Economy
Oil Market Jumps 2% as China Relaxes COVID-19 Curbs
By Adedapo Adesanya
The crude oil market settled higher on Friday but fell week-on-week after health authorities in China eased some of the country’s heavy COVID-19 curbs.
Brent crude futures gained $2.32 or 1.1 per cent to close at $95.99. However, on a week-on-week basis, it fell by 2.6 per cent this week.
As for the United States West Texas Intermediate (WTI) crude futures, it appreciated by 2.9 per cent or $2.49 yesterday to trade at $88.96 a barrel but went down by nearly 4 per cent w-o-w.
Prices were supported as China on Friday eased some of its COVID curbs, including shortening quarantine times and scrapping a penalty on airlines that bring in infected passengers.
The new rules were among the 20 measures examined at the first meeting of the new top leadership body of the ruling Communist Party on Thursday, amid a new push to optimise and improve COVID control policies.
The easing curbs include shortening quarantine times for close contacts of cases and inbound travellers by two days, as well as eliminating a penalty on airlines for bringing in infected passengers.
Also, under the new rules, quarantine for close contacts will be cut to five days at a centralised location plus three days at home, from seven days centralised and three days at home.
The suspension of international flight routes due to the detection of infected passengers was also abolished, while for inbound travellers, the pre-departure COVID test requirement was cut to once in 48 hours from twice.
A weaker US Dollar also supported oil prices as it made the commodity cheaper for buyers holding other currencies.
Prices also picked up on Friday after milder-than-expected US inflation reinforced hopes that the Federal Reserve would slow down rate increases, boosting chances of a soft landing for the world’s biggest economy.
The Organisation of the Petroleum Exporting Countries and allies (OPEC+) will remain cautious of oil production, noting that members saw “uncertainties” in the global economy.
Last month, the group agreed to steep production cuts and will meet again on December 4 to set its policy. They are meeting a day before the European Union (EU) triggers its ban placed on Russia for attacking 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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