Economy
Oil Falls 2% on Oversupply Fears, Surging COVID-19 Cases
By Adedapo Adesanya
Oil prices fell more than 2 per cent on Wednesday after warnings of potential oversupply and COVID-19 cases in Europe increased the downside risks to demand recovery.
These twin issues battered the Brent crude futures by $2.13 or 2.58 per cent to $80.30 a barrel and crushed the West Texas Intermediate (WTI) crude by $2.49 cents or 3.08 per cent to $78.27 per barrel.
The market swayed fully to the bearish side as signals from The International Energy Agency (IEA) and the Organization of the Petroleum Exporting Countries (OPEC) both said that more supply could be on the way in the coming months.
On its part, the IEA said an oil market rally may ease off as prices that hit a three-year high last month help push up global supply, particularly in the United States.
The Paris-based agency noted in its monthly oil report that the world oil market remains tight by all measures, but a slide from the price rally could be on the horizon due to rising oil supplies.
Current prices provide a strong incentive to boost (US) activity even as operators stick to capital discipline pledges, it said.
This is happening as OPEC and its allies (OPEC+) is seeking to maintain a steady increase in output.
Other nations, including the United States, have called for OPEC+ to boost output more swiftly, which has been to no avail.
Instead, it is also seeing signs of an oil supply surplus building from next month, according to the group’s secretary-general, Mr Mohammed Barkindo, who said its members and allies will have to be “very, very cautious” when they review output policy at regular monthly meetings.
“The surplus is already beginning in December. These are signals that we have to be very, very careful,” he said.
New waves of COVID-19 cases in Europe which drove some governments to reimpose restrictions also weighed on prices.
These overrode information from the US Energy Information Administration (EIA) which said crude oil inventories fell by 2.1 million barrels last week, compared with expectations for a build of 1.4 million barrels.
Also, the market is monitoring plans by the US to release oil from the Strategic Petroleum Reserve, though it is generally used during natural disasters or supply disruptions usually caused by wars.
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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