Economy
Nigeria’s Bonny Light Crude Rises as Brent Falls
By Adedapo Adesanya
Crude oil prices moved in different directions at the global oil market on Wednesday as crude stockpiles in the United States declined, exceeding expectations.
Business Post reports that the Brent crude futures lost 17 cents or 0.25 per cent to trade at $68.71 per barrel, the West Texas Intermediate (WTI) crude futures depreciated by 6 cents or 0.09 per cent to sell for $65.63 per barrel, while Nigeria’s Bonny Light crude appreciated by 87 cents or 1.29 per cent to trade at $67.18 per barrel.
Further, the OPEC Basket was up by $1.58 or 2.43 per cent to $66.67 per barrel, while the Brass River and Qua Iboe, two of Nigeria’s oil grades, improved by $1.66 or 2.56 per cent each to $66.59 per barrel apiece.
Prices of crude oil had earlier rose after the Energy Information Administration (EIA) reported an inventory draw of 8 million barrels for the week to April 30 but later gave up the gains to trade lower.
The oil inventory figure compares with a weekly draw of 7.688 million barrels estimated by the American Petroleum Institute (EIA) a day earlier, and with a moderate build of 100,000 barrels that the EIA reported for the previous week.
Analysts had expected the EIA to report a crude oil inventory decline of 2.19 million barrels for the period.
However, despite the impressive signals, the market is still reeling from the increased rate of coronavirus in some other parts of the world with infections still on the rise in India and Japan, two of the world’s largest oil exporters and consumers.
In India, COVID-19 related deaths rose by a record of 3,780 in the last 24 hours while daily infections rose by 382,315 on Wednesday, indicating that the South Asian country’s morbidity number has been in excess of 300,000 every day for the past two weeks.
Medical experts dispute published figures saying India’s actual figures could be five to 10 times the official details as the country has added 10 million cases in just over four months, after taking more than 10 months to reach its first 10 million, a worrying sign for the black gold.
On Japan’s end, the country’s government is considering an extension of the state of emergency for Tokyo and other major urban areas that were scheduled to end on May 11. It had placed Tokyo, Osaka, Kyoto and Hyogo prefectures under a 17-day state of emergency on April 25 in an effort to reverse the surge in coronavirus infections.
Meanwhile, vaccination efforts in other parts of the world keep indicating that demand is on its pathway to recovery. In the US, more than 40 per cent of adults have received at least one shot and more than half of adults in the United Kingdom. Also, in the US, states have begun to relax movement restrictions as the rates of vaccinated people continue to rise.
In addition, the European Union is set to start allowing foreign tourists into the bloc beginning from June in an attempt to avoid a second ruined summer tourist season, which will help boost 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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