Economy
Oil Prices Dip 2% Despite Sixth Weekly Inventories Drop
By Adedapo Adesanya
Oil futures in the international market fell more than 2 per cent on Wednesday as expectations that positive crude inventories data will push up prices failed as demand weakened in the largest consumer, the United States.
The Brent crude was down $1.14 or 2.5 per cent to quote at $44.43 per barrel, while the US West Texas International (WTI) crude lost $1.11 or 2.6 per cent to trade at $41.65 per barrel.
Earlier in the session, the market had risen on signs that glut was easing with US crude stockpiles shrinking for a sixth week.
The American Petroleum Institute (API) had first reported that crude inventories dropped by 6.36 million barrels last week, according to people familiar with the figures. That would be the longest run of declines this year if confirmed by government data later released on Wednesday.
The Energy Information Administration (EIA) then confirmed that crude inventories fell by 9.4 million barrels in the last week to 498.4 million barrels, more than what analysts expected. The data reflects a period during which Hurricane Laura shut output and refining facilities which shut off almost 85 per cent production capacity.
What made prices turn downward was the weekly government data showing lower demand for petrol, the major end product of crude, this shrugged off bullish inventory data.
The EIA on Wednesday also reported that petroleum supply fell by 4.3 million barrels.
American crude inventories, a key metric used to gauge global supply, have slipped from near-record highs in June, helped partly by Saudi Arabia limiting shipments to the country.
However, due to the current global environment, the longer-term outlook remains more uncertain.
Analysts also noted that global demand may take a hit over September and October as Chinese imports ease with state-issued quotas for independent refiners dwindling following a crude buying spree earlier this year.
News that the Organization of the Petroleum Exporting Countries and allies, a group known as OPEC+ raised output by about 1 million barrels per day in August may also have contributed to the market outcome 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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