Economy
Oil Prices Fall Amid Expected Rise in US Supplies
By Adedapo Adesanya
Oil prices depreciated on Tuesday as traders worried about mounting supplies, causing Brent crude futures to fall by $1.03 or 1.2 per cent to $85.58 a barrel, with the US West Texas Intermediate (WTI) crude futures down by $1.08 or 1.4 per cent to $79.06 a barrel.
The US Department of Energy (DOE) said on Monday that it would sell 26 million barrels of oil from the SPR, which is already at its lowest level since 1983.
The announced sale will likely temporarily push the reserve below its current level of about 372 million barrels. The DOE said bids on the oil are due on February 28 and that the oil would be delivered from April 1 to June 30.
The administration of President Joe Biden sold 180 million barrels of oil to combat fuel prices that had risen due to Russia’s invasion of Ukraine and as global consumers emerged from the COVID-19 pandemic.
The DOE said it expects that companies would return 3.1 million barrels of oil to the SPR this fiscal year and 22 million barrels in the 2024 fiscal year from exchanges or short-term loans of oil conducted to help deal with supply concerns in the wake of hurricanes.
Last year, the US Congress cancelled sales of about 140 million barrels from the SPR that had been set to take place from the fiscal year 2024 to the fiscal year 2027 after a DOE proposal to stop them.
Oil pared losses after data showed the slowest pace of acceleration in the US consumer price index since late 2021. Analysts said the data would likely keep the Federal Reserve on a moderate interest rate hiking path.
Consumer prices rose 6.4 per cent in January from 12 months earlier, down from 6.5 per cent in December. It was the seventh straight year-over-year slowdown and well below a recent peak of 9.1 per cent in June. Yet it remains far above the Federal Reserve’s 2 per cent annual inflation target.
Oil prices also pared losses after the Organization of the Petroleum Exporting Countries (OPEC) raised its 2023 oil demand forecast by 100,000 barrels per day in a monthly report, citing the reopening of the Chinese economy after COVID-19 restrictions.
Global oil demand will rise this year by 2.32 million barrels per day or 2.3 per cent, the cartel said on Tuesday.
Analysts noted that a tighter supply and demand balance could support oil prices that have held relatively steady since December and stand at a little less than $86 a barrel.
Some other positive factors include the likelihood that the US Federal Reserve will manage a soft landing for the US economy and further commodity price weakness, OPEC said.
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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