Economy
Crude Goes South Despite Heavy Inventories Drop
By Adedapo Adesanya
Oil prices dropped again on Wednesday despite a massive drop in crude inventories in the United States outweighed by concerns about the coronavirus pandemic effect on demand.
At the market yesterday, the Brent crude lost 4 cents or 0.07 per cent to sell at $55.84 per barrel while the United States’ West Texas Intermediate (WTI) chipped off 24 cents or 0.45 per cent to trade at $52.53 per barrel.
The Energy Information Administration (EIA) said on Wednesday that the US crude oil stockpiles dropped by nearly 10 million barrels last week, the lowest since March at 476.7 million barrels due to a sharp drop in imports.
The agency reported a crude oil inventory draw of 9.9 million barrels for the week to January 22. The is more compared with a build of 4.4 million barrels for the previous week. It also beat analyst expectations for a modest increase of some 600,000 barrels.
Comparatively, the American Petroleum Institute (API) reported its own estimate for oil inventories, which was for a draw of 5.3 million barrels.
Although this amount exceeded analyst expectations by a wide margin, it could not help prices as concerns about the market direction still lingered.
The number of global coronavirus cases has surpassed 100 million as infections rise in Europe and the Americas, while Asia scrambles to contain fresh outbreaks, weighing on oil demand and prices.
China, which has been reporting rising COVID-19 cases, for the first time yesterday saw a drop as only 75 cases were recorded but still, this did not change the trajectory of prices.
The market also overlooked support by reports about possible supply disruptions from Iraq and Libya. The former said it planned to reduce production in line with its commitments under the OPEC+ agreement, while the latter’s exports are being threatened by the Petroleum Facilities Guard, which claims it is owed salaries.
Meanwhile, the International Monetary Fund (IMF) said it expected oil prices to average $50 a barrel this year, which would be significantly higher than the average for 2020 but lower than the average for 2019.
However, the forecast was an upward revision on IMF’s previous prediction for oil prices, this could refresh investors appetite as it is a signal that the market is improving slowly.
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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