Economy
Oil Mixed on Continued Worries for China COVID-19 Situation
By Adedapo Adesanya
The crude oil grades were mixed yet again on Tuesday on expectations of a loosening of China’s strict COVID-19 controls, with Brent declining by 15 cents or 0.2 per cent to settle at $83.03 a barrel, and the United States West Texas Intermediate (WTI) appreciating by 96 cents or 1.2 per cent to $78.20 a barrel.
Chinese health officials said the country plans to speed up COVID-19 vaccinations for elderly people, aiming to overcome a key stumbling block in efforts to ease its zero-COVID curbs that had become unpopular.
The move is seen as a crucial element in a strategy to unwind nearly three years of strict curbs that have eroded economic growth, disrupted the lives of millions, and sparked unprecedented weekend protests.
The country’s National Health Commission (NHC) yesterday said it would target more vaccinations at people older than 80 and reduce to three months the gap between basic vaccination and booster shots for the elderly.
Prices also got support from the weakness in the US Dollar, which tends to trade inversely with oil. The Dollar index has fallen to 106.65 from a 20-year high as investors look toward the Federal Reserve reaching a peak rate early next year with inflation pressures expected to ease.
Oil prices were also hampered by concerns that the Organisation of the Petroleum Exporting Countries and allies, including Russia, known as OPEC+, would not adjust their output plans at their next meeting on December 4.
According to Reuters, five OPEC+ sources said the cartel is likely to keep the oil output policy unchanged at its Sunday meeting, while two sources said an additional production cut was also likely to be considered.
It was also gathered that neither, however, thought another cut was highly likely.
OPEC+ started to lower its output target by 2 million barrels per day in November, aiming to boost oil prices.
As the year enters the last month, markets are assessing the impact of a looming Western price cap on Russian oil.
Diplomats from the Group of Seven (G7) nations and the European Union (EU) have been discussing a cap on Russian oil between $65 and $70 a barrel, aiming to limit revenue to fund Russia’s military offensive in Ukraine without disrupting global oil markets.
So far, EU governments have failed to agree on the cap, with Poland insisting it should be set lower than the level proposed by the G7.
If there is no agreement, the EU is set to implement harsher measures agreed upon at the end of May – a ban on all Russian crude oil imports from December 5 and on petroleum products from February 5.
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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