Economy
Crude Oil Dips as Markets Weigh Chinese Demand
By Adedapo Adesanya
Crude oil dipped by 1 per cent on Friday as markets remained wary of Chinese demand even as the Organisation of the Petroleum Exporting Countries and its allies (OPEC+) extended supply cuts.
Yesterday, the price of Brent crude futures was down by 94 cents or 1.1 per cent to $82 a barrel, and the US West Texas Intermediate (WTI) crude futures declined by $1.02 or 1.3 per cent to trade at $77.92 per barrel.
Both benchmarks were on track for weekly declines, with Brent down 1.1 per cent and WTI 2.6 per cent.
Market analysts noted that while supplies have remained on the tighter side given OPEC’s production cuts and Russian sanctions slowing exports, demand from China appears to be lagging.
This is happening as the US driving season demand has yet to kick in.
The market also overlooked US job growth which rose by 275,000 new nonfarm payrolls in February, according to the US Bureau of Labor Statistics.
However, the country’s unemployment rate also rose and wage growth decelerated, indicating that the US economy could be slowing.
If this happens, it could delay the much-anticipated interest rate cut expected in June from the US Federal Reserve.
Markets have reacted to signals on the timing of possible rate cuts in the US and European Union (EU) in the previous two sessions.
US Federal Reserve Chairman, Mr Jerome Powell, said on Thursday that the central bank was not far from gaining enough confidence that inflation is falling sufficiently to begin cutting interest rates. The European Central Bank (ECB) could also start cutting rates from next month.
Lower interest rates could increase oil demand by boosting economic growth.
Meanwhile, China, this week, has set an economic growth target for 2024 of around 5 per cent, which many analysts say is ambitious without much more stimulus.
OPEC+ members led by Saudi Arabia and Russia agreed on Sunday to extend voluntary oil output cuts of 2.2 million barrels per day into the second quarter, giving extra support to the market amid concerns over global growth and rising output outside the group.
However, preliminary data showed that crude production in OPEC+ countries increased by 212,000 barrels per day in February over January output.
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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