Economy
Oil Prices Fall on Fresh Energy Demand Worries
By Adedapo Adesanya
Oil prices fell on Tuesday on new worries that sluggish global economic growth could reduce energy demand.
Brent futures fell by 42 cents or 0.6 per cent to settle at $76.29 a barrel, while the US West Texas Intermediate (WTI) crude futures declined by 41 cents or 0.6 per cent to settle at $71.74 per barrel.
Prices had risen on Monday after Saudi Arabia said over the weekend it would cut output to around 9 million barrels per day in July from about 10 million barrels per day in May.
Saudi Arabia, the world’s top oil exporter, also unexpectedly increased the official selling price of its crude to Asian buyers.
However, the Saudi supply cut is unlikely to achieve a sustainable price increase into the high $80s and low $90s due to weaker demand and stronger supply from producers that do not belong to the Organisation of the Petroleum Exporting Countries (OPEC).
Pressure also came from slower economic growth in China and potential recessions in the US and Europe.
The market also faced a soaring US dollar which rose to its highest level against a basket of currencies since hitting a 10-week high on May 31.
This happened as investors waited on fresh signals on whether the US Federal Reserve will raise or hold interest rates at its June 13-14 meeting.
A stronger greenback can weigh on oil demand by making the fuel more expensive for holders of other currencies.
In the US, the services sector barely grew in May as new orders slowed, pushing a measure of prices paid by businesses for inputs to a three-year low, which could aid the Federal Reserve’s fight against inflation.
The Institute for Supply Management (ISM) said its non-manufacturing PMI fell to 50.3 last month from 51.9 in April. A reading above 50 indicates growth in the services industry, which accounts for more than two-thirds of the world’s largest economy.
The World Bank, however, raised its 2023 global growth outlook as the US, China, and other major economies have proven more resilient than forecast but warned of higher interest rates and tighter credit.
Higher interest rates boost borrowing costs, which can slow the economy and reduce oil demand.
The market will await more data from the US and China that could provide fresh demand indications in the world’s two biggest oil consumers.
China, the second-biggest oil consumer, will release its May trade data 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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