Economy
Brent Slides to $100 as Demand Worries Cloud Market
By Adedapo Adesanya
The international crude oil benchmark, Brent, slid to the $100 mark on Wednesday as investors grew more worried energy demand would take a hit in a potential global recession.
The crude oil grade specifically lost $2.43 or 2.36 per cent yesterday to settle at $100.34 per barrel as the American grade, the West Texas Intermediate (WTI) crude fell by $1.11 or 1.12 per cent to $98.39 per barrel.
On Tuesday, Brent tumbled 9 per cent in what was the third biggest for the contract since it started trading in 1988. Its biggest drop was an equivalent of $16.84 in March while WTI lost 8 per cent.
The oil market opened the third quarter on a volatile footing as concerns about a potential recession rattled investors.
As central banks, including the US Federal Reserve, jacked up interest rates to tame inflation, investors have been pricing in the consequences of a slowdown even as physical crude markets continue to show signs of vigour and the war in Ukraine drags on.
With the US central bank expected to keep raising interest rates, investors are cutting back on risky assets like oil.
Oil prices were also slammed by a soaring US Dollar. The rise in the greenback makes oil expensive for holders of other currencies.
In China, the world’s biggest oil importer, the market is worried that new COVID-19 lockdowns could cut demand as some areas are facing local outbreaks and infections have emerged at the community level in Shanghai.
Meanwhile, China’s crude oil imports from Russia in May soared 55 per cent from a year earlier to a record level.
Russia displaced Saudi Arabia as the top supplier, with refiners grabbing discounted supplies as Western countries sanctioned the country over its invasion of Ukraine on February 24.
Further pressuring oil prices, Equinor ASA said all oil and gas fields affected by a strike in Norway’s petroleum sector were expected to be back in full operation within a couple of days.
The strike could have reduced Norway’s gas exports by as much as 60 per cent and would have pushed already excessive European gas prices even higher.
“Workers are going back to work as soon as possible. We are cancelling the planned escalation,” the leader of the Lederne trade union, one of the striking organizations, said.
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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