Economy
Crude Oil Market Falls as Traders Sell-Off on Omicron Worries
By Adedapo Adesanya
The crude oil market fell on Wednesday as traders used the opportunity provided by the worries surrounding the Omicron variant of coronavirus to sell off the commodity.
While the Brent crude lost 36 cents or 0.5 per cent to trade at $68.87 per barrel, the United States West Texas Intermediate (WTI) lost 61 cents or 0.9 per cent to sell at $65.57 per barrel.
The US officials said the Omicron variant – believed more transmissible than previous strains of coronavirus – had been found in the country.
The first known US case was a fully vaccinated person in California who returned to the United States from South Africa on November 22 and tested positive seven days later.
The US also plans to announce stricter testing rules for international visitors.
Airlines in the world’s largest consumer of oil were told to hand over the names of passengers arriving from parts of southern Africa hit by Omicron.
This development adds to worries that could cut oil demand as global supply builds.
However, many warn that the market needs to ease the fears as much remains unknown about the new variant, which was first found on November 8 in South Africa and has spread to at least two dozen countries, including Nigeria.
The new variant has complicated the decision-making process for the Organisation of the Petroleum Exporting Countries and allies (OPEC+), which is meeting this week to decide whether to continue adding 400,000 barrels per day in supply to the markets.
Some analysts had speculated that OPEC+ could pause those additions in an attempt to slow supply growth, now expected to yield a surplus of 3.8 million barrels per day by March 2022.
According to reports, there is doubt about plans to change the current policy from several OPEC+ ministers who noted that even if they revise the increase, many producers will struggle to meet up to expectations due to infrastructural challenges.
Since August, the group has been adding an additional 400,000 barrels per day of output to global supply each month, as it gradually winds down record cuts agreed in 2020.
US Deputy Energy Secretary, Mr David Turk said President Joe Biden’s administration could adjust the timing of its planned release of strategic crude oil stockpiles if global energy prices drop substantially.
The US, in addition to other countries like China, Japan, South Korea, and the United Kingdom, announced plans in November to release 50 million barrels of its reserves into the market to try to cool energy prices.
The prevailing conditions did nothing to help even as the US Energy Information Administration (EIA) reported an inventory draw of 900,000 barrels for the week to November 26.
At 433.1 million barrels, the authority said crude oil inventories in the US remain below the five-year seasonal average.
Last week’s inventory move compares with a modest build of one million barrels for the previous week and 2.1 million barrels draw for the week before that.
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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