Economy
Oil Down on Inflationary Worries, Waning Geopolitical Risk
By Adedapo Adesanya
Oil depreciated on Tuesday as lingering inflation poised to keep interest rates higher for longer and likely weighed on consumer demand at the pump, while little support came from geopolitical risk.
Brent crude futures went down by 83 cents or 1 per cent to $82.88 a barrel and the US West Texas Intermediate (WTI) crude futures slipped by 54 cents or 0.7 per cent to $79.26 per barrel.
Traders are facing higher borrowing costs which are tying up funds in a blow to economic growth and demand for crude, as well as pressuring consumer demand at the pump.
Analysts noted that the market is very focused on demand in the US, the largest oil consumer because there are signs that consumers are cutting back because of inflation.
Expectations are that there will be more travel ahead of the US Memorial Day holiday weekend, which kicks off the US peak summer driving season, however, prices at the pump are down, a sign of weak demand.
However, in a bid to ensure sufficient supply flows to the northeast, the US will sell the nearly 1 million barrels of gasoline in a reserve in northeastern states, with bids due on May 28, the Department of Energy said on Tuesday.
Crude oil inventories in the United States rose this week by 2.48 million barrels for the week ending May 10, according to the American Petroleum Institute (API). For the week prior, the API reported a 3.104-million-barrel dip in crude inventories.
The official data from the US Energy Information Administration (EIA) will be due later on Wednesday. Investors are also awaiting minutes from the US Federal Reserve’s last policy meeting due the same day.
Meanwhile, officials of the US central bank comments pointed to interest rates staying higher for longer than markets previously expected. Two Federal Reserve policymakers on Tuesday said it was prudent for the US apex bank to wait several more months to ensure that inflation is nearing the 2 per cent target before commencing interest rate cuts.
Meanwhile, the economic outlook in Europe is more positive, potentially providing a floor to oil prices with the European Central Bank President (ECB), Ms Christine Lagarde, saying she is confident that euro zone inflation is under control as the impact of the energy crisis and supply-chain bottlenecks fades away, speaking in an interview aired on Tuesday.
The ECB has all but promised a rate cut on June 6, so policymakers have shifted their attention to debating where rates will go thereafter.
On the supply side, a fading geopolitical risk premium from the war in Gaza failed to provide much support.
The market also appeared largely unaffected by the death of Iranian President, Mr Ebrahim Raisi and potential successor to Supreme Leader Ayatollah Ali Khamenei, in a helicopter crash on Sunday.
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