Economy
Oil Down as Demand Concerns Frustrate Supply Decline
By Adedapo Adesanya
Oil futures settled with a loss on Thursday as concerns over a slowdown in energy demand, due to the impact of the latest resurgence of coronavirus pandemic, undermined support provided from a bigger-than-expected drop in U.S. crude supplies.
As a result, the Brent crude futures lost 28 cents or 0.5 per cent to trade at $55.53 per barrel, while the West Texas Intermediate (WTI) crude futures dropped 52 cents or 0.98 per cent to $52.53 per barrel.
It has been observed that demand uncertainty continues to surround the market as slow travel activity in China, one of the world’s largest consumers of the commodity, is affecting the market due to a resurgence in COVID-19 cases.
Oil earlier found support in early Thursday as prices attempted to make gains from Wednesday when the Energy Information Administration (EIA) reported a 10 million-barrel decline in last week’s US crude inventories.
However, despite the substantial draw of crude supplies, this was largely ignored because it does not really reflect the true nature of the market which has a broader concern which continues to weigh on prices.
Most of these issues relate to demand weakness over the next quarter amid high numbers of new COVID-19 cases, and a vaccine rollout that is still in the early stages.
According to reports, production problems affecting AstraZeneca AZN and Pfizer PFE have slowed the rollout of vaccines in Europe. This is also further extended by prolonged lockdowns on the continent.
Also in China, authorities have taken steps to dissuade travel around the Lunar New Year, the Associated Press reported, noting that officials predict Chinese will make 1.7 billion trips during the travel rush, down 40 per cent from 2019. Travel was curtailed in 2020 due to the coronavirus.
The virus variant identified in South Africa has reached the US just as stay-at-home orders to combat the spread of the outbreak have also affected travel.
Oil’s recent rally has faltered recently after surging since the end of October following a series of vaccine breakthroughs and a pledge by Saudi Arabia to deepen output cuts.
A resurgent virus and recurring lockdowns from Asia to Europe are further cutting price gains, while a stronger dollar is also reducing the appeal of commodities priced in the currency.
On the supply side, the market is potentially facing more supply from US shale after the recent price rally as prices trading above $50 per barrel could bring more production into the fray.
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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