into another day on Wednesday as surging COVID-19 cases affecting demand were further dampened by a slight increase in crude inventories in the United States.
Consequently, the Brent crude futures dropped 27 cents or 0.41 per cent to $65.05 per barrel, while the West Texas Intermediate (WTI) crude futures lost 27 cents or 0.44 per cent to trade at $61.08 per barrel.
According to the Energy Information Administration (EIA), there was an inventory build of 600,000 barrels for the week to April 16 in the US compared with the decline of 5.9 million barrels for the previous week. Analysts had expected a draw of 2.86 million barrels.
A day earlier, the American Petroleum Institute (API) reported a modest inventory build of less than half a million barrels.
The oil environment had in recent day’s been swayed southwards by the fast increase in new COVID-19 infections in India, the third biggest driver of global oil demand after the US and China.
On Tuesday, the country reported its worst daily death toll from COVID-19 and is facing an oxygen supply crisis to treat patients. Large parts of the country are now under lockdown due to a huge second wave of the coronavirus pandemic.
In addition to worries about India, the European Medicines Agency said its safety committee concluded that a warning about unusual blood clots with low blood platelets should be added to the product information for Johnson & Johnson’s coronavirus vaccine, but said the benefits outweighed the risk.
Analysts, however, noted that despite the pandemic hotspots in places like India and growing concerns in Japan, the world’s fourth-biggest oil user, signs are still positive for a fuel demand recovery in the US, Europe and the United Kingdom.
There is also more worry for the black gold as the US House Judiciary Committee cleared a bill that would leave the Organization of the Petroleum Exporting Countries (OPEC) open to antitrust lawsuits over production cuts.
The committee’s move on the No Oil Producing and Exporting Cartels Act of 2021, known as NOPEC, called attention to long-running efforts by the US to make it illegal for OPEC to manipulate oil prices.
The NOPEC bill would make it illegal for any foreign state to act collectively to limit oil production or set prices. The bill still has a long way to go before it potentially becomes a law.
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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