Economy
Oil Drops on Rising COVID-19 Cases in India
By Adedapo Adesanya
Oil prices went southwards by 1 per cent on Thursday, May 6 as rising COVID-19 infections in India renewed concerns on the impact of fuel demand.
As a result, the price of the Brent crude went down by 75 cents or 1.09 per cent yesterday to $68.21 per barrel, while the United States crude benchmark lost 77 cents or 1.17 per cent to trade at $64.86 per barrel.
India posted another record daily COVID-19 infections and deaths, with the virus spreading from cities to villages across the world’s second-most populous nation, dashing hopes that the country’s deadly second wave was about to peak. On Thursday, India reported more than 400,000 new cases of infections in 24 hours.
The market focused on the potential slowdown in demand recovery that could come from the South Asian country, and after the run to the goal of $70 per barrel, which failed on Wednesday, some profit-taking took place on Thursday.
India as the third-largest consumer of oil has some say in how demand affects prices and as the county continues to come under the pressure of rising cases, it is coinciding with the gradual pumping of more oil into the market by the Organisation of the Petroleum Exporting Countries and its allies (OPEC+).
There is also a growing concern about rising Iranian supply, which is exempt from production cuts along with Libya and Venezuela, as it continues to increase output as its sanctions may be lifted following the success of ongoing talks.
OPEC’s production showed that the group’s output averaged 25.17 million barrels per day in April, up 100,000 barrels per day in March, largely driven by Iran, with output increasing by 200,000 barrels per day to 2.5 million barrels per day over the month.
The market is still not satisfied even after improvements in other parts of the world such as Europe where easing of coronavirus restrictions have led to a pick-up in fuel demand. The roll-out of vaccines in Europe and the US continue to strengthen the market and as improved demand are expected due to increased use of fuels in the summer driving season, the recovery may outweigh other bearish signals.
Support also came from crude stockpiles falling more than expected last week according to data from the Energy Information Administration (EIA) on Wednesday. Crude inventories fell by 8 million barrels in the week to April 30 to 485.1 million barrels, compared with expectations of a 2.3 million barrel drop.
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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