Economy
Oil Prices Fall 5% Amid Fresh COVID-19 Outbreak in China
By Adedapo Adesanya
Crude oil prices slid more than 5 per cent as new COVID-19 lockdowns emerged in China amid talks between Russia and Ukraine.
The global benchmark crude, Brent crude, lost 5.84 per cent or $6.58 to sell at $106.10 per barrel, while the US West Texas Intermediate (WTI) went down by 6.56 per cent or $7.17 to trade at $102.20 per barrel.
Russia and Ukraine were slated to resume peace talks after the former invaded the latter, prompting fears that supply would be disrupted in what was already a tight market.
Russian and Ukrainian delegations held the fourth round of talks on Monday – by video link rather than in person in neighbouring Belarus as in the past – but no new progress was announced.
Ukraine said it held the talks with Russia on a ceasefire, immediate withdrawal of troops and security guarantees despite the fatal shelling of a residential building in the capital city Kyiv, according to reports.
But prices were heavily impacted as China locked down several cities because of a fresh surge in COVID cases.
After largely remaining on the sidelines of the newsflow over the past month, COVID again returned to make headlines in China, where it originated.
China, which is the world’s most populous country, locked down all 17.5 million residents in the business hub of Shenzhen and limited bus services to Shanghai after COVID cases spiked over the past few days.
Analysts noted that a renewed COVID outbreak in China is leading to rising shutdowns as Omicron spreads rapidly, which could reduce global energy demand since China is the world’s largest importer of oil, liquefied natural gas and coal.
Meanwhile, the European Union member states have agreed on the fourth package of sanctions against Russia but it does not include energy exports which the continent is largely dependent on.
The United States has banned Russian oil imports and the United Kingdom said it would phase them out by the end of 2022.
Prices may yet return to bullish territories after Iranian nuclear talks were paused on Friday. An agreement with Iran could add another 1 million barrels per day of oil supply to the market, but that would not be enough to offset declining supply from Russia.
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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