Economy
Lockdown in China Mounts Pressure on Crude Oil Prices
By Adedapo Adesanya
Crude oil prices came under pressure on Tuesday as the lockdown in China continues to weigh on the market despite the latest signal that the European Union (EU) is preparing to impose an embargo on Russian oil imports.
China’s stringent measures to curb COVID-19 threatened a further hit to economic activity and fuel demand, causing the Brent crude to drop 1.6 per cent or $1.72 to sell at $105.90 per barrel just as West Texas Intermediate (WTI) crude declined by a 1.71 per cent or $1.80 to $103.40 a barrel.
The country’s growth concerns are a key driver, coming on top of general risk-averse sentiment and signs that high fuel prices are already causing demand destruction.
The capital city of Beijing closed gyms and cinemas over the holiday that lasts through Wednesday, and Shanghai will keep virus measures in place.
Meanwhile, the EU is set to propose a ban on Russian imports by the end of the year, with restrictions on shipments introduced gradually until then. The bloc is considering a sixth round of sanctions against Russia that could include the nation’s energy complex.
While Germany said it could end its dependence on Russia by summer, Hungary signalled it would veto any sanctions on Russian energy.
Germany’s Economy Minister, Mr Robert Habeck said that his country was ready to support an immediate oil embargo as well as a more gradual phase-out of Russian oil imports.
“Germany is not against an oil ban on Russia. Of course, it is a heavy load to bear but we would be ready to do that,” Mr Habeck said.
The official also admitted the EU will suffer consequences from its sanction action.
“It’s inconceivable that sanctions won’t have consequences for our own economy and for prices in our countries.
“We as Europeans are prepared to bear [the economic strain] in order to help Ukraine. But there’s no way this won’t come at a cost to us,” Mr Habeck added.
In further bullish news, the US is expected to report another decline in crude oil inventories, with the median forecast for a 1.2 million barrels draw.
This would add to already substantial declines in crude oil and fuel inventories. In crude, inventories have shed a cumulative 421 million barrels since July last year.
While this is happening, the Organisation of the Petroleum Exporting Countries (OPEC) recorded almost no increase in production last month, with analysts expecting the cartel to report a modest 40,000 barrels per day monthly increase from March compared with the 250,000 barrels per day in monthly increases agreed by the OPEC+ members two years ago.
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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