Economy
Middle East Attacks Buoy Crude Oil Market
By Adedapo Adesanya
The crude oil market rose by 1 per cent on Friday as an increasing number of oil tankers diverted course from the Red Sea following overnight air and sea strikes by the US and Britain on Houthi targets in Yemen after attacks on shipping by the Iran-backed group.
The price of Brent crude futures increased by 88 cents or 1.1 per cent to $78.29 a barrel and that of the US West Texas Intermediate crude futures climbed by 66 cents or 0.9 per cent to $72.68 per barrel.
The US on Friday said that 28 locations had been hit in the initial strikes, using more than 150 munitions, while Britain’s Royal Air Force bombed two, a sweeping bombing campaign intended to halt a spate of Houthi attacks on shipping in the southern Red Sea that has disrupted world trade and threatened to push up inflation.
The Combined Maritime Forces (CMF), a multinational maritime partnership led by the US from Bahrain, warned all ships to avoid the Bab al-Mandab Strait at the south end of the Red Sea for several days.
The Houthis have been targeting commercial vessels since late last year in attacks the groups says aim to support the Palestinians against Israel’s devastating offensive in the Hamas-ruled Gaza Strip.
The diversions were expected to push up the cost and time it take to transport oil, supplies have not yet been impacted.
According to analysts and industry experts, this is the main reason prices have not jumped really high.
Iran has on Thursday seized a tanker with Iraqi crude destined for Turkey. That incident took place closer to the Strait of Hormuz, between Oman and Iran, another important shipping corridor.
Houthi militants also mistakenly targeted a tanker carrying Russian oil in a missile attack on Friday off Yemen.
Analysts expect Houthis to attempt some sort of retaliation after the US and Britain struck just under 30 different locations in Yemen.
Meanwhile, Saudi Arabia called for restraint and associated avoiding escalation and said it was monitoring the situation with great concern.
Also supporting oil prices, China bought record levels of crude oil in 2023 as demand recovered form a pandemic-induced slump despite economic headwinds in the world’s biggest oil importer.
In Libya, protesters who have threatened to shut down two oil and gas facilities in Tripoli said they have decided to extend deadline for closing the facilities following negotiations.
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.
-
Feature/OPED6 years agoDavos was Different this year
-
Travel/Tourism10 years ago
Lagos Seals Western Lodge Hotel In Ikorodu
-
Showbiz3 years agoEstranged Lover Releases Videos of Empress Njamah Bathing
-
Banking8 years agoSort Codes of GTBank Branches in Nigeria
-
Economy3 years agoSubsidy Removal: CNG at N130 Per Litre Cheaper Than Petrol—IPMAN
-
Banking3 years agoSort Codes of UBA Branches in Nigeria
-
Banking3 years agoFirst Bank Announces Planned Downtime
-
Sports3 years agoHighest Paid Nigerian Footballer – How Much Do Nigerian Footballers Earn