Economy
Brent Nears $89 on Escalating Supply Threats
By Adedapo Adesanya
Brent crude prices pushed close to $89 per barrel as Ukrainian attacks on Russian energy facilities and escalating conflict in the Middle East raised supply worries.
On Tuesday, the international crude benchmark gained $1.50 or 1.7 per cent to trade at $88.92 per barrel, and the US West Texas Intermediate (WTI) crude futures appreciated by $1.44 or 1.7 per cent to $85.15 per barrel.
A Ukrainian drone struck one of Russia’s biggest refineries in an attack Russia initially said it repelled.
The company said that Russia’s Astrakhan gas processing plant, controlled by energy giant Gazprom, also halted production of petroleum products after a repair-related stoppage on March 30.
The impact of the attack suggests it hit the refinery’s primary oil refining unit, which accounts for about half of the plant’s total annual production capacity of 340,000 barrels per day.
Ukraine has in recent months begun attacking the oil refineries of Russia, the world’s second-largest oil exporter, impacting the country’s highly lucrative trade in refined products, amid extensive Russian missile strikes on Ukraine’s energy grid.
Almost 15 per cent of Russia’s refining capacity has been shut down by drone attacks which Ukraine says is justified because it is fighting for survival and has suffered damage to its infrastructure from Russian air strikes.
The attacks on Russian refineries have raised concern, particularly by the US about the potential for escalation with Russia.
In the Middle East, Iran has vowed to take revenge on Israel for an airstrike that killed two top generals and five military advisers at the Iranian embassy compound in Damascus.
Israel has been at war against the Iran-backed Palestinian group Hamas in Gaza and analysts warned that direct Iranian involvement would spark a wider conflict with a plausible impact on oil supply.
According to market sources citing American Petroleum Institute (API) figures on Tuesday, US crude oil inventories fell by 2.3 million barrels last week.
The market will await official government data from the US Energy Information Administration (EIA) which will be published later on Wednesday.
Markets are also looking ahead to Wednesday’s ministerial panel meeting of the Organization of the Petroleum Exporting Countries and its allied producers collectively known as OPEC+.
However, the panel is unlikely to recommend any change in oil output policy.
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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