Economy
Oil Drops on Poor Chinese Demand Data
By Adedapo Adesanya
Oil fell more than $1 on Friday to record a second straight weekly decline as disappointing Chinese data added to doubts about demand growth after Saudi Arabia’s weekend decision to cut output.
Brent declined by $1.17 or 1.5 per cent to settle at $74.79 a barrel, as the US West Texas Intermediate (WTI) went down by $1.12 or 1.6 per cent to $70.17 a barrel.
Both benchmarks lost more than $3 on Thursday after a media report that a US-Iran nuclear deal was imminent and would result in more supply.
Prices pared losses after both countries denied the report, ending at about a Dollar a barrel lower.
A spokesperson for the White House National Security Council called the report “false and misleading,” while Iran’s mission to the United Nations cast doubt on the report, saying: “Our comment is the same as the White House comment.”
The US and European Union officials have been trying to curb Iran’s nuclear program since the breakdown of indirect US-Iranian talks on reviving the 2015 nuclear deal between Iran and top world powers.
Oil prices had risen early in the week, buoyed by Saudi Arabia’s pledge over the weekend to cut more output on top of the cuts agreed earlier with the Organisation of the Petroleum Exporting Countries and its allies, OPEC+.
The Saudi cut lifted prices slightly, and then the talks of the potential return of Iranian barrels saw a large drop.
However, a rise in US fuel stocks and weak Chinese export data have weighed on the markets.
Exports slumped 7.5 per cent year-on-year in May, data from China’s Customs Bureau showed on Wednesday, much larger than the forecast 0.4 per cent fall and the biggest decline since January.
Equally, imports contracted 4.5 per cent, slower than an expected 8.0 per cent decline and April’s 7.9 per cent fall.
Meanwhile, analysts expect oil prices to rise if the US Federal Reserve pauses hiking interest rates at its next meeting over June 13-14.
The US Federal Reserve’s decision may also influence Saudi Arabia’s next move, some analysts said.
The world’s second-largest economy grew faster than expected in the first quarter thanks to robust services consumption and a backlog of orders following years of COVID disruptions, but factory output has slowed as rising interest rates and inflation squeeze demand in the United States and Europe.
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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