Economy
Crude Oil Market Rises Amid US Plans to Refill Reserves
By Adedapo Adesanya
The crude oil market grew on Tuesday as traders weighed plans by the United States government to refill the nation’s emergency oil reserve and anticipated higher seasonal demand.
Brent crude appreciated by 43 cents or 0.6 per cent to trade at $77.44 a barrel, while US West Texas Intermediate (WTI) crude went up by 55 cents or 0.8 per cent to $73.71 a barrel.
The administration of Mr Joe Biden plans to begin purchasing oil to replenish the Strategic Petroleum Reserve (SPR) to cover speculative short positions.
Energy Secretary Jennifer Granholm has said the administration could start buying back crude oil for the Strategic Petroleum Reserve late this year after President Joe Biden last year directed the largest sale yet from the stockpile.
A report from the Energy Information Administration (EIA) pointing to higher seasonal demand and lower-than-expected output also supported prices.
This provided solace for the market, which had a string of bearish news.
US crude oil inventories rose by about 3.6 million barrels in the week ended May 5, according to market sources citing American Petroleum Institute (API) figures on Tuesday.
The official data from the EIA will be released on Wednesday.
Data also showed China’s imports contracted in April while exports rose at a slower pace.
Inbound shipments to the world’s second-largest economy fell 7.9 per cent year on year in April, extending the 1.4 per cent decline seen a month earlier, while exports grew 8.5 per cent, easing from the 14.8 per cent surge in March, Chinese customs data showed on Tuesday.
This reinforced signs of weak domestic demand despite the lifting of COVID curbs and heaping pressure on an economy already struggling in the face of cooling global growth.
The market is also bracing up for the April inflation data, to be released on Wednesday.
The data would give traders a hint about whether more rate hikes will be coming from the Fed after last week’s decision to raise the benchmark by another 25 basis points.
Markets were also monitoring President Biden and top Republican lawmakers’ comments on raising the $31.4 trillion US debt ceiling, fearing an unprecedented default if Congress does not act in three weeks.
Meanwhile, shut-in oil production of more than 300,000 barrels per day in Canada amid the wildfires in Alberta provided some support for prices.
Also, the oil market is bracing up for even more volatility as traders rush to the exits amid continued fears for the state of the US economy and global inflation trends.
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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