Economy
Oil Market Drops 1% as US May Ease Sanctions on Venezuela
By Adedapo Adesanya
The oil market fell by one per cent on Monday after expectations rose that the United States could ease sanctions on Venezuelan crude exports.
Venezuela, a member of the Organisation of the Petroleum Exporting Countries (OPEC) could begin to heave a sigh of relief as government and opposition are set to return to political negotiations this week after nearly a year.
This development weakened Brent crude by 1.4 per cent or $1.24 during the session to $89.65 a barrel, as the US West Texas Intermediate (WTI) crude dropped 1.2 per cent or $1.03 to finish at $86.66 a barrel.
It was reported that the US reached a preliminary deal to ease sanctions on Venezuela’s oil industry in return for a competitive, monitored presidential election in Venezuela next year.
The initial steps by US President Joe Biden’s administration would involve only limited sanctions relief for now. Much of the far-reaching sanctions programme imposed by the administration of former President Donald Trump in 2019 under a “maximum pressure” policy would remain.
Meanwhile, traders said the Israel-Hamas conflict did not appear to threaten oil supplies in the short term.
Both oil benchmarks had surged last week on fears the conflict in the Middle East could widen, with global benchmark Brent gaining 7.5 per cent in its highest weekly gain since February.
Market analysts said Monday’s falling prices appeared to serve as a breather to take in events in the Middle East as opposed to expected production increases in Venezuela.
In Israel, some estimates put the death toll at around 1,400 since Hamas launched its attack on October 7, while the death toll in Gaza is said to be around 2,750.
On Friday, the Israel Defense Forces (IDF) ordered the evacuation of all civilians from Gaza City, and on Monday, reports said the Israelis were preparing to evacuate citizens near the border with Lebanon.
Although the attack has had no effect on the oil supply so far, the possibility of other players coming into the conflict could drive a surge to the premium.
Russian President Vladimir Putin is set to hold talks with Iran, Israel, Palestinians, Syria, and Egypt.
The US last week imposed the first sanctions on owners of tankers carrying Russian oil priced above the Group of Seven’s price cap of $60 a barrel. This is an effort to close loopholes in the mechanism designed to deprive Russia of revenue for its energy sales, which it believes it is using to fund the aggression on Ukraine.
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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