Economy
Oil Market Grows Further as Red Sea Trade Route Worry Heightens
By Adedapo Adesanya
The oil market rose further on Tuesday, extending the previous session’s gains after attacks by Yemen’s Iran-aligned Houthi militants on ships in the Red Sea disrupted trade, leading vessels to reroute.
With supply disrupted, the price of Brent crude futures rose by $1.28 or 1.6 per cent to $79.23 a barrel, and the US West Texas Intermediate (WTI) crude futures increased by 97 cents or 1.3 per cent to settle $73.44 per barrel.
The US on Tuesday announced the creation of a task force called Operation Prosperity Guardian to safeguard Red Sea commerce from attacks by Iran-backed Yemeni militants.
The US Secretary of Defense, Mr Lloyd Austin, said Britain, Bahrain, Canada, France, Italy, the Netherlands, Norway, Seychelles and Spain were among the nations involved in the Red Sea security operation, which will conduct joint patrols in the southern Red Sea and the adjacent Gulf of Aden.
The attacks have begun to take a toll on global trade, disrupting a key trade route that links Europe and North America with Asia via the Suez Canal.
An oil major, BP, paused all Red Sea transits, and a slew of top shipping firms, including Maersk, started diverting shipments normally made through Suez around the Cape of Good Hope on Africa’s southern tip.
The new route around Africa adds days to journey times and raises costs, and could see prices of crude jump in the coming days.
The list of companies avoiding the Red Sea continued to grow on Tuesday.
Meanwhile, the rebel Houthis have vowed to defy the US-led naval mission and keep hitting Israeli targets in the region as a result of the war between Israel and the Palestinian Islamist group, Hamas.
Though the attacks on shipping have boosted the risk premium, other analysts said impacts on oil supply are currently limited.
Goldman Sachs analysts also said the disruption was unlikely to have a large effect on crude and liquefied natural gas (LNG) prices because opportunities to reroute vessels suggest production should not be directly affected.
Crude oil inventories in the US rose this week by 939,000 barrels for the week ending December 15, according to the American Petroleum Institute (API), after a 2.349-million-barrel draw in crude inventories in the week prior. Analysts had expected inventories to fall by 2.233 million barrels.
API data shows a net build in crude oil inventories in the United States of just over 18 million barrels so far this year.
Official data from the US Energy Information Administration (EIA) will be released later on Wednesday.
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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