Economy
Brent Moves Above $57 as Chinese Refiners Increase Demand
By Adedapo Adesanya
Despite demand worries still affecting prices, Brent crude went above $57 per barrel on Friday as investors regained interest in trading amid the economic impact of the coronavirus, which some observers have said would be a thing of the past.
On Friday night, the Brent Crude gained 89 cents or 1.58 percent to trade at $57.23 per barrel, while the WTI crude rose by 59 cents equivalent to 1.15 percent to sell at $52.01 per barrel.
Traders comprising independent refiners went on a buying spree on Friday. For instance, Shandong Shouguang Luqing Petrochemical Company bought as many as seven cargoes from Russia, Angola and Gabon for March and April, while Sinochem Hongrun Petrochemical Company bought a shipment from Gabon, according to what Business Post gathered from Bloomberg News.
Also, the activities of the Organisation of the Petroleum Exporting Countries (OPEC) and its allies led by Russia, following deliberations last week to extend oil cut up by 600,000 barrels per day to 2.3 million barrels per day till June 2020, contributed to the gains yesterday.
Even though Russia wasn’t excited in extending cuts, analysts say they might have no choice but to eventually agree to further curb production in response to the demand fears brought about by the spread of COVID-19 in China.
However, since the meeting which wrapped up last week, nothing has yet been confirmed or approved from Russia ahead of the next meeting in Vienna on March 5-6.
Latest reports from China on Friday said 121 more people had died from COVID-19, over the previous 24 hours, bringing the total number of deaths to 1,381.
The country’s National Health Commission also reported that 5,090 new confirmed cases were in mainland China, bringing the total to 63,851. The number of new cases jumped sharply on Thursday after a change in the government’s counting method.
With continuous effect of the virus on oil demand, the International Energy Agency (IEA) said that first-quarter oil demand for 2020 was set to fall compared with 2019 for the first time since the financial crisis in 2009 because of the outbreak.
According to the agency in its monthly oil market report released on Thursday, demand is now expected to fall by 435,000 barrels per day in the first quarter of 2020, down from the same period a year ago as 825,000 barrels a day will be expected in Q1.
The consequences of the new coronavirus, known now as Covid-19 by the World Health Organisation (WHO) will be significant for global oil demand, oil prices and producers, the IEA said in its report.
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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