Economy
Demand Fears, Return of Supply in Libya, Kazakhstan Pull Down Oil Prices
By Adedapo Adesanya
Oil prices fell on Monday as concerns about demand were stoked by the rapid global rise in Omicron coronavirus infections and rise in crude supply from Libya and Kazakhstan.
Brent crude lost 83 cents or 1.02 per cent to trade at $80.92 per barrel while the United States West Texas Intermediate (WTI) crude fell by 49 cents or 0.62 per cent to sell at $78.41 per barrel.
Demand worries sparked afresh as a new round of fears in the face of the nearly 2 million new coronavirus cases discovered in the last 24 hours, defying high vaccination rates.
This concern pushed off gains recorded last week following protests in Kazakhstan that hit production at the country’s Tengiz oilfield while pipeline maintenance in Libya lowered production to 729,000 barrels per day from a high of 1.3 million barrels per day last year.
The world’s largest oil exporter, China recorded its first local transmission of the Omicron variant over the weekend in the city of Tianjin.
According to analysts, the high rate of transmissibility, combined with China’s address of the coronavirus with lockdowns, could bring the country’s first-quarter growth down by 0.6 to 0.7 percentage points to a bit over 4 per cent year-on-year.
Also, Kazakhstan’s largest oil venture Tengizchevroil (TCO) is gradually increasing production to reach normal rates after protests limited output and this impacted prices yesterday.
In addition, production in Libya ticked up on Monday as it rose to 900,000 barrels per day from 729,000 barrels per day after the completion of repair work on a pipeline, the country’s oil ministry said amid continuous blockade.
The pipeline that was repaired links two oil fields to the Es Sider export terminal. Its shutdown for repairs took 200,000 barrels per day offline, which coincided with field outages caused by blockades that shaved off more barrels from Libya’s total.
Last week, oil prices found support from rising global demand and lower-than-expected supply additions from the Organisation of Petroleum Exporting Countries (OPEC) and allies including Russia, a group collectively known as OPEC+.
OPEC’s output in December rose by 70,000 barrels per day from the previous month, versus the 253,000 barrels per day increase allowed under the OPEC+ supply deal. That deal restored output cut in 2020 when demand collapsed during COVID-19 lockdowns.
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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