Economy
Oil Market Opens Weak on Stronger US Dollar
By Adedapo Adesanya
The crude oil market was bearish on Monday, falling more than one per cent as a rise in the US Dollar weakened appetite for the commodity.
As a result, the Brent went down by 1.81 per cent or $1.36 to sell at $74.01 per barrel, while the West Texas Intermediate (WTI) declined by $1.57 or 2.18 per cent to trade at $70.40 per barrel.
The greenback started the week on the front foot, trading at its highest for three weeks.
This is happening as investors fear the fallout from the developing situation in China, where Evergrande, one of the country’s largest construction firms, is at risk of defaulting on debt repayments, triggering a bout of risk aversion in the financial markets and driving demand for the safe-haven Dollar.
Evergrande Group, China’s second-biggest property developer by sales, has come under increasing scrutiny in recent months as the company grapples with a severe liquidity crisis due to a mounting debt pile.
Evergrande has a staggering $300 billion in outstanding debt and its potential failure risks setting off a chain reaction in China and overseas markets.
As a result, the Dollar got a lift with the Dollar index – a measure of the currency against a basket of six major rivals (Euro, Swiss Franc, Japanese Yen, Canadian Dollar, British Pound, and Swedish Krona) by 0.1 per cent at 93.247 after trading as high as 93.453.
A stronger dollar can be a headwind for commodities priced in the unit, making them more expensive to users of other currencies.
Traders will also be on alert for clues to the timing of the US Federal Reserve’s plan to eventually begin tapering its monthly bond purchases. Fed policymakers begin a two-day policy meeting on Tuesday, September 21.
The market may yet gain support from signs that some US Gulf output will stay offline for months due to storm damage.
The Bureau of Safety and Environmental Enforcement (BSEE) estimated less than 30 per cent of Gulf crude production, equal to around 422,000 barrels a day, remained shut in.
The slow return of crude output was seen helping lift prices in recent weeks, though the pace of the recovery picked up last week.
Analysts noted that if production continues to normalize at the pace it did last week, the market may not see the outage of up to 30 million barrels that was forecast.
They also estimated the lost production will remove 200,000 to 250,000 barrels per day of Gulf of Mexico oil supply for several months. The Gulf contributes about 16 per cent of US oil production or 1.8 million barrels per day.
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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