Economy
Oil Prices Drop on Economic Worries, Stronger US Dollar
By Adedapo Adesanya
Oil prices dropped 2 per cent on Tuesday after two sessions of gains as deepening concerns of an economic slowdown and a stronger Dollar outweighed hopes of higher Chinese demand.
Brent crude fell by $1.96 or 2.4 per cent to settle at $80.77 a barrel, and the US West Texas Intermediate (WTI) crude dropped $1.69 or 2.2 per cent to settle at $77.07 a barrel.
Consumer confidence in the world’s largest oil producer, the US, dropped to a nine-month low in April, feeding worries about a recession.
The Conference Board said its consumer confidence index fell to 101.3, the lowest since July 2022, from a revised 104.0 in March.
This is coming a day after a US regional bank, First Republic, reported a flight in deposits of more than $100 billion, stoking fears of a potential banking crisis, some weeks after more than two banks collapsed.
Pressure also came as the US Dollar rose on deepening worries about corporate earnings and the global economy.
The US Dollar index climbed 0.6 per cent to 101.83, having dropped more than 4 per cent since March 8.
A stronger greenback pressures oil demand by making the commodity more expensive for buyers holding other currencies.
Meanwhile, market investors remained wary that possible interest rate hikes as part of bids to fight inflation could slow economic growth and dent energy demand in the United States, Britain, and the European Union.
The US Federal Reserve, the Bank of England and the European Central Bank are all expected to raise rates at their coming meetings.
Oil traders also worried that weak refining margins globally could force refiners to curb oil buying.
The market overlooked optimism that holiday travel in China would boost fuel demand.
Support came from the supply side after Iraq’s northern oil exports showed little sign of an imminent restart after a month-long standstill.
Also, members of the Organisation of the Petroleum Exporting Countries and its allies (OPEC+) prepare for the start of voluntary output cuts in May after moving to cut an additional 1.16 million barrels per day.
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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